How do i open a car insurance company?

Question

my husband and i were thinking ofdoing this .We would sell insurance for geico or any other insurance company basically we would be the middle man. But we dont know who to talk to ? how to begin ?

Answer 1

First off you would be wanting to open an insurance agency or insurance brokerage, not an insurance company. Second I strongly recommend that the two of you work for another agency/brokerage for at least a year in order to learn the ropes. If you did you would realize Geico sells direct to the public not through agents or brokers, and what the difference between agents, brokers and direct writers are. You need to be licensed not only to sell insurance (as per the regulations of your jurisdiction), but one of you needs to be properly licensed to be the principal of an agency/brokerage. Doing this will not happen over night. Third no insurer on the planet is going to sign a contract with an agency where the only two agents have no experience in the business.

Answer 2

You have to be state licensed as an agent and/or broker.

Answer 3

You would not be opening an insurance company.   You would be opening an insurance agents office.

You need to get an insurance license in your state.   You can call some insurance companies and they will tell you their process of getting contracted with them.   You would be an independently owned office.  Some companies have you on a call center selling insurance.

Remember, selling and servicing, yes servicing, insurance is hard work and you do have to deal with difficult customers.  But like anything you work hard at, the rewards can be great.  If your good at selling then this profession can be for you.  When your selling insurance you have to sell, sell, sell.  Because you only make commission.   But that's great if your good at selling.   It will not work if your not.