Did you know there are actually three different ways to purchase insurance? You can buy direct from the insurance agency, work with a captive agent, or go to an independent agent.
So which way is best and will save you the most money? That’s what we’ll be delving into in this article. Read on to learn more.
How Do You Purchase Insurance?
Today, more than ever before, people choose to purchase insurance direct from the insurance company. For many, it is indeed a simple and quick way to purchase new insurance of most any kind. Most insurance companies allow direct purchasing. Geico and Esurance are just two examples.
As a consumer, you may find that being able to get a quick online quote is handy. Moreover, you can compare quotes from several different insurance companies and find the best rate on your own. Buying direct also means not having to pay an insurance agent’s fees (more on this later). Ultimately, it seems like this produces a less expensive premium for you every month.
But … this isn’t always the case as we’ll soon see.
In fact, there is another way to buy insurance, and that’s through an agent.
All About Insurance Agents
Agents provide numerous benefits because they act as an interim representative between you and the insurance company. Although they technically work for insurance companies, they are also small business owners. They are licensed to sell insurance, and they want their clients to be satisfied and stay with them. Therefore, they’re keen to provide you with insider knowledge about the best policies and get you great rates. Perhaps most importantly, they can help you navigate the often-complicated insurance system and ultimately find you a better plan and premium.
There are two types of insurance agents. First, there’s the captive agent. These individuals work for a single insurance company, such as State Farm Insurance or American Family Insurance. As such, they may be able to provide their clients with a range of quotes, but the quotes will only be for the single company they work for.
There are also independent agents. Different than captive agents, these professionals work for a range of insurance companies. You’ll find them representing several different establishments, with no special allegiance to just one as is the case with captive agents. With independent agents, you’re getting even more quotes and policy options.
So What’s the Best Way to Purchase Insurance?
As you may have noticed already, the best way to purchase insurance is with an independent agent. Unlike captive agents, you have more choice and flexibility with an independent agent. And unlike buying direct, you actually have someone on your side who’s helping you navigate the insurance system.
Insurance is incredibly important in anyone’s life. No matter your career, background, age, or financial standing, it’s essential to have adequate insurance for the things that matter most in life: You, your family, your home, and your other assets. This makes choosing the right way to purchase insurance even more important.
When you choose to work with an independent agent, you’re choosing the best for your insurance. With more quotes, you’ll ultimately get better premiums. And even though independent agents do receive a commission (that would appear to increase your premiums at the outset), this isn’t actually true. With the excellent rates and value you’ll be receiving, you’ll still be saving money with an independent agent — which is something worth sharing with friends and family!
Talk to an independent agent at a Mayville Insurance office today. Learn more about the excellent policies we offer and how we can help you find great monthly rates.