So, insurance companies sell insurance; that is just a given. However, there are some insurance services you may not be aware of, or maybe you are not sure how they can benefit you. Here are examples of some of those services.
Digital Driving Data Collection
Some insurance companies boast lower interest rates if you are willing to plug a device into your car and drive around with the device for a for a few months. This collection of digital driving data will show you how well you drive and use your brakes, if you are interested in that sort of thing. The device also signals you when you drive too fast for speed limits, and when you brake too hard. You might not even realize that you have any of these bad driving habits, but the device can tell.
In addition to helping you fix your driving habits and drive down your monthly premiums, this device can also help prove to the insurance company that you are worthy of a less expensive monthly premium. If your current insurance rates are high, and your quotes are high, this device will reflect that you actually are a careful driver. Then the insurance company (after you send the device back) will see how well you drive, and make your insurance cheaper for you.
A hot new insurance product is the custom, self-designed insurance policy. You tell the insurance company what kind of coverages you want, and the price you want to pay. The adjuster on the phone tweaks the numbers to get as close to your custom policy as possible. Then the adjuster gives you two possible choices that come as close to your custom policy. You pick the one you like best, and that becomes your insurance for the next year or so.
Competing Companies and Bidding Wars
If you go through an insurance broker to get your insurance, the broker finds companies with competing quotes and does the back-and-forth work to get all of the companies except one to give up when the price gets too low for them. It is a sort of bidding war, but instead of bidding up, the competing companies bid down. In this way, you get insurance to cover whatever you need to cover, at an incredibly low price. The broker gets a small fee for his/her efforts, and the winning insurance company gets more loyal customers.