Nonstandard Auto Carriers

[coltond]

I'm 21 years old and have an opportunity to own a captive agency. After reading advice from many of you on this forum, I have been looking into going Independent because of the freedom and flexibility of being able to shop multiple companies. In the past two years I have consistently produced anywhere from 30-65 apps per month, and have two brothers in the industry who are both producing good numbers as well.

I was told that when starting an independent agency you start with nonstandard auto carriers. Can you guys recommended a few? I'm in Arkansas.

Any advice would be appreciated.


Thanks!!

 

[indienoise]

nonstandard auto is the easiest appointment to get, but it doesn't mean you can't get some preferred, just depends on your circumstances. If you've been producing for at least a couple of years, and have any documentation to back it up, it can't hurt to at least approach Travelers, Safeco, or whoever is good in your area and see what they say. You could also try a company like Erie or Auto Owners, as they're more likely to take a scratch agent.

As far as finding nonstandard auto carriers, to make your life simpler decide on a rater you're going to use, then go down the list of carriers the rater supports and start calling them up to see which ones might be the best fit.

 

[Derrick]

I started out in captive life, and moved to independent P&C and life. A prospect that doesn't fit well with one company, may fit perfectly in another. In a captive agency system, you just don't have that option. If they don't fit; they don't fit, or you might put them in a product that's not really fitted for them which ultimately will come back onto you. On the flip side, captives do have the support systems that being independent just may not have.

If you have never been in the business, I would go to a local P&C shop and tell them your situation. Tell them you want to learn the business. In a few years if you like what you do, start saving up your money and going out on your own. You'll also have a book of business, which you probably won't be able to carry over (at least for a while), but you can show carriers that you can make a book, as well as favorable loss-ratios.

This is what I was going to do until the owner decided to put me into an informal mentorship program to buy the business when he retires. So there's that small possibility too.

 

[insurance1822]

You CAN get preferred appointments on your own. Especially if you & your brothers teamed up & pool your production! Put together solid documentation on what you write, where you get it from, how you market, what you plan on writing blah blah blah blah and if you keep at it you can certainly pick up preferred carriers.

In my experience, I would reach out to regional players first. You could also go the SIAA route. I went indy at age 26 & if I would have done it at age 21 I would literally be making (conservatively...) well over $500,000.

With having trusted family that can work w/ you, dude...it's a gold mine. Trust me on that one.

DO NOT GO CAPTIVE. DO - NOT - GO - CAPTIVE!!!!!!!!!!!!!!!!!!!

 

[shawnmwalker]

Give me a Call. Go indy like INS1822 says. Lets talk through the options.

Get contracts, Buy a book, Go with a group, which ones are good for you, etc..