Captive vs Independent Insurance Agency: What’s the Difference?
In order to understand the benefits of using an independent insurance agent, it’s essential to recognize what sets them apart. Insurance agencies can be sorted into two categories: captive and independent.
A captive agency is tied to one insurance carrier, which means these agents are biased to make money for their specific carrier. On the flip side, an independent agency works fluidly with several insurance carriers. These agents are unbiased, so they’re motivated to serve you, not a carrier. Let’s take a closer look at what this means for your personal insurance needs.
Benefits of an Independent Insurance Agent
- Trust an Impartial Third-Party
- Not Just Selling Insurance
- Quick Access to a Team of Experts
- Discuss Your Policy Without Hurting Your Insurance Score
- We’re Not Going Anywhere
Trust an Impartial Third-Party
The biggest difference between a captive agent and an independent agent is who that agent works to serve. A captive agent is obligated to sell you an insurance policy with one specific carrier. In order to accomplish that, a captive agent is biased to convince you that their carrier offers the best insurance for you.
Impartiality is one of the key benefits of an independent insurance agent. As a third-party, we are in the unique position to objectively assess your personal insurance needs. Then, we find a carrier that offers the best rates for the coverage that makes sense for you. With an independent agent, you will never need to worry about overpaying for your insurance again.
>> THE TGS DIFFERENCE: In a rapidly changing market, put your faith in the TGS Insurance reshopping process. We continue to shop for your best insurance options every time your policy is up for renewal. If we find you a better deal with a different carrier, we’ll help you switch.
Not Just Selling Insurance
A captive insurance agent only has one job: selling you on an insurance policy with their carrier. Unfortunately, that leaves you responsible for other critical tasks, such as coordinating with your mortgage after switching home insurance policies.
One of the valuable benefits of an independent insurance agent is that once you sign up, we handle it all. An independent agent will communicate with your mortgage, dispute a failed inspection, and even file your cancellation with a previous carrier, among other tasks. If you don’t know where to start when it comes to managing your personal insurance needs, look to an independent insurance agent for a hands-free, stress-free experience.
Quick Access to Team of Experts
A captive insurance agency will limit all of your interactions to one assigned agent. Unfortunately, the result is usually days of waiting before you can voice your likely pressing concerns regarding your insurance. Similarly, an independent agency dedicates one agent to your service. However, there’s also a collaborative team of licensed experts ready to help when you need it most. By providing an accessible insurance experience, an independent agency offers quicker solutions and more thorough support.
>> THE TGS DIFFERENCE: Unlike other agencies, we don’t have a robot waiting to answer your call. Our expansive team is a resource for all of your urgent questions and requests, so when you call, we can discuss your insurance together. Skip the “speak to a representative” frustration. With TGS Insurance, you just do.
Discuss Your Policy Without Hurting Your Insurance Score
Did you know that it counts against your insurance score to report a financial loss, even if you decide not to file an insurance claim? If you call a captive agent to ask about whether or not a recent loss would be covered under your policy, that counts as a reported loss! Even without filing a claim, your insurance score will suffer. That makes your premium increase when it’s time for renewal.
This is one of the most essential benefits of an independent insurance agent. After disaster strikes, we are here to have a risk-free, open conversation about your coverage. It’s important to note that we can’t determine with certainty whether or not a claim would be accepted by your carrier. However, we can review with you exactly what is and isn’t covered by your policy. An independent insurance agent is the perfect tool to navigate your insurance when you need answers the most, stress-free.
We’re Not Going Anywhere
The insurance market is constantly changing, and more carriers are deciding against the risk of insuring certain areas or finding reasons not to renew a policy. A captive insurance agent leaves you high and dry to figure out next steps if you receive a non renewal. That puts you at a huge risk for having a lapse in your coverage, which can make it harder to get a new policy from a different carrier.
>> RELATED READING: How Can I Get Homeowners Insurance After Non Renewal?
If your insurance carrier decides not to continue insuring your property, an independent insurance agent isn’t going anywhere. We are here to reshop your insurance with a new carrier, find you the lowest possible rates on the coverage you need, and help you avoid a lapse in coverage. A captive agent is only loyal to a certain carrier. An independent agent is uniquely loyal to you.
TGS Insurance Agency: The Gold Standard of Client Excellence
At TGS Insurance, we pride ourselves on our client-centered service. With an expansive roster of over 55 A-rated carriers, our independent insurance agency has the resources and expertise to find you the best possible deal on the policy that makes sense for you. Our collaborative team of licensed agents are here to help you navigate your personal insurance needs. Trust TGS Insurance Agency, the gold standard of client excellence. It all starts with a free, instant quote.