Many people, thinking in terms of “apples to apples” quotes, price shop their insurance policies using the limits provided on the declaration page of their policies, often never considering the true differences in language outlining protection between and within insurance agreements.
We also know that many policyholders do not review contract language for differences in how and when coverages are triggered or review the policy conditions and exclusions. For example, an automobile policy price quote that matches the limits of coverage on your current insurance declaration page may cost $200 less than your current policy, but the contract may contain many scenarios of exposures where you do not have coverage compared to your current policy.
Matching policy limits on the declaration page is not the same as matching coverages because all insurance agreements and contracts are not the same.
As an example, a nationally known insurance company recently inserted language in its insurance agreements that excluded coverage from accidents involving persons who policyholders give permission to drive their vehicle. This restriction would unknowingly leave the policyholder without coverage and personally liable in the event of a loss.