If insurance were easy to understand and transparent (in other words, information was symmetric), then the right policies would go to the people who valued them the most. Differences between insurance companies A and B would be known, meaning the demand (and thus the price) would be efficient. The more valuable policies would sell at a higher price to those who wanted it, and the less valuable policies would sell at a lower price to those who wanted it.
However, several years ago, insurance companies started advertising themselves with funny bits and platitudes that obfuscated the truth about what their policies contained. And they convinced consumers that ease of doing business and discounts were the important consideration when trying to choose. What completely vanished from the insurance zeitgeist was any address of aligning policy content, consumer centricity, and explainability with consumer needs. And take a guess at which end of the quality spectrum those advertising-heavy companies came from.
So now consumer demand, informed that it’s all about price, supports an asymmetric information strategy. If I know my quality is poorer than that of my competitors, I will invest in so much advertising that I change your thinking of what matters, so you don’t spend too much time thinking about it. I have the incentive to over-inform you with just one important element (price and convenience) so I don’t have to tell you about the other elements (coverages, claim service), and now the market is no longer efficient.
Price is important—absolutely. But it’s not as important as buying something that does what you want it to when you need it to. Be your own advocate and express what you expect your insurance to do and how it does it. Only then go shopping.
Darren McGraw & Mechelsen Private Client 
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