Non Standard Auto Fees

[ntbktrader]

I recently purchased a book of business. The BOB came with more non standard auto and non standard homeowners than I'm used to...lots of walk in cash payments, lot more re-writes for non pay than I'm used to. I recently added a $5 fee for all walk in payments unless they pay off the policy in full. I'm now thinking about adding in a $25 fee for all re-writes, for revenue but mostly to discourage it.

Any advice? What fees do you add in for non standard?

TIA

 

[Heather]

A big chunk of my business is non-standard but I have never charged fees. My thought is people will complain to their friends about me(its a small community) or go to the next agency down the road that is not charging fees.

Would like to know how you make out with this.

 

[adjusterjack]

The BOB came with more non standard auto and non standard homeowners than I'm used to...lots of walk in cash payments, lot more re-writes for non pay than I'm used to.

You didn't check that out before you paid for the book of business?

 

[VolAgent]

A big chunk of my business is non-standard but I have never charged fees. My thought is people will complain to their friends about me(its a small community) or go to the next agency down the road that is not charging fees.

Would like to know how you make out with this.

Is it profitable? Most agents I know of in the market charges fees where allowed or include ancillary products where it isn't. I don't know they could profitably run the agency and service the accounts otherwise.

 

[InsCommentary]

Can agents charge fees now in Alabama? I haven't looked in many years, but it used to be that if you were appointed by a company and compensated by commission, you could not charge a fee for business placed with that insurer. Again, that was many years ago.

 

[ntbktrader]

You didn't check that out before you paid for the book of business?

The non standard stuff was secondary to what I was after. I admit though... I didn't fully understand what it entailed... I started the $5 for walk in payment processing in December...so far so good (I think)

BTW I'm in TX.

 

[Heather]

Is it profitable? Most agents I know of in the market charges fees where allowed or include ancillary products where it isn't. I don't know they could profitably run the agency and service the accounts otherwise.

I have always been profitable, but I have a large chunk of my business in medicare, I also own my building, which I share with my husbands marketing business, so I pay no rent, I don't hire anyone for full time so I pay no benefits anymore.

On the down side these non standard people......

 

[InsCommentary]

BTW I'm in TX.

Your profile says you're in Alabama:

ntbktraderExpert
Posts:
83
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State:
Alabama

 

[VolAgent]

Your profile says you're in Alabama:

ntbktraderExpert
Posts:
83
Likes Received:
1
State:
Alabama

It defaults to Alabama unless someone changes it.