When to "Quote 'em High"

[GXR2]

As P&C agents we work too hard, put up with too much abuse and disrespect from less than desirable clients to sell ourselves short.

You really can't tell someone to get lost if they come in with their 1970 Gremlin, no job, disheveled. How about the tweeker who can't sit still, or the average looking person with alcohol on their breath. How about the guy who seems normal until he sits down and his condescending arrogance leaks out like a bad radiator hose.

I've had these same bad risks, or high maintainece customers, stand in the middle of the office shouting .. "Why are you referring me elsewhere? WHY won't you give me a quote"?!!! Causing a scene.

That's when I learned to just ... Quote 'em high.

If you have a potential prospect you know you will cause issues or be bad risk, or make your life hell ... Give them a high quote.

There is nothing ethically wrong with that. First and foremost as agents we're front line underwriters to a certain extent. We need to protect our carriers and our agency from those who will do us harm. At least get the appropriate premium in line with the risk.

Also, your time is money, and it is worth something. Don't sell yourself short. If you really don't want the risk, but will place it if the price is in line with your efforts, or future efforts or aggravation an appropriate high quote isn't wrong.

If they take the high rate at least you know you'll make what your worth when they come in frequently complaining over every little thing or cancel or get canceled the following year.

There are too many GREAT risks out there who will treat you well, pay their premiums, and are responsible. Concentrate on them.

 

[Heather]

I do just what you said and it only ever backfired one time and that was last month. The chick was a hotel housekeeper husband no job but had two financed cars, a 2010 lexus and a 2009 benz - quoted my highest rate with National General 5,800 a year and said I needed 25% down. She said no problem and pulled out a debit card.

Now February's eft payment was returned by the bank.

 

[insurance1822]

Heather - Why is it that you're immersed in these savage rotten slime pig bums? You've gotta get out of that market.

 

[indienoise]

I do just what you said and it only ever backfired one time and that was last month. The chick was a hotel housekeeper husband no job but had two financed cars, a 2010 lexus and a 2009 benz - quoted my highest rate with National General 5,800 a year and said I needed 25% down. She said no problem and pulled out a debit card.

Now February's eft payment was returned by the bank.

Which is why I ALWAYS request as earned For nonstandard carriers.

 

[Heather]

1822
I know I know and I was doing really good for the past few months and not writing any non-standard bums,

On a better note I followed your advise and one of the mortgage guys I walked into a few months ago has started sending me people - his girlfriend who works for a captive gets the easy stuff, the rest he sends to me if the rates are too high or the home is a fixer upper. Thank you so much

 

[ModernInsurance]

Used to work like a charm. Me: "Sir, you're going to need $1,500 down today and it will be $500 per month." Sir: "What the hell? Are you crazy? I ain't giving you $1,500 for no damn insurance!"

 

[insurance1822]

the fact that he currently refers to a captive agency is a good thing now that he's also sending you stuff. In time, the numbers will speak for themselves & the captive's products will ruin that relationship now that you're in the door.

 

[GXR2]

Used to work like a charm. Me: "Sir, you're going to need $1,500 down today and it will be $500 per month." Sir: "What the hell? Are you crazy? I ain't giving you $1,500 for no damn insurance!"

What happened? Sounds like that worked out great. If you didn't want that risk I'd be smiling inside thinking Bu-bye!

 

[JohnWalker]

I do just what you said and it only ever backfired one time and that was last month. The chick was a hotel housekeeper husband no job but had two financed cars, a 2010 lexus and a 2009 benz - quoted my highest rate with National General 5,800 a year and said I needed 25% down. She said no problem and pulled out a debit card.

Now February's eft payment was returned by the bank.

Pitch high watch em buy, pitch low watch em go...

I hope you kept a fat broker fee I think nat gen has a minimum 8.5% 11 pay plan. People like that are being hit up by their finance company to get insurance so they get it for 1 month then drop it.

I usually probe for people that want "short term" insurance. I'll do it but it'll cost ya haha.

 

[Derrick]

I disagree. I hate bums just as much as anyone else, but...

I live in a state where car insurance premiums are the most expensive, about $1,500-$2,000. When a six month policy requires a 40-50% down, it's typically anywhere between $350-$500. 15% of that is $52.50-$75.

Not bad for a half hour of work, 10 minutes for the quote, and 20 minutes once they come in. Make sure you don't go above and beyond to get them the best quote, and make sure to stick to that 30 minute timeline. Get them in, get them out. Simple as that.

Worst case scenario is you make $50 and the best case scenario you find gold in a heap of trash and get a lifelong customer that was just having trouble keeping it together at that moment in time.