caddison
Expert
- 36
I recently had a new client bring in proof of prior insurance for a new policy with another carrier. They had coverage from the 15 minute wonder carrier. They also had the state required minimums. I'm not sure about the rest of you but I refuse to write the state required minimums for anyone. I explain to them why I do this. I relay to them that they are exposing themselves, even if they have a low or no net worth, as well as other drivers on the road. I ask the client if they have any knowledge of what the BI / PD coverage limits are, most have no clue and just assume they are covered.
My questions is; does an E & O exposure exist for on-line carriers or would the courts deem that there is necessary verbiage on the site that should be read before buying on-line? If the majority of people purchasing insurance on-line are not sure of what limits they need and there is no one to advise them and they are concerned only with price what would keep someone from filing suit against the on-line carrier for not providing the necessary limits to protect other motorist? Are they not entering into a fiduciary responsibility to these clients just as we do?
I went on-line and procured a quote from a large national carrier. I entered my information for my vehicles and indicated that all were paid for. I was surprised that the carrier's initial quote was for little more than the state required minimums with no coverage for comp and collision. I have to say I was rather disappointed.
What bothers me more than anything is that if I am involved in an accident with someone that purchased their policy on-line and has the required state minimums and the damage to my vehicle is more than their policy will cover, of course as an insurance professional my policy is such that I pay for the additional coverage that protects me from such incidents.
My questions is; does an E & O exposure exist for on-line carriers or would the courts deem that there is necessary verbiage on the site that should be read before buying on-line? If the majority of people purchasing insurance on-line are not sure of what limits they need and there is no one to advise them and they are concerned only with price what would keep someone from filing suit against the on-line carrier for not providing the necessary limits to protect other motorist? Are they not entering into a fiduciary responsibility to these clients just as we do?
I went on-line and procured a quote from a large national carrier. I entered my information for my vehicles and indicated that all were paid for. I was surprised that the carrier's initial quote was for little more than the state required minimums with no coverage for comp and collision. I have to say I was rather disappointed.
What bothers me more than anything is that if I am involved in an accident with someone that purchased their policy on-line and has the required state minimums and the damage to my vehicle is more than their policy will cover, of course as an insurance professional my policy is such that I pay for the additional coverage that protects me from such incidents.
