Best time for insurance quotes?
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Scooby Regular
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From: Dull White BMW
I'm sure I've read somewhere that the best insurance quotes are available at the end of a month so the company can meet any sales quota. Is this true or another urban myth?
Steve
Steve
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I know this is the case for car sales, but surely not insurance quotes!? - do they get to play with their low commission that much?
Saying that A plan make very high commission - they do on my car -so maybe there is some room for manoeuvre
Saying that A plan make very high commission - they do on my car -so maybe there is some room for manoeuvre
Scooby Regular
Joined: Aug 1999
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Not from the Ins co no.
The brokers are often on "special commission" schemes where if they write over a set amount of business then they will get a % or set amount back. Often applies to claims as well (ever wondered why some brokers dont seem to want to help you make a necessary claim!?). Anyway there is a really remote chance that you could ask a broker who needed to sell a little extra to make a significant increase (or even make) his special commission deal kick in.
Would doubt most brokers would be that on the ball though to be honest.
robski
The brokers are often on "special commission" schemes where if they write over a set amount of business then they will get a % or set amount back. Often applies to claims as well (ever wondered why some brokers dont seem to want to help you make a necessary claim!?). Anyway there is a really remote chance that you could ask a broker who needed to sell a little extra to make a significant increase (or even make) his special commission deal kick in.
Would doubt most brokers would be that on the ball though to be honest.
robski
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Joined: Mar 2000
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From: Leeds
The month end "myth" shouldn't make any difference to the cost of premiums etc... nowadays, our rates are updated almost weekly (or even daily) and as such there is not such a jump in premiums.
I'm sure that brokers and insurers