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What benefit does an Independent Insurance Agent bring to consumers?
December 6, 2017
The Benefits an Independent Insurance Agent or Agency can bring include; Ease of Doing Business, Saving Smart, Choices and Flexibility, Unbiased Advice, a Middleman Backstop and Local Accessibility.
An Independent Insurance Agent (or Agency) works with multiple companies. They do not have an exclusive relationship with any one carrier, offering many insurance options from multiple outlets rather than just one.
Ease of Doing Business- Whether it is shopping or seeking service on your account, working with one agent vs. multiple agents or companies provides you a distinct benefit. One call can handle multiple requests or needs.
- An Independent Insurance Agent acts as a personal insurance shopper. Most have "comparative raters" that rate multiple companies at the same time. This allows them to not only shop for the best price, but also quote comparable coverage company to company.
- Not beholden to any one company, an Independent Agent can recommend the program that provides the best value for your particular situation.
- When you needs or circumstances change, they have access to other companies that may better respond your unique situation.
- Imagine going to a shoe store only to have a couple of size options available for every type shoe they sell. The result would require shopping at multiple locations for similar items. An Independent Insurance agent offers a broad array of carriers and products. They have the flexibility to find the right fit and style to meet your wants and needs. It's not "one size fits all" with an Independent Agency.
Unbiased Advice
- Insurance is complicated. Advice for those unfamiliar with all their insurance options can be a valuable benefit. An Independent Agent will know the advantages and disadvantages of numerous programs though multiple companies. Therefore, they are better equipped to offer alternatives that best respond to your needs. Advice can include coverage options, price, and service that a particular company provides.
- Most people think of the term"middleman" as a negative. However, a middleman can actually provide many advantages. Just see the list above!
- An agent as middleman provides the backstop of Malpractice Insurance that will respond in the unfortunate circumstance a mistake is made. Malpractice, or Errors and Omissions insurance is protects the consumer in the event of bad advice or a misstep made on your account. In essence, this provides relief to an injured client.
- Compare that circumstance to YOU taking the role of the middleman working with a Direct Writer like GEICO, Esurance or The General. Pursuing a legal action remedy against them for a mistake they (or you) might inadvertently make is a much more difficult.
- When a claim occurs and problems ensue, a local representative can be a great facilitator. Knowing you have someone in your corner if things do not go as planned following a claim is of great benefit. A quality agent can step in with knowledge of what to expect and help devise a plan to straighten things out.
- The whole "keep it local" concept resonates with some, but should be seen as a benefit by more consumers. Overall, local insurance agents do much to support organizations in your hometown. From youth sports to school activities, civic clubs to non-profit organizations, you will likely find local insurance agents plugged in and financially involved (check the jersey on your kid's ball team). If your local community matters to you, it should matter that you support your local community. Choosing a community agent or agency is an excellent place to do just that.
- RiskHeads .com - Top 5 Reasons Why consumers Should Use an Insurance Broker of IFA
- FinWeb .com - 4 Advantages of an Independent Insurance Agent
- GetRichSlowly .org - Insurance: An easier way to comparison shop
This article may have been originally published at Quora.com.
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“Am I covered if I drive someone else’s car?” Or, “Am I covered if someone else drives mine?”
Many don’t realize that the insurance industry is one of the country's most regulated business segments, especially in New York State. The New York State Department of Financial Services (NYS DFS) wields significant control over the insurance business and has a stated goal of protecting consumers.
Most property insurance companies offer Actual Cash Value or Replacement Cost settlement options. Typically, insurance companies will require that you insure the property to the settlement value you choose. If you select Actual Cash Value, the amount you may be required to insure the property for will be less than the corresponding Replacement Value.
In that spirit, the Ryan Agency is sponsoring a Stearns BBQ Dinner pickup at our office on 57 Broadway Mall in Hornell on September 12th from 3:00 PM to 4:30 PM.
Today, an individual’s credit history can play a more significant role than any one of those traditional factors. Good Credit Scores lead to a Positive Insurance score. A good Insurance Score greatly influences what someone will pay to insure their vehicles.
Insurance companies offer various discounts for which their policyholders may qualify.
Great Eight number Six (6) suggests taking a look at removing Comprehensive and Collision on Older Vehicles.
By reducing the number of claims in your insurance history, you can significantly affect your rates in the future.
Sometimes, this concept meets with resistance from policyholders. The thought of paying more in the event of a claim is off-putting to some. Even if that means I pay more for my insurance.
OK. Admittedly, this strategy doesn't benefit everyone, but it can be very beneficial for those it does. You may have unique home or auto insurance needs that prevent you from bundling with the same company. Alternatively… you might have a better rate without the bundle discount by splitting up your insurance between multiple carriers.
