So I have a potential client who wants to be assured that his ATVS, firearms and guns are covered so I wrote him a policy that came to about $2800 with all his scheduled items. His current Farmers policy was $3200. So his Farmers agent knew he was shopping around and dropped his rate to $2050 somehow. My potential client also said that his agent told him that all those things I scheduled are covered under his Coverage C. Does this seem accurate? We are talking 15k in firearms 20k for atvs and 50k in jewelry.
Farmers & Unscheduled Assets (Missouri)
- Thread starter smg44
- Start date
- 2,261
So long as the client understands that the items are each subject to a deductible with a max value per item there is nothing you can do but explain the difference. Then let the client decide
insurlegend
Expert
- 27
I would ask the client to, or help them, compare their coverage before and after that steep of a price drop to make sure the other agent didnt drop coverage elsewhere
- 4,550
They are also subject to the perils covered. IE. Jewelry has no limit usually for any named peril other than theft. So in a fire, $50k of jewelry could be covered, but other perils like mysterious disappearance or theft or a non named peril would be limited to the stated amount in the policy.
Big issue issue for ATVs is that most base policy language only provides liability coverage while on the insured premises. So,letting someone ride it off the insured property or while on vacation could result in a huge lawsuit where there would be no liability coverage & no legal representation.
Always better to schedule it so there is no question.
- 5,285
Once you figure all that out, ask if the Farmers agent will refund all the money he overcharged him for however many years until he found out he was shopping around, and ask if that's the kind of agent he wants for himself.
