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How can I start my own car insurance company?
I heard car insurance is a profitable field. I don't want to work for anyone and would prefer to start my own business. How do you open a car insurance company?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“If you’d like to start your own
car insurance company
, you’ll first need to become a licensed insurance agent.If you aren’t currently licensed, you’ll need to follow your state’s requirements for a property and casualty license. Most states require you to take a pre-licensing course and then an exam.
Once you’re a licensed agent, you’ll need to create a business plan. A business plan will help you secure lending and attract investors (if needed). It also helps outline your vision and may be required when applying for state permits and licenses.
Next, you’ll need to get a business license and register with the state. You may also need to apply for additional permits and insurance licenses.
At that point, you can begin selling insurance. While you can start from the ground up, you may want to consider working with an established agency or buying a local company to hit the ground running.
Since you’re interested in the industry, you likely understand the importance of having great coverage on your vehicle. Ensure you have the policy you need—and aren’t overpaying for it—by shopping around.
The
Jerry
app makes it easy. Jerry gathers quotes from over 50 top insurers in minutes and delivers them directly to your phone for free. No long paperwork. No phone calls. Just savings.”View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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