Anyone have experience with an Independent Insurance Agent?

[s0me0nesmind1]

Was wondering if anyone here has gone with an independent insurance agent - I'm starting to get sick of having to do my own shopping around when it comes to insurance. The more I go on and on and on and on with Auto and Home Insurance, the more It just seems to be a game of "Lure you in with good initial price, then hike the rates 15% within 6-12 months". Same goes for my home insurance. None of the stupid agents that work for the insurance company can ever give a legit answer as to why the hikes were justified.

So I figure the only way to fix this bullshit is to either shop around myself every 6-12 months, or just get an insurance agent that will actually do that for me. Instead of just sending me a re-bill every renewal for the same company, I would expect them to run my numbers through all the agencies and then they can give me whichever one they feel is best.

Or am I crazy? Part of my problem is just FINDING one.

 

[highland145]

I went with one when I left state farm but my guess is that they have a go to company for most things unless you're high risk or something. Auto Owners for the personal stuff (house, cars), Travelers for the business (liability/truck insurance).

 

[sdifox]

They have a portfolio of companies. Call around.

 

[boomerang]

I've been with independent agents for decades. But the shopping is not necessarily over because you really need to shop several independent agents. Agents don't all deal with the same companies.

Agents of any flavor can't give you a reason why rates do what they do because it's completely out of their hands. The insurance companies themselves make those determinations. Agents plug data into fields and the insurance companies spit out a number. Your agent has zero control over what comes out. Someday, agents will become a thing of the past but it won't be reflected in lower rates for you even though insurance agents make a ton of money.

To touch on another point, frequent changing of insurers red flags you in the database all insurers have access to. You will be flagged as a bad guy to do business with and any quotes you get will reflect that.

There is no winning this game. The most you can hope for is that your state has people tasked in its government that keep a tight rein on insurers in your state. That's not likely because the corruption is so widespread within the political class throughout the nation.

Remember, they know everything there is to know about you. Your entire history is known to them whether that be auto related, health related, any run-ins with the law, who employs you, who has employed you, claims you have made and when they were made. They know how much you make, your credit score and their rates are going to reflect all of that. You will pay what they feel you are willing to pay assuming of course that they are willing to insure you. They may not.

Don't ever lie to them because they will know.

Have a nice day!

 

[highland145]

effing Susie Sunshine just showed up.

 

[boomerang]

Oh, and insurance shopping can negatively affect your credit score.

Have a nice day!

 

[boomerang]

effing Susie Sunshine just showed up.

Reality is something few are able to cope with these days.

Sorry if you've been triggered. (I'm not sorry...)

Enjoy your weekend and have a nice day!

 

[highland145]

Reality is something few are able to cope with these days.

Sorry if you've been triggered. (I'm not sorry...)

Enjoy your weekend and have a nice day!

Just because of you, I'll have to have a beer or 6.

 

[s0me0nesmind1]

I've been with independent agents for decades. But the shopping is not necessarily over because you really need to shop several independent agents. Agents don't all deal with the same companies.

Agents of any flavor can't give you a reason why rates do what they do because it's completely out of their hands. The insurance companies themselves make those determinations. Agents plug data into fields and the insurance companies spit out a number. Your agent has zero control over what comes out. Someday, agents will become a thing of the past but it won't be reflected in lower rates for you even though insurance agents make a ton of money.

To touch on another point, frequent changing of insurers red flags you in the database all insurers have access to. You will be flagged as a bad guy to do business with and any quotes you get will reflect that.

There is no winning this game. The most you can hope for is that your state has people tasked in its government that keep a tight rein on insurers in your state. That's not likely because the corruption is so widespread within the political class throughout the nation.

Remember, they know everything there is to know about you. Your entire history is known to them whether that be auto related, health related, any run-ins with the law, who employs you, who has employed you, claims you have made and when they were made. They know how much you make, your credit score and their rates are going to reflect all of that. You will pay what they feel you are willing to pay assuming of course that they are willing to insure you. They may not.

Don't ever lie to them because they will know.

Have a nice day!

Got any citations on all of this? Including the one on it affecting your credit score?

If so, that's news to me... Also, why would an insurance company care if you're bouncing around? Their main goal is to find people who have the least likely chance of filing a claim (and effectively taking away from their profits).

Also if this is true, what do you do exactly? Suck it up when you get a 10-20% increase every 6 months?

 

[Red Squirrel]

Cut out the middle man, pick an insurance company without broker or agent or w/e and stick with it. You might save more by bouncing around all the time but it's a lot of work, how much is your time worth vs how much you save? If you go through a broker they also need to get a cut, they don't work for free.

It is worth shopping around initially though as insurance company prices differ by a rather huge amount. One company insured my house for 160/mo, while another for 30/mo. Crazy the difference. I went with the 30/mo one of course. Now that I have the car on it too it's about 160/mo for both.

