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Short question: Can you fire your insurance broker without changing policy providers? As in, could I move to doing business directly with the insurance provider and remove a broker as a 3rd party? Any idea how to initiate that process?
Background rant that doesn't add any detail that would affect the answer to the question:
For the first time since I started buying real estate, I have all my policies with one lender. Every time I'd have them quoted, one lender wouldn't carry this policy, another lender wouldn't carry that policy, one might take them all but the rates on my primary were double, etc etc.
So this spring I got a lender referral and decided to have him quote everything out. Rates were good, found a company that would take all of my policies for an overall savings (albeit small), but it was with Progressive who I'd had for car insurance in the past and in my experience, they quote you great rates and then dramatically increase at first renewal. Expressed this concern to the broker and he acted surprised, said he uses them all the time and thats not been his experience and if they were to do that, we'll just find someone else. So I agree.
Fast forward 6 months. My first auto renewal comes and it is DOUBLE the first policy term. I drive an 07. The car is worth maybe $5,000 and they want me to go from paying $220/6 mo to $445/6 mo. That is the equivalent of paying 1/5 of the value of my car in insurance every year. On top of that, my winnebago doesn't come through on the renewal at all, they had dropped it without even notifying me. So I reach out to the broker, ask what's up with the Winnie and what the savings to drop to liability only on the car would be. Says he'll look into it.
That was over a month ago. Followed up a couple times, nothing. On Nov. 1 I logged on to progressive and adjusted my policy myself and then emailed again to let him know I did so, but still needed to know what was going on with my RV. Still nothing. I know he hasn't dropped off the face of the earth because the person who connected us did so through FB and I can see he's been posting. Maybe I'm petty but I'm mostly annoyed at the thought of someone getting paid off my renewal when they can't even take the time to find out why my coverage was dropped.
Background rant that doesn't add any detail that would affect the answer to the question:
For the first time since I started buying real estate, I have all my policies with one lender. Every time I'd have them quoted, one lender wouldn't carry this policy, another lender wouldn't carry that policy, one might take them all but the rates on my primary were double, etc etc.
So this spring I got a lender referral and decided to have him quote everything out. Rates were good, found a company that would take all of my policies for an overall savings (albeit small), but it was with Progressive who I'd had for car insurance in the past and in my experience, they quote you great rates and then dramatically increase at first renewal. Expressed this concern to the broker and he acted surprised, said he uses them all the time and thats not been his experience and if they were to do that, we'll just find someone else. So I agree.
Fast forward 6 months. My first auto renewal comes and it is DOUBLE the first policy term. I drive an 07. The car is worth maybe $5,000 and they want me to go from paying $220/6 mo to $445/6 mo. That is the equivalent of paying 1/5 of the value of my car in insurance every year. On top of that, my winnebago doesn't come through on the renewal at all, they had dropped it without even notifying me. So I reach out to the broker, ask what's up with the Winnie and what the savings to drop to liability only on the car would be. Says he'll look into it.
That was over a month ago. Followed up a couple times, nothing. On Nov. 1 I logged on to progressive and adjusted my policy myself and then emailed again to let him know I did so, but still needed to know what was going on with my RV. Still nothing. I know he hasn't dropped off the face of the earth because the person who connected us did so through FB and I can see he's been posting. Maybe I'm petty but I'm mostly annoyed at the thought of someone getting paid off my renewal when they can't even take the time to find out why my coverage was dropped.
If there's ever any questions, calling the agent's office is a one-and-done affair.
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