You have most likely experienced the multitude of ads coming from the big national insurance companies. It’s been an effective branding strategy for these companies and tends to build a trust factor and one that infers if you do business with them, you’ll get the best insurance options for you. In fact, many of these insurers are captive companies, meaning that the agents and agencies that represent them, sell and service only their products and cannot issue car, home, or business insurance with any other carriers.
These are good insurers, and the long history of these companies coupled with their branding messages would make it appear that they are a solid choice for your business, yet that is not necessarily the case for your insurance requirements.
A NY independent insurance agency is more often the better choice for consumers for their personal and business insurance needs as they offer more options. Independent agencies have access to a multitude of markets and can shop just for you, for your unique qualifications and protection requirements. This access can provide you with lower premiums and more well rounded coverage.
Flexibility is another advantage of the independent agency. It’s common for all insurance companies to raise rates over time, and sometimes significantly due to loss ratio issues. So you started out with a very competitive low premium and now several years later, your rate is higher than many other carriers. If you’re with a captive company, they only have one product and one option and can do little for you. The independent agent on the other hand can re-shop your coverage with several different carriers to find the best current deal, and immediately switch you over.
Independent insurance agencies write new business through big companies too, but also use smaller, more regional insurers that know the risks so well in your area and rate according to their long local history, often providing big savings and unique coverage options you would not find with the big boys on the block.
If you thought of a captive insurance agency as a car dealership, they would offer one make and model of vehicle for cars and one for trucks. They very well be great vehicles and perfect for you, but you would only have one option. Now, an independent insurance agency as a car dealership would have multiple makes and models of vehicles, giving you a wide range of choices for your preferences and budget. Which car dealership would you like to shop with?
The advantages of using an independent agency for your insurance in New York are many.
- Access to multiple markets providing you with more options for lower price and greater coverage.
- Unbiased advice.
- Qualified and licensed staff, experienced to explain coverages and options.
- One stop shop offering insurance for many lines such as car, home, and business.
- Provide coverage that can be designed to meet your individual needs.
- Ability to switch carriers immediately if premiums begin to rise.
- The ability to form long-term relationships with customers, providing education and tailored coverage as your life changes
If you have any questions regarding available insurance options, please contact us, we’re always glad to help. The NY Insurance Hub serves Albany, Schenectady, Troy, Latham, Cohoes, Watervliet, Clifton Park, Saratoga Springs, surrounding Capital Region areas and all of New York State from NYC to Buffalo.