Hiring Direct Writers For Your Insurance Policy
These days, many insurance marketing methods have developed
, leading to the ability of consumers to purchase direct. Often, direct marketers will let you save a significant amount, more than any other method, such as with an insurance agent or brokers. The huge drawback is that you are stuck with trying to understand the entire process. We'll touch on who should stay away and the few who will benefit greatly.
Direct writers of insurance are aimed to completely slash most overhead and commissions of the insurance process. They are not consumer friendly at all and often sold to people who misunderstand. In fact, direct writing of a policy is only useful if you have expert status in the field. The net result of not paying for overhead is that you are left completely alone to write the details of the policy with the writer. Direct writers of policies are found through internet sellers and television advertisements. There is no agent to assist you, and you do not necessarily know if your coverage is adequate or even sufficient for all your needs. While these are legitimate options of insurance insofar as they meet or exceed state requirements for insurance, most consumers should stay away. Here we also provide a disclaimer: in any event, you should check with a professional before making any decisions, since everyone is different, and this advice is not reliable as we are not professionals. Do not use this information without professional counsel. If you believe you are an expert and want to try direct writing of insurance policies, you should also be warned of extra fees, etc.
Direct sellers of insurance should only be marketed to people who understand insurance very well, yet it is found easily through your internet connection. Be cautioned that people may be or feel tricked after they find out how little support you have from these companies. Further, there is often little opportunity to review policies in advance, since this particular business model is often borderline ethical when marketed to nave consumers. There are often restrictive terms that people find out later on.
Often these insurers will charge some monetary penalties if consumers decide the authoring resources or policy are insufficient. This can come about through some restrictive terms that don't provide coverage for something. The penalties come from canceling the policy midterm (often this even means several weeks after the signing). If you choose to do business with these companies, make sure you can examine the policy beforehand, or no fee returns. If you don't want to bother with the hassle, just stay away and avoid costly mistakes.
Potentially, this form of direct writing could only be beneficial to industry experts, who know exactly what the terms and policy details and variations mean. Of course, if you are an agent yourself, chances are you have deeply discounted policies within one of your insurers already, so you won't need to resort to this. However, there may be other special circumstances where you have expertise enough to try direct writing.
by: Casey Trillbar
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