Let’s talk about the different ways you can buy insurance.
There are 3 ways – you can do it yourself on the internet, you can use a captive agent, or you can use a broker (an independent agent like myself).
Some customers like to buy their insurance on their own on the internet, usually because they can often save money this way. And customers often like being able to do everything on their own with a mobile app or website.
With a captive agent, customers like this a lot because you usually get a strong brand and reputable insurance name, and you get an insurance agent. A good insurance agent will review your insurance needs to make sure you don’t have any gaps leaving you exposed. This is invaluable, you don’t know what you don’t know, an insurance agent monitoring your policies could be the difference – in a hypothetical situation – of an insurance company paying out hundreds of thousands on your behalf, or paying out nothing at all. Plus you get the convenience of having an agent, many agents will let you text them or their office, or just call anytime you need something. Customers like it when they can just, for example, tell their insurance agent that they bought a new vehicle and their agent takes care of it for them. Adds the new vehicle to the policy, emails you the ID card for the new vehicle, notifies the lienholder if any, etc. Or let’s say you have a business insurance policy, your agent will often fill out Certificates of Insurance on your behalf, and provide all kinds of other convenient services.
Now let’s talk about the independent channel, which is what I am, or what we are at Dynasty Insurance. Everything I talked about above? You get it all. The great rates? Well, as an independent agent, we quote several insurance companies. We are often the best rates you can find, if we’re not, we’re usually still competitive. The agent? You get that too. The consulting? You see where this is going, yes, you get that too. The mobile app? That’s right, you get that too.
Utilizing an independent agent is by far the best way to purchase insurance. This is why, 3 years ago, I spent my life savings (a whole entire $14,000) and went three months without an income to quit my job as a captive insurance company agent and start an independent insurance agency instead.