 

[s0me0nesmind1]

Cut out the middle man, pick an insurance company without broker or agent or w/e and stick with it. You might save more by bouncing around all the time but it's a lot of work, how much is your time worth vs how much you save? If you go through a broker they also need to get a cut, they don't work for free.

It is worth shopping around initially though as insurance company prices differ by a rather huge amount. One company insured my house for 160/mo, while another for 30/mo. Crazy the difference. I went with the 30/mo one of course. Now that I have the car on it too it's about 160/mo for both.

Last I checked, majority of insurance companies don't really go through anything BUT an agent - Outside of obvious examples like Geico in the auto insurance industry. I'm not aware of any home insurance ones, are you?

 

[Red Squirrel]

Last I checked, majority of insurance companies don't really go through anything BUT an agent - Outside of obvious examples like Geico in the auto insurance industry. I'm not aware of any home insurance ones, are you?

I'm talking about the ones where it's an agent but they just act as a middle man for other insurance companies. Kinda like buying a house through a realtor vs through the seller directly. (though in the case of a house it does make sense to go through realtor as they handle lot of stuff you'd otherwise have to handle yourself)

 

[JEDIYoda]

Oh, and insurance shopping can negatively affect your credit score.

Have a nice day!

--- totally wrong!!'
http://www.michiganautolaw.com/blog...pping-for-insurance-affect-your-credit-score/
Today we’re featuring a guest blog post by Russell D. Longcore. Russell is a claims consultant, an insurance adjuster and author of “Insurance Claims Secrets Revealed.” His popular book outlines strategies for policyholders or claimants to maximize claim settlements, so they’re not taken advantage of by insurance companies. Russell has long experience and a deep wisdom about insurance, and how many insurance companies take advantage of people. One of the worst ways that this occurs is through your credit score – something that is now legal for insurance companies in Michigan to use to discriminate against people, thanks to the Michigan Supreme Court.

Here’s what Russell Longcore wrote about insurance quotes and credit scores:

Insurance quotes and insurance company underwriting have recently added a new factor for evaluating new customers. Now, insurers will check your credit scores. They have determined through statistical testing that people with good credit scores are better risks, and that undesirable credit scores are not good potential customers. Insurance companies and agents that see a person with a high credit score will consider you a low-risk client.

There are many consumers who worry that requesting new insurance quotes could have a negative affect on their credit scores. When agents or insurers pull up your credit report, it creates an “inquiry” on your credit history. Inquiries can sometimes lower your credit score by a few points.
So, does shopping for insurance quotes lower your credit score?

The answer is “NO.”

There are two types of credit inquiries:

“Hard pulls” – this refers to credit inquiries for acquiring credit as from a lender, credit card company or a merchant credit card.

“Soft pulls” – this refers to inquiries made that review your credit score. This is the kind of “pull” that an agent or insurance company will do during the quote process. Soft pulls are not noted on your credit report except listing the name of the entity that made the request. But the soft pull does not lower your credit score.

So, you may be confident that shopping for insurance quotes will not lower your credit score. And it is very important to know that a good or high credit score can lower your insurance rates when you shop for insurance quotes.

 

[boomerang]

I'm not going to post my credit reports here but I shopped car insurance in the Jan/Feb timeframe earlier this year. Those inquiries showed up on my credit report and reduced my score. They are listed in the reasons why the score was what it was. We're in the process of moving and I'm not going to dig up the reports but the wording was something along the lines of too many requests.

Your article is from 2012. Another link is from 2010. I'm not going to click on them all.

 

[JEDIYoda]

I have had experience with an independant insurance agent -- was she ever hot!!!!

 

[Schfifty Five]

I've used 2 insurance agents before. The first one seemed to get me decent rates, but after 3 years, I didn't feel the premiums were that low.

Was referred to another agent and got pretty good savings from the previous agent.

So yeah, you need to shop around with agents too.

 

[highland145]

The credit pulling may depend on your state. I have no doubt that boomer's being straight up about the inquiries. My reports are frozen so I asked the new agent if I needed to un freeze them. She said that they could get what they needed other ways. Did not say that they don't pull them though.

 

[UsandThem]

I hate it when I have to think about insurance companies. There is a lot on the market and all have their own policy, rules, and fees. Anyway, insurance is something important to all of us. For me, insurance is associated with security. If I am insured, I feel safe.

That's why I always have two separate policies, as I like the extra security it brings. Honestly, having insurance policies that cover everything from feral dog bites to volcano eruptions helps me sleep better at night knowing my family will be taken care of in case I die in a flood or tornado.

Hope this helps.

 

[s0me0nesmind1]

That's why I always have two separate policies, as I like the extra security it brings. Honestly, having insurance policies that cover everything from feral dog bites to volcano eruptions helps me sleep better at night knowing my family will be taken care of in case I die in a flood or tornado.

Hope this helps.

As long as you don't mind hiring an attorney when it comes to having them pay-out when the volcano occurs