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How do insurance agents make money?
I'm shopping for car insurance and want to make sure I'm not getting scammed with the provider I choose. How do insurance agents make their money; is there a chance I could get scammed through using their services?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“The way a
car insurance
agent receives pay depends on the company they work for. Just know, you’re unlikely to get scammed! If an agent works directly for an insurance company, like
Travelers
, they are llikely paid hourly or have a salary plus commission. An agent would have a base salary, but get a percentage of commission based on their sales. They may also receive bonuses if they meet a certain percentage of sales or meet company goals. If your insurance agent is independent but still represents a company or is a
car insurance broker
, it’s likely that they operate solely on commission. For every policy they sell, the insurance company or agency gives them a percentage of it. Most states have rules and regulations surrounding insurance and commission. Because of this, you shouldn’t be worried that you’re going to be scammed by an insurance agent.
You should still review all of your policy documents and conditions before signing a contract. You can also shop around to compare rates.
If you’d like help, go to
Jerry
. Jerry is a licensed broker that does all the hard work of finding the cheapest quotes from the top name-brand insurance companies to help you find the best deal for the coverage you need. Insurance scams are uncommon, but you can always review a company online to help you feel safe. There are a lot of great companies out there, so you can build a relationship you enjoy!”
View full answer
- Gregory R.
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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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