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What is an Insurance Quote?
How Can I Find the Best Policy for Me?
Purchase a Policy with Spero Insurance Services
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Imagine that you and a coworker both bring lunches from home in brown paper bags.
In your bag, you have a sandwich, an apple, and a soda, while your coworker has a cupcake and a bottle of water in theirs.
Both look the same on the outside, but they’re completely different when you look inside – insurance quotes are the same way. Two quotes might have the same monthly payment, but the protection inside can be completely different.
What is an Insurance Quote?
An insurance quote is a package of limits, deductibles, coverage choices, exclusions, and rules for how claims are paid. If those pieces aren't the same between two quotes, the price you’ll pay isn’t actually comparable (even if it looks like the same dollar amount on paper).
Let’s look at an example.
Samantha is a homeowner, and her quote includes higher coverage for the house, the replacement cost for belongings, water backup coverage, and a lower deductible. Eugene, her neighbor, also has a policy. His has a lower price but also has lower limits, a larger deductible, and no water backup.
Eugene’s cheaper policy looks better — until something happens.
How Can I Find the Best Policy for Me?
Here’s a tip you can try when you’re shopping for a new policy: cover up the price on each quote and compare only the coverage details.
Which one has stronger limits? Which deductible can you actually afford to pay? Which includes the options that match your home, your car, or your family? Once you understand the coverage, bring the price back in.
A lower price is only a good deal when the protection underneath it is still strong enough to actually help you.
Pro Tip: Words can also be deceiving. For example, even though they sound similar, a flat deductible and a percentage deductible are not the same, and the difference can change the outcome of a claim by thousands of dollars. Make sure you’re completely understanding your policy before disaster strikes.
Purchase a Policy with Spero Insurance Services
Ready to find an insurance policy that works for you? Visit spero.financial/insurance to get started today!
This material is for educational purposes only and is not intended to provide specific advice or recommendations for any individual.
Insurance products are not insured or guaranteed by the NCUA or any Federal Government Agency. They are not deposits and are not guaranteed by Spero Financial or any Spero affiliate, and they can lose value. If Spero Financial requires insurance as a condition for a loan, you are not required to buy that insurance from Spero Insurance Services, LLC. You are free to choose any insurance company or agent you prefer, and your choice will not affect your loan approval. Insurance products through Spero Insurance Services, LLC, are not available in every state. If you live in a state where we are not licensed, your coverage may be provided through our national partner, Banc Insurance Agency (California license #7274061).
