Where Do Consumers Find the Best Insurance Rates?
Where Do Consumers Find the Best Insurance Rates
?
Consumers need to be aware of the options that they have when requesting auto insurance quotes. Some things to consider are who they are asking for a quote and how many companies they represent. What is the best place to get quotes, an insurance company, an agent, or an independent agency? What is the difference?
The auto insurance market has been divided into three sections. Consumers are able to request auto insurance quotes from insurance companies, insurance agents, and independent agencies. The most important thing that a consumer needs to understand is the separation between the three.
While getting auto insurance quotes from a direct insurance company you will find that they are only able to sell you their policy. The direct company is just that, a direct insurance company. By going to the insurance company for a quote consumers are bypassing the option of using an insurance agent. Depending on the company, you may or may not be able to purchase the same policy at the same rate with an agent. Some companies choose to work exclusively with the public, some exclusively with agents, and others do both.
There are a few types of agents as well, captive and independent. A captive represents one insurance carrier or family of insurance companies. Many times insurance companies that utilize captive agents will not sell policies directly to the public. They will refer all clients to an agent for any insurance inquiries. Traditionally a captive agent would only work with one insurance company. The dynamics of the insurance industry have recently changed and now many companies are grouped into a family of companies, thus giving the captive agent the ability to work with a few companies.
Independent agents are not exclusive. They work with many insurance companies. In some cases independent agents are able to sell insurance policies directly to the consumer at the same rate that would also be offered on a direct relationship. Although independent agents have companies that are available directly to the public they also many times work with insurance companies that exclusively write policies from independent agents. They essentially have access to companies that you can only get from an independent agent.
Although the three are quite different and options vary from company, captive agents, and independent agents there is no magic solution to the consumer. The rates will vary for each risk. With so many factors that determine the rates on an auto insurance policy it is recommended that the consumer request quotes from multiple sources and compare them.
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