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Buying insurance can be a confusing process–there are so many options! There’s a range of coverages, companies, even types of agents! Make sure you know what type of agent you are buying insurance from. That way, not only will you get the best customer service possible, you will also get the best insurance policy designed for your unique needs.
There are a couple different types of insurance agents: a captive agent, and an independent agent. The first step in deciding which one to use is knowing exactly what each of them is.
What exactly is a captive agent? In summary, a captive agent is an agent that works exclusively for one insurance company. The sole purpose of the agent is to increase sales and generate business for that one specific insurance company. An example of an agency with a large number of captive agents would be State Farm Insurance.
What are some advantages of working with a captive agent?
However, these advantages can also be seen in a negative light.
What are some disadvantages of working with a captive agent?
While these are great advantages, working with a captive agent does not compare to the benefits you’d receive while working with an independent agent.
What exactly is an independent agent? An independent agent is a business owner and is independent to work with numerous insurance carriers. The agents contract with multiple insurance companies in order to gain access to the insurance products.
What are the advantages of working with an independent agent?
For the one buying insurance, there aren’t many disadvantages to working with an independent agent. Independent agents are here to serve you first.
By: KayLynn P.