Auto Insurance Wholesaler Needed

[FloridaLady]

What is a good wholesaler if my customer base has limited income, terrible credit and traffic violations? I think it's called non-standard, not sure. In Orlando, FL.

They are buying at a 'buy here pay here" place and need 10/20/10 plus comprehensive and collision with $500.00 deductibles. Some companies I see often are Dairyland, Direct General, and Infinity. I work at the auto dealer right now and I'm leaving as soon as I get set to sell insurance. They will not refer to anybody else because they are family, and I can also get referrals from other friends I have in the business. I'm not counting on surviving just from this market but if I can make $10-$15K a year from this it would take off the pressure of starting from zero.

Your help is greatly appreciated.

 

[Sales71]

Those are very low limits I would not enter this market if i were you..doing P&C part time is a failing Idea..either you go full time or maybe do something else.

 

[Guest]

glad you had to post this thread not once, BUT TWICE,

I will give you 2 different answers then


Sub-Standard auto is ALOT of service work, lapses, non pays, chargebacks.....high maintance people

 

[arnguy]

One thread is sufficient, ma'm!

 

[FloridaLady]

I apologize for the duplication, I think it should be obvious that it was not intentional.

Leaving aside how much work and how "not worth it" it is, how much could I expect to make in a year from around 200 customers like that? $10K? $1K? $100? There are actually not that many lapses because they have it very clear that they will get hit with a steep fee from the finance company if that happens.

I'm planning to go into insurance full time, not just part time and I am taking it very seriously. I'm well educated and have some sales experience. From what I have read I'm leaning more towards the health side. I just would like to not leave that money on the table especially at first since it's not even a sale, it's more like taking an order. If I dedicate my time and energy to the health side of the business and have these auto policies as a part time, maybe it could work? Whoever is providing them with insurance now, I guess that's what they do, they dedicate their time to the ones who give them good money and for these customers they just "fill the order".

Anybody who is able to and cares to help with the wholesaler question?

 

[VolAgent]

People don't buy at a buy here, pay here lot because they are good with money and are afraid of finance charges or fees.

 

[FL P&C Broker]

Trying to do P&C part time is like trying to fit a square peg in a round hole.

 

[FloridaLady]

People don't buy at a buy here, pay here lot because they are good with money and are afraid of finance charges or fees.

I don't want to bore you with the details but believe me, I'm there, the lapses are minimal. Because of the kind of contract they sign the vehicle will get repossessed if insurance lapses and they are very aware of that. Also the dealer does the work of hunting them down when they get a notice that insurance is about to be cancelled for nonpayment. When they call asking for time because they don't have enough money for both the car payment and insurance we even advice them to make the insurance payment first.

 

[Guest]

Not sure I believe you about repo-ing a car for cancellation of insurance, the lender generally will just put a forced policy in it to protect their interests.....

 

[FloridaLady]

Not sure I believe you about repo-ing a car for cancellation of insurance, the lender generally will just put a forced policy in it to protect their interests.....

That might be a better choice, but it's not what they do. Maybe it's just easier for them to repo the vehicle. I do know they retain title until the unit is paid in full, maybe that changes something about their liability because they are the owner of record. I don't exactly know their reasons, only that they do as I said.