facebook-icotwitter-icogoogle-icorss-ico
connectsubscribearchives
Log in

Independent insurance agents vs. captive insurance agents: What’s the difference?

CharlesSimsJr-160MONEY MATTERS: Let's face it — shopping for insurance is generally a dreaded and time consuming task. It is not exactly fun, and although it only takes about 15 minutes to get a preliminary rate – that's only the rate from one company. How many agents do you want to call, and how many blocks of 15-30 minutes do you want to take out of your life?

Wouldn't it be nice to be able to call one agent and have them shop your insurance policies around for you without it costing you any money or time away from your family?

That's the difference between a Captive Insurance AGENT and a Multi-Carrier Insurance BROKER (sometimes known as a multi-carrier independent agent or agency). A captive agent can only write for ONE carrier such as John Hancock and New York Life Career Agents, Allstate, State Farm, Nationwide to name a few, which means you have to call each and every one of those carriers if you want a rate from each and every one!

Now an Insurance Broker on the other hand writes for MULTIPLE carriers saving you time and maybe money! When you work with an Insurance Broker, you give them your information once time, they in turn, enter it into their system just like a captive, one carrier agent does, but the difference is the broker will then receive rates from multiple carriers!

If you are working with a single company captive agent, you are stuck to only using that company's products which may or may not be the best fit for you. When working with a broker, you are less restricted because they are able to offer many more carriers, many more products, many more types of insurance and of course, many more price points. So an insurance brokers job is to seek out and find the best product for your needs.

When it comes time to shop your policies around in the future to be sure you are receiving the best value, all you have to do is call your broker and tell them to do so. If you're with a captive agent, there isn't anything to shop around because they only have one product to offer.

(Charles Sims, Jr., is president/CEO of The Sims Financial Group. Contact him at 901-682-2410 or visit www.SimsFinancialGroup.com.)

Comments   

 
0 #5 martese vila 2014-11-05 03:32
I'm really enjoying the theme/design of your site.
Do you ever run into any browser compatibility issues?
A few of my blog audience have complained about my site not operating
correctly in Explorer but looks great in Opera. Do you have any ideas to
help fix this issue?

Also visit my homepage; martese vila leopoldina: https://www.youtube.com/watch?v=RloTcNAIlt8
Quote
 
 
0 #4 www. 2014-10-08 06:20
Foor hottest neews yyou have to pay a quick
visit world-wide-web and on world-wide-web I found this website as a most excellent weeb site for
most recent updates.

Also visit my blog: professional liability insurance for
consultants [www.professionalscoverage.ca: http://www.professionalscoverage.ca/professional-liability-insurance-consultants/]
Quote
 
 
0 #3 permanent life 2014-09-17 03:23
Hello, I think your blog might be having browser compatibility issues.

When I look at your blog site in Safari, it looks fine but when opening in Internet Explorer, it has some overlapping.
I just wanted to give you a quick heads up!
Other then that, awesome blog!
Quote
 
 
0 #2 cooperators.ca 2014-05-23 16:48
hi!,I love yoiur writing so much! percentage we
be in contact more about yyour post on AOL? I require an expert
on this area to resolve my problem. May be that's you!

Looking ahead to look you.
Quote
 
 
0 #1 David P. Smeltser 2013-06-21 10:02
Mr. Sims,
Wrote another great article that makes sense. If you are need help with an insurance quote or have any questions with one that you have please feel free to contact me I'll be glad to assist you in anyway I can.
Thanks,
David
Quote
 

Add comment


Security code
Refresh