Questions about anyone who sells auto insurance (homeowners too)

[Jewlee]

Hello folks,

For anyone who is licensed to sell auto insurance, can you answer some questions for me and be totally honest?

Is it worth getting a license to be able to work in selling auto insurance? Is the industry changing at all, like I know that driverless cars are the future, so they say, but is it a good market to still be able to make a decent income since this type of insurance is required, unlike life insurance?

Do you enjoy your work?

What license would I need? Can I get away with just getting the Property Broker one (I think that's the one where you can sell just personal car insurance) or do I need the full monte, P and C license?

Can you sell independently under an IMO like you can with life insurance or do you exclusively work for a company once you get your license?

Anything else you could tell me about that line of work, both the positive and the negative, would be greatly appreciated.

I already have my life and health license, but I just do not enjoy the cold calling, my upline I'm stuck with now and I have not gotten good info on leads etc, but even if they did, I just do not enjoy the work. I was with Encino's Wise Choice and was their top premium producer the first month I was there, but as with sale, the quota went up the more you sold and they would hire on people and let them go the next day etc if you get me.

I'm now labeled as "insurance" in terms of work so it's difficult to find work in anything other than life insurance.

Thanking you in advance for any information you can provide me, you are appreciated.

 

[marindependent]

Life Insurance Sales and P&C Insurance Sales = Totally and Utterly Different, Lesson One.

There is absolutely a future in selling and focusing on Auto Insurance as a standalone agent, but its more than likely not the normal market. Specialists that deal with Commercial Auto, DUIs, etc is where the future is. For typical consumers who want low premiums... not a great place to be.

Lesson Two of P&C - getting access to insurance carriers is half the battle.

Lastly Commericial vs Personal is really split as well. They can be vastly different.

 

[Jewlee]

Life Insurance Sales and P&C Insurance Sales = Totally and Utterly Different, Lesson One.

There is absolutely a future in selling and focusing on Auto Insurance as a standalone agent, but its more than likely not the normal market. Specialists that deal with Commercial Auto, DUIs, etc is where the future is. For typical consumers who want low premiums... not a great place to be.

Lesson Two of P&C - getting access to insurance carriers is half the battle.

Lastly Commericial vs Personal is really split as well. They can be vastly different.

When you say getting access to insurance carriers is half the battle, what do you mean? With life insurance, you just sign up with an IMO (comp or person) and then you can get access to sell with any company pretty much.

Since I'm a newbie in all this, if you were me and just starting out, what license or licenses would you recommend getting? I only know that there's a Property and Casualty license, are there others I should consider getting vs that one?

Is there an upline/downline component to this like it is selling life insurance?

What is commercial and what license do you need if that's the future?

I'm so sorry for asking so many questions, but I am completely ignorant to how this all works, even though I have a life and health license. And if you're too busy to answer all my questions, I completely understand.

Thanks for commenting.

 

[fed up]

I already have my life and health license, but I just do not enjoy the cold calling, my upline I'm stuck with now and I have not gotten good info on leads etc, but even if they did, I just do not enjoy the work.

You're going to hate auto and home.

 

[Jewlee]

You're going to hate auto and home.

I appreciate your reply, but don't like the answer. I've corned myself now in the 'insurance' industry and yeah, that's yeah, that's about it.

Thanks for the honest feedback. Much appreciated.

 

[Hawaii Agent]

I agree & disagree with @fed up in that you will dislike home/auto insurance. Personally, I really like home insurance. I have sold a number of 5 figure premiums this year to multi-million dollar properties and they pay well, are easy to service, and I get to speak to some amazing, successful people that I would never have the opportunity to meet in my everyday life. The majority of homeowners insurance (and hurricane insurance in Hawaii) is set it and forget it. Flood insurance is an often overlooked coverage that has really helped me to expand my business.

What I dislike about homeowners insurance are two fold.
1. Mortgage brokers/loan officers are total douches and they expect EVERYTHING rushed. I cannot begin to tell you how much stress they cause (which is why multi-million dollar properties are so much better - cash buyers).
2. Condo insurance premiums are significantly higher than State Farm and Allstate so people want to bitch and moan about the premiums. They don't listen to what the coverage is for. They think it's a commodity.

Auto Insurance is a different animal. Like @marindependent said, auto insurance has become all about price. Once GEICO started to pump billions of dollars into the marketing message of save money by calling, that changed the perspective of the buyers which then caused other companies to say, "call & save". Plus people tend to switch cars more frequently = more servicing work. Plus if they're at the dealership needing an auto ID card, they'll be calling your entire family to hunt you down to just try and get it ASAP.

The transition from life to home & auto shouldn't be difficult if you put the time to learn. Good luck and be sure to advise your clients, don't just be an order taker (NO MINIMUM LIMITS ON AUTO). The more true professionals there are out there, the better our industry becomes!

 

[Jewlee]

I agree & disagree with @fed up in that you will dislike home/auto insurance. Personally, I really like home insurance. I have sold a number of 5 figure premiums this year to multi-million dollar properties and they pay well, are easy to service, and I get to speak to some amazing, successful people that I would never have the opportunity to meet in my everyday life. The majority of homeowners insurance (and hurricane insurance in Hawaii) is set it and forget it. Flood insurance is an often overlooked coverage that has really helped me to expand my business.

What I dislike about homeowners insurance are two fold.
1. Mortgage brokers/loan officers are total douches and they expect EVERYTHING rushed. I cannot begin to tell you how much stress they cause (which is why multi-million dollar properties are so much better - cash buyers).
2. Condo insurance premiums are significantly higher than State Farm and Allstate so people want to bitch and moan about the premiums. They don't listen to what the coverage is for. They think it's a commodity.

Auto Insurance is a different animal. Like @marindependent said, auto insurance has become all about price. Once GEICO started to pump billions of dollars into the marketing message of save money by calling, that changed the perspective of the buyers which then caused other companies to say, "call & save". Plus people tend to switch cars more frequently = more servicing work. Plus if they're at the dealership needing an auto ID card, they'll be calling your entire family to hunt you down to just try and get it ASAP.

The transition from life to home & auto shouldn't be difficult if you put the time to learn. Good luck and be sure to advise your clients, don't just be an order taker (NO MINIMUM LIMITS ON AUTO). The more true professionals there are out there, the better our industry becomes!

Appreciate your reply. I'm wondering if where you live and sell has anything to do with it. I mean, look at you in Hawaii.

People are becoming more use to buying over the phone and online which also applies to final expense life insurance. I miss those days of having a local agent that you'd go to their office and all your insurance would be with them. I'm 56 so I remember those days haha.

Thanks again for your feedback.

 

[Hawaii Agent]

@Jewlee yes I live in Honolulu and there are a number of high-value homes on multiple islands (I service 3 major islands); however, you live in California and the same could be said about LA, SF, & SD. I do the majority of my business over the phone & internet as well because it is significantly more efficient than f2f. But everyone needs to find their niche.

 

[marindependent]

1. Mortgage brokers/loan officers are total douches and they expect EVERYTHING rushed. I cannot begin to tell you how much stress they cause

Totally Agree

 

[marindependent]

We Need this 175 Character Lendor Name and these Legal Terms attached. This PO Box with such and such a date, with the right to require you to change that date, to three days earlier than requested at a moments notice. Oh and we need for you to provide us a replacement cost evautation report but still reserve the right to argue about what it says. Need that all in five minutes, now .... ITS URGENT!

Oh...forgot to mention this client is not allowed to have a decutible higher than $5,000 even though we already approved that. Oh- and the Revocable that isnt on the title needs to be added as an Additional Insured.