Are you held Captive?
When it comes to insurance, do you know the difference between captive and independent insurance agencies? Huh? Yes, there’s a big difference!! Oddly enough we hear this quite often from our customers. Unfortunately, we hear this most often when they take their business elsewhere.
Most people differentiate insurance agencies by the kind of type of insurance they specialize in – health, auto, commercial, life insurance and so on. In the insurance industry, however, there is another important way that insurance agencies can be classified, and that is captive vs independent.
What Is a Captive Insurance Agent?
Captive insurance agencies, also known as exclusive insurance agencies, are contracted to work for a single insurance company and sell only that insurance company’s policies. In return for captive agents agreeing to sell only their policies, insurance companies generally provide their exclusive agents with a fair amount of support, which can include setting them up with an office or other workspace, and giving them access to an administrative staff to process paperwork. It is good to note that with a captive agency, they only have one market to quote your insurance with.
What Is an Independent Insurance Agent?
Unlike captive insurance agents, independent insurance agents are not contracted to work with one specific company. They can quote and write policies from multiple insurance companies. That is a bonus for you, the consumer. Save time and get multiple quotes in one setting!
Guess what? Eaton Insurance Services is not a “captive” agency! When you call us for a quote and/or purchase insurance policies with us, you are selecting an “independent” insurance agency. We represent many top-rated insurance companies. Our experienced staff will gladly do your insurance shopping for you. In fact, we review our current customers renewals annually. Should their premiums take a significant increase, we will automatically compare their rates with our other companies to keep their premiums as low as possible. We have many loyal customers that remain with us for this very reason.
Give us a call when you’re ready to leave your “captive” agent. We’re here for you. And if you’re currently a customer of ours, know this… we are “independent”! We are not locked in with only one market, and we have procedures set in place to keep your current policy at the best premium for your current needs.
If you're interested in a quote or have questions, please call us!