Independent Agent vs. Captive Agent.
An independent insurance agent offers insurance policies provided by several insurance carriers, allowing them to offer a wider array of insurance options. For example, 7 Insurance works with twelve separate insurance carriers. In comparison, a captive agent offers policies through an exclusive contract by a single insurance company.
As we all are aware, when a teenager starts to drive, your insurance rates skyrocket; their inexperience drives these rates. However not all carriers think “exactly” the same. All carriers will increase rates for any teenage driver, however not all carriers will increase rates equally.
So, if you are with a captive agent you have only one choice, “this is your rate” with no other options. With an independent agent you have the option of all the agency’s carriers; the rate difference can be significant from carrier to carrier.
I tell people carriers do not like teenage drivers; however some of the carriers do not dislike them as much as others.
In summary, independent agents provide:
1. Choices – Your Personal Shopper
a. Multiple insurance carriers provide you the opportunity to review quotes from many different carriers.
2. One-stop Shopping
a. Although most policies have very similar coverages, not all carriers offer all the programs/products you may need.
3. Lifetime Agent
a. Since independent agents utilize multiple carriers we are able to place you with the right carrier, year after year.
a. With a captive carrier, large claims (hurricanes, hail storms, tornados, etc.) are spread across the country. So, you could be paying extra premiums based on losses that happened across the country.
b. With an independent agent, if there are rate increases through one of our carriers, we can move you to another.
5. Unbiased Advice
a. Multiple carriers assure you have the best coverage for your situation.
6. Advocate / Annual Reviews
a. At 7 Insurance we conduct annual reviews automatically, to make sure you have the best product/program/pricing we have available.
7 Insurance is proud to be an independent insurance agency. If you are with a captive agent, give us a call today and we can show you the independent agency difference.
About 7 Insurance: Independent insurance agency headquartered in Knoxville, TN and licensed in 30 states. Our agents are not paid commission so you can rest assured you are getting the best policy at the best price available. Our new clients save over $500 per year when switching insurance coverage. And because we know your needs change, we automatically review your policies for you every year to ensure you are receiving maximum value from your policies. For a quote, call 865.859.0591 or visit www.7.coop/insurance