Working With An Agent

Many insurance agents represent several insurance companies. They have a sense of what kinds of risks each one is willing to take on. When you work with an agent, they can steer you toward the companies that are most likely to accept you at their “preferred rates” — meaning you get the most savings.

And many agents have professional relationships with the underwriters at the companies they represent. That means they can “shop quietly.” They can contact those underwriters and — without formally applying — get an idea of whether your application would be accepted, and what rates you’d qualify for.

That's just one of the reasons why working with an agent is a good idea.

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What An Underwriter Does:

Insurance is based on risk. When you get an insurance policy, the insurance company is taking on some of your risk. For example, if you drive a car, you have a risk that your car will be damaged in an accident. Having auto insurance means that if the car does get damaged, the insurance company will pay for the repairs. By having a policy, your risk is lower.

The insurance company makes up for the risk it takes on by charging premiums and setting deductibles. If a company charges too little, it could go bankrupt when large claims are filed. But if a company charges too much, it will lose business to its competition.

An underwriter’s job is to make sure that the insurance charges just the right amount for the coverage it provides. They figure how much risk you represent, how much coverage the company can offer you, and how much that coverage should cost.