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Feb 14

Special Benefits That Make a Higher Price Worth It

Reading Time: 3 mins

If you allow yourself to become a price shopper, you will miss out on a world of benefits that could change your life for the better. You will also miss out on meaningful features and technological advances that are made possible by higher selling prices. It is said that you get what you pay for. There is real wisdom in that, though not always true. You can pay a lot of money and only get a small amount of value. But you will seldom pay a small amount of money and get high-end value. Generally speaking, if you want more, you have to pay for more.

One little thing that you get when you pay more for an item is better packaging. The University of Houston reports the following regarding blister packaging:

Every year, thousands of people make their way to emergency rooms having been injured by difficult to open packages.

There was once a very effective tool marketed for opening blister packs. The problem was that it was, itself, wrapped in blister packaging. This is not generally an issue for more expensive items. They are packaged for the convenience of the end user and not the convenience of the retailer. If you want products made for the end user, you have to pay more. That is just one benefit of paying a little more. Here are a few others:

 

Specialized Coverage

When you are buying generic home-owner’s insurance, you can expect to get generic coverage. But that won’t cut it in special situations particular to a region. Florida is host to the largest number of tornadoes in the US. Universe Property and Casualty Insurance Company caters to that special need. Even if you can find that coverage from other, less focused companies, you will tend to pay extra for it as a rider. And the coverage might not be as comprehensive.

This is true with all insurance coverage. If all you do is price-shop for the lowest rate, you might miss out on some of the special coverage and features that are relevant to your location and situation. A higher price does not guarantee better coverage. But it will often bring you some other benefits such as more responsiveness when it comes time to file a claim. 

There are a lot of intangibles that are reflected in the price you pay for insurance and other services. Just be sure you check the special coverage when it comes to your insurance. And if you can get it for a price that is lower than the competition, so much the better.

 

More Choice

Raising the cost of the national insurance rate would be a hardship for many people. But as a private citizen, there are good reasons to spend more for healthcare than the minimum. One of the greatest benefits is that in a country like the US, spending more on your health insurance opens the door to more options. 

When you are sick, you don’t want to be stuck in a system where the medical office is inconveniently located. You also want to be able to choose a different physician if your current one is not suiting your needs. You certainly don’t want to be beholden to an insurance company making life or death health decisions for you when their incentive is, well, price-shopping. You want to be able to go to the specialist of your choice without the need for a gatekeeper that answers to the insurance company. When it comes to services, greater choice and flexibility is worth the extra money.

 

Better Customer Service

Bad customer service costs money. Good customer service costs even more money. If you want a better variety of customer service, you will have to be willing to pay more money. Some companies are nakedly obvious about this fact. If you buy their budget offerings, it comes with no service or bad service. If you pay for the premium offering, you get the premium-tier service. There are very few situations where you pay very little money but get high-quality customer service. 

Just realize that the initial price of an item has implications not explicitly labeled. If you want better packaging, coverage, choice, and customer service — If your time and peace of mind are worth something to you, then you will most likely have to pay more for those very worthwhile privileges. 

 

Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.

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