I had business client reach out to me recently with a question on a personal auto quote he had received from a different agent. In short, my client understood the quote to be for an annual term, while the quote was actually for a six month term. The insured proceed to make a vehicle purchase decision based on this and received sticker shock when they went to formalize the coverage. Some carriers offer:
- Semi annual policy terms only,
- Annual terms only,
- Semi annual and annual terms.
You always need to confirm with the agent/broker/carrier the duration of the term being quoted. This should be clearly stated somewhere on the quote.
If you would like a free no obligation review of quote(s) you have received, please email us at: quotes@BandCIns.com.