Another conversation for the record books.....
Client: Mmmmm yes I would like to know why my premiums went up. They went up $125 per month.
Me: Standby... let me take a look
Me: Sir... It appears that you have had 3 claims totaling $20k in the past 2 years and have a 241% loss ratio.
Client: Well... yeah. I've had a stretch of bad luck but that doesn't explain why my premiums should increase.
Me: Sir.... Your loss ratio is 241%. That means for every $1 you have paid us, we have paid out $241 in claims.
Client: So.... that's what I pay you for.
Client: So can I remove ***X from my coverage
Me: Is your vehicle financed??
Client: Yes
Me: I would highly recommend that you do not remove those coverages. I would recommend that you contact your lienholder and see what requirements they have.
Client: But I own the car.
Me: Technically they own the car and you are paying them for it. Most lienholders have very specific parameters that have to be followed to protect their investment. Usually they require ***X and YYYY. If you look at your purchasing contract it should be very clear what they require.
Client: So can you remove YYYY
Me: Sir, I highly recommend you contact your lienholder to see what they require.
Client: So can you remove ZZZZ
Me: Sir, I highly recommend you have this coverage to better protect you.
(This is where the wheels fell off the bus!!!!)
Client: That is not true. That is an illegal statement. I sue insurance companies all day every day!!!!
Me: Sir, that coverage is there to protect you in case of ....... I have merely recommended that you leave that in place. I will document our conversation and again; I would recommend you contact your lienholder before making any changes to your policy. Let me know if ............
He hung up the phone.....
Client: Mmmmm yes I would like to know why my premiums went up. They went up $125 per month.
Me: Standby... let me take a look
Me: Sir... It appears that you have had 3 claims totaling $20k in the past 2 years and have a 241% loss ratio.
Client: Well... yeah. I've had a stretch of bad luck but that doesn't explain why my premiums should increase.
Me: Sir.... Your loss ratio is 241%. That means for every $1 you have paid us, we have paid out $241 in claims.
Client: So.... that's what I pay you for.
Client: So can I remove ***X from my coverage
Me: Is your vehicle financed??
Client: Yes
Me: I would highly recommend that you do not remove those coverages. I would recommend that you contact your lienholder and see what requirements they have.
Client: But I own the car.
Me: Technically they own the car and you are paying them for it. Most lienholders have very specific parameters that have to be followed to protect their investment. Usually they require ***X and YYYY. If you look at your purchasing contract it should be very clear what they require.
Client: So can you remove YYYY
Me: Sir, I highly recommend you contact your lienholder to see what they require.
Client: So can you remove ZZZZ
Me: Sir, I highly recommend you have this coverage to better protect you.
(This is where the wheels fell off the bus!!!!)
Client: That is not true. That is an illegal statement. I sue insurance companies all day every day!!!!
Me: Sir, that coverage is there to protect you in case of ....... I have merely recommended that you leave that in place. I will document our conversation and again; I would recommend you contact your lienholder before making any changes to your policy. Let me know if ............
He hung up the phone.....
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