Unfortunately money is real tight right now, so I have had to re-look at everything in my budget. My friend is an old buddy I used to work with and he has did a lot of work for me setting up this policy.
Best reply by fthnature:
Keep your friendships and your business decisions seperate and be up-front with your friend about this. It is the best way of handling things. By being up-front like this I have managed to keep several good friends who work in insurance sales and home sales without working through them.
If they ask you about it just say: “You’re my friend, but this is business.”
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My friend is my insurance agent (car and home). Is it wrong if I switch to a cheaper policy?
no its not wrong, but you should explain to your friend what you’re doing and why.
he may even come up with a cheaper plan for you.
if he doesn’t understand, you might also want to re-access your friendship too.
i would talk with him first to see what he has to say,if he can`t help you,tell him the truth.
No it is not but, before you make your decision, make sure that you are getting the best coverage your money can buy. Some times a few changes in the existing policy might be able to help with the difference you need. I would actually approach your friend and explain to him the situation. Maybe he knows how to temporarily modify the policy in order to help you with your payments. In case that isn’t possible then I would explain to him the reasons why you have to switch to something else. Maybe he can even help pick a better deal and refer you to someone else. He will make a referal commission of of that. If everything else fails then the simple you are my friend but this is business will do it.
Hint. Is there also an umbrella policy included in your coverage?
Recently I helped my mother in law by eliminating the umbrella policy and just increasing the regular homeowners coverageto match that of the umbrella. The difference: she is paying now an extra $50 in her homeowners but eliminated $700.00 she was paying for the separate umbrella. Another thing that saves her almost 3,000 a year was to get only one policy for all the vehicles in the household and list as the policyowners the two people that have the best credit and the least moving violation. (that is if you have more than two living in your house) And she didn’t have to switch companies she just modified the existing policies. Hope this helped.
If he is really your freinds he would give you the most coverage for the least money. explain to him whats going on then ask him the the hook up.
If he’s a good friend, I’d sure try to avoid it. Does he attend family events or do you go out socially several times a year? If he’s merely an acquaintance, well, he’s in the business world and he knows how it is… sometimes you win some, and sometime you lose some.
ask your buddy to take the brunt of the bad times on his shoulders and see if you can get him to get you a better rate for the insurance or ask his boss for a discount that my provide less benefits but won’t start wars either your friends is going to drop you like a hot potato any way so try to see if you can get Him to lower his rate