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Captive vs. Independent Insurance Agents

Independent Insurance Agent

Captive vs. Independent Insurance Agents

It’s no secret that there are many options when it comes to getting insurance coverage.  From large national providers to your local agent, what really is the best option when it comes to insurance?

Besides purchasing insurance online or from a 1-800 company, the two types of insurance agents that you typically hear of are captive insurance agents and independent insurance agents.  So, what is the difference?  A captive agent represents only one insurance company, while on the other hand, an independent agent brokers through many companies.  One company can typically not meet all of a family’s insurance needs.  With an independent agent virtually anything can be insured, regardless of the cost, uniqueness, or driving record.

Since captive insurance agents only represent one company, there is no option to switch from within if your insurance needs change beyond their means or if there is a drastic change in price.  Working with an independent agent provides the option to shop through multiple companies to maintain the correct coverage at a competitive price.  Since an independent agent does not have to sell and support only one company it ensures that their advice is objective and unbiased.

Having your agent in your corner when a loss occurs makes the difficult process a little bit smoother.  If an issue occurs with a claim, an independent agent will go to bat with an adjuster if needed,  because they do not work for the insurance company, they work for their client.  Typically, a captive agent works for the same company the claims adjuster does and are exclusive to that company.

Policy service through a captive agent will generally come from a call center.  Working with an independent agent the policy service is from the same individual coverage was purchased from, or a personal account manager.

An independent agent has the ability to provide the correct coverage, a competitive price, and access to many insurance companies while creating meaningful relationships with clients.

 

Do you want to have your insurance agent on your side?  American Advantage – Petersen Group is a local New Berlin, Wisconsin independent insurance agency, helping to protect family’s stories since 1974.   As an independent agency, we partner with multiple insurance companies to secure the right coverage at a competitive price.

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