What’s a Captive Agent? And Why Would You Want One Agent for All Your Insurance Needs?

June 5, 2020


Share

If you’re researching insurance options, you’ve probably heard something about captive insurance agents. But what exactly does that mean? A captive agent is simply industry-speak for someone who works for only one company. The insurance companies that advertise on national television are generally captives, and their local agents work for the corporation and only offer their policies. 

When agents are exclusive to one company, they can provide you just one quote for an insurance policy. And the only way to decrease the rate is by reducing the policy coverage. If you want to shop for additional quotes, you’ll have to go through the entire process again with another agent or two. 

You can think of it this way: A captive agent has a predetermined set of policies to draw from, and when you work with that agent, they’re fitting their policies to your needs, so there’s less ability to customize coverage. Working with a captive agent also tends to be more expensive because of their corporate structure. When it’s time to renew or service your account, remember that captive agents represent their company’s best interests.

We Insure is an independent insurance provider that’s the opposite of what captive insurance offers in several ways, but the most important differences can impact your bottom line, coverage and customer satisfaction. While captives represent one company, We Insure agents have access to multiple carriers, which means they can select the best product for their clients with more flexibility and features as well as greater value and competitive pricing. We Insure agents shop around to find policies that suit your interests — not the interests of a single insurance company.  

Because We Insure agents offer home, auto, business and other types of policies, you can work with one agent for all your insurance needs. We Insure agents aren’t captive to any one provider and aren’t limited to one set of policies. As independent agents, We Insure will compare policies from different carriers to find the right plan at the best rate for you. Captive agents cannot show you competing products that may offer better coverage and options for your particular situation. A We Insure agent’s approach is to help you tailor the coverage to give you more features and flexibility, not shoehorn you into their company’s product line.

When you work with an agent who offers a broader array of coverage options, they can better see the big picture and how it may impact your insurance needs. For example, as your assets increase due to a successful business, inheritance or promotion, you may need to raise your liability coverage on home and auto policies or add an umbrella policy. After a marriage, the newlyweds may need to combine assets or purchase riders for valuables whether it’s for one spouse’s jewelry or the other’s guitar collection.

If your agent knows you and all your insurance needs, they’re more likely to identify triggering events for additional recommended coverage and suggest the best policy to meet those requirements. This concierge approach to insurance can greatly simplify your life and help ensure appropriate protection across all stages of life.

Better value, more choice. We Insure agents can find you the best deals from top-rated carriers for: home, condo, renters, auto, motorcycle, RV, business, boat and flood insurance. Call your local We Insure agent today to discuss your options.