Latest posts by R.J. Weiss, CFP®
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Car insurance is a $600+ billion dollar industry. Yet, unlike many other smaller industries, the innovation was lacking.
That is until recently. Investments in Financial Technology, or FinTech, have grown rapidly. The data shows that investments in FinTech nearly doubled between 2014 and 2015. Then, grew 11% more in 2016.
As other startups have done, the goal of these financial technology companies is to disrupt the industry. For consumers like ourselves, this means better, cheaper, and faster alternatives.
One startup that has emerged from this massive influx of capital is Insurify. Insurify won second place at MIT’s prestigious 100K Competition. Since then, Insurify has secured over $6 million in funding.
Insurify’s goal is to deliver a better, cheaper, and faster way to buy car insurance.
In this Insurify review, you’ll learn
- What is Insurify
- How Insurify Works
- Advantages of Insurify
- Disadvantages of Insurify
What Is Insurify? | Insurify Review
Insurify is an auto insurance comparison website. Their aim is to provide the most efficient approach to purchasing the right policy, at the lowest price.
Insurify’s goal is to build a super agent. This means using technology to deliver the best possible policy to you.
In other words, they don’t want to just let you compare rates. There’s plenty of other websites that can do that. Instead, they’re looking to help you buy the best possible policy, for your specific needs, e.g. the policy a “super agent” would recommend.
How Insurify Works | Insurify Review
How does Insurify deliver these customized recommendations?
Insurify is the first car insurance website, which instantly verifies your consumer data. Most other car insurance sites provide only an estimate. To get a finalized rate, you have to complete the entire application.
With Insurify, you’re able to get to a finalized quote much quicker.
The process starts by answering a few basic questions, from their quick price and coverage calculator:
Then, selecting the type of coverage (Protection Plan) you prefer:
After clicking Start My Quote, you then continue to complete some basic information:
- Insured vehicles
- Household drivers
- Eligible discounts
What’s noticeably missing from their application is Social Security and Driver’s License Number.
The entire process takes about two minutes, which afterwards you see rates. With the asset protection plan, here are the carriers Insurify recommends for myself:
What’s then helpful is Insurify includes an “accuracy confidence” meter that tells me how accurate these quotes are:
At the quote screen, there’s a few options:
- For the companies that have a View Deal button, I can buy online
- For the companies that have a Check Rates button, I’m taken to their website to finalize the quote
- Or, I can click on Compare All, which requires a phone call from Insurify
Advantages of Insurify
Now that you see the process, let’s look at some of the advantages Insurify offers.
- Quick Quote Comparisons – Insurify has partnered with over 90 different auto insurance companies. This means you’re comparing rates from a lot of carriers–giving you the greatest chance of saving money.
- User Interface – Insurify has a fantastic user interface, which made the quote process easy. Their website works great on both a desktop and a smartphone.
- Price Drop Alerts – Insurify will keep you posted when your rates drop.
Disadvantages of Insurify
Insurify is a comparison tool. While they help you find the right policy, once you choose the insurance company, they’re out of the picture.
Price is important when it comes to insurance. The ultimate factor though is claims. Afterall, it doesn’t make sense to save $100 on auto insurance, for a company that’s known for poor claims handling.
So, keep this in mind when it comes to purchasing your policy.
The good news is, Insurify does have many high quality carriers to choose from; USAA, Travelers, MetLife, Safeco, The Hartford, Mercury, and Nationwide to name a few.
Another aspect to keep in mind is that coverage isn’t identical, even among the same protection plan.
For example, if you choose the Asset Protection Plan, you’d get the following coverages across each carrier:
- Body Injury – $100k/300k
- Property damage – $100k
However, once you get past these four coverages, other coverages may vary from carrier to carrier. Based on your unique situation, you’re going to want to review the policy of the specific carrier you choose.
Insurify Review Summary
I find Insurify a great starting point for whether you should shop your insurance.
In a minute or two and without entering any sensitive information, you can see how much and how likely you’re to save. This is a great gauge to see if it’s worth your time to shop your insurance.
From there, they offer a convenient way to buy online or talk to an agent.
Interested? You can learn more and get a quote here.