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Is anyone aware of or work for a non standard auto insurance carrier that will send the client the bill for the downpayment?
Non-Standard Carrier That Bill for the Downpayment
- Thread starter robb01
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Problem is, if it cancels from inception and you got paid a broker fee (and didn't collect the premium???), a claim happens, some lawyer will eat you for lunch.
If you collect the broker fee, why is there a problem collecting the premium? A delayed bill is never a good thing in non-standard.
Dan
If you collect the broker fee, why is there a problem collecting the premium? A delayed bill is never a good thing in non-standard.
Dan
G
Guest
Guest
clients like that are never worth broker fee. the only people that would ever think about doing that are probably thinking of a way to commit fraud especially in the non-standard markets.
Yeh. Sounds like, they want the insurance card. Without paying for it. In nj they run your plate as you are at a red light, also some towns have a computer that scans the parking lot, and cars going by. Big brother is watching.
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NJ/PA will suspend you registration, if the insurance company says you stopped paying your insurance.
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NJ/PA will suspend you registration, if the insurance company says you stopped paying your insurance.
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- 191
For one, if we collect premium + broker fee, thats less of a broker fee. If the carrier will bill out in say 3 weeks for the first premium, we are free to collect an even larger broker fee up front.
We have a carrier now that does this, they don't mind the non standard business we send that is just a lower credit rating, but multiple tickets/accidents are an issue. So I'm looking for a non standard carrier that bills the same way.
There is no legal issue if the client doesn't pay the premium and it cancels. They sign an agreement stating they are just paying a broker fee up front and no money is being applied to premium.
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How is 15 minutes of writing a policy, collecting a fee of up to 10% of the total premium not worth it? Even if they don't pay the first months premium when its due, they will flat cancel. This lets us write it again, collect another policy fee, and make more profit.
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Why is it less of a broker fee? If you charge, you should always charge the same amount (or same percentage).
For me, I'm more interested in the revenue stream than I am in the broker fee part. I understand charging them, just seems like a good way to drive my business down the street. I know not all places have agents piled on top of agents though..
Dan
For me, I'm more interested in the revenue stream than I am in the broker fee part. I understand charging them, just seems like a good way to drive my business down the street. I know not all places have agents piled on top of agents though..
Dan
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To kind of answer your question, I honestly don't think any non-standards have that option. I'm appointed with many and none of them offer that.
trapstar4.4
New Member
- 2
wow, from my experience working in the nonstandard market, i havent seen that.
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