Value over Hype: Local insurance agent value outperforms overly-hyped technologies as rising auto insurance rates from major direct-to-consumer and captive carriers push millions of consumers into market.
Younger generations of Millennials and Gen-Z returning to traditional personalized shopping experience offered by independent local agents.
Auto insurance consumers looking for trust-based business relationships with local insurance agents, but expect responsiveness that complements digitalization of personal finance.
And so it continues, working with an experienced local insurance agent remains the best way to find the best insurance coverage at the price. Local insurance agents deliver more than price, they deliver long-term value. An experienced local agent afford consumers a strategically advantageous long-term financial position.
“Price is what you pay, value is what you get.”
In 2022 local insurance agent demand flourished as auto carriers drove up premiums and routed millions of auto policyholders into the market. A new cohort of multi-generational insurance shoppers was born with the timeless expectations of a trusted and personalized consumer experience. Even in this modern day in age, only the local insurance agent can properly satisfy this insurance consumer need.
The auto and home insurance market is, and is expected to remain, a disjointed marketplace for at least the next decade. Direct-to-consumer and captive carriers like Progressive, State Farm and Farmers are not motivated to commoditize rates, their brands, nor their market share positions with next-generation insurance technologies, leaving the local agent a best long-term option for insurance shoppers.
Local Insurance Agents: Why Everyone Needs an Experienced Agent
Whether you’re researching life insurance plan options, comparing cheaper Medicare Supplement plans or an bundled auto and homeowners insurance policy, insurance is bought and sold like a commodity. Insurance shoppers trust that every insurance policy and insurance carrier is the same; trusting that every insurance claim in the future will be paid.
Unfortunately, insurance policies are meticulously crafted contracts meant to create profit margins for insurance companies and their shareholders. Insurance policies are the guaranteed peace of mind everyone hope for them to be. Instead, insurance policies are primarily “small-print” contracts with every exclusion and limitation that the insurance company won’t pay when you really need financial protection.
This is why everyone needs an “experienced” insurance agent. A good insurance agent recognizes all the limitations and exclusions of an insurance policy and can affordable find supplemental insurance coverage (policy endorsements) to fill any gaps, or simply guide away from a bad insurance policy.
5 Frequently Asked Questions About Local Insurance Agents
Insurance Agents are Insurance Knowledge Experts
Experience insurance agents should have the expertise and rating tools to help you find and selection adequate auto and home insurance coverage limits in every major loss area (e.g. property damage, medical claims). They should help you keep your insurance coverage in those major loss areas balanced, and helps you avoid inconsistent or misleading plans that so many people fall for.
Insurance Agents Should Understand Your Long-term Coverage Needs
Experienced insurance agents will make the time to probe into your financial life deeply enough to identify financial and health risks that your current insurance policies exclude. The ideal insurance agent should then apply their insurance expertise to help you properly strengthen (or at least offer) your existing coverage with any supplemental plans or policy riders to fill any coverage gaps.
Insurance Agents Work For You: The Best Insurance Agents Guide Clients Through Insurance Claims
Life changes, and a trusted and experienced insurance agent will help you update your insurance coverage accordingly. Your auto and home insurance coverage needs and budget are always changing. There’s a lot more to being the best local insurance agent for saving money. The best local insurance agents are there when unfortunate accidents happen. Should you have an insurance claim, your insurance agent should do more than help you file a report with the insurance carrier.
They should help you navigate the insurance claims process including successfully completing all claims documentation and receiving your claims and everything you’re owed to making you whole again. Unfortunately, the average insurance agent will simply direct their customer to call the carrier’s claim hotline without offering in direction or seeking to understand their ultimate peril and stress.
In the event your insurance claim is denied (or underpaid) by your insurance carrier, an experienced insurance agent will help fight back and you pursue the process of appealing the claim decision of carrier – insurance agents work for you.
What If You Don’t Have the Best Insurance Agent?
If your insurance agent isn’t as effective or engaged as the trusted agent discussed above, just know that you can find someone better and more experienced. Remember, trusted insurance agents are generally compensated relatively the same, regardless of if they provide extra value and service to you, or they don’t. Find an experienced insurance agent who you can form a lasting relationship with and trust with your family’s financial protection.
What’s the difference between a Captive Insurance Agent and an Independent Insurance Agent?
Captive agents are insurance sales agents who work exclusively for one insurance company such as Allstate, State Farm, and Farmers. Captive insurance agents are generally limited to the insurance plans offered by the insurance company that employs them. Independent insurance agents to the contrary, work for insurance brokerages that sell insurance policies across different insurance companies. They match insurance policies for their clients with the company that offers the best rate and coverage.
Are Independent Insurance Agents Better Than Captive Insurance Agents?
Comparison shopping different policies across different insurance carriers is the best way to save with insurance. Independent insurance agents are able to compare different insurance quotes from different insurance companies. Independent insurance agents access to multiple insurance carriers and can check rates and coverage types with multiple companies at once. Captive insurance companies generally offer a singular policy with rates that vary in competitiveness to the available options through an independent agent. Many believe that captive carriers are more expensive because they have to pay for the advertising – which people do!
5 Common Questions About Local Insurance Agents
1. Local Insurance Agents: Why Everyone Needs an Experienced Agent
2. Insurance Agents are Insurance Knowledge Experts
3. Insurance Agents Work For You: The Best Insurance Agents Guide Clients Through Insurance Claims
4. What If You Don’t Have the Best Insurance Agent?
5. What’s the difference between a Captive Insurance Agent and an Independent Insurance Agent?
1. Bureau of Labor Statistics Insurance Sale Agent Occupational Profile
2. DATA USA Insurance Sales Agents Career Profile
3. TrustMedicare insurance agent interviews based in California, Texas and Florida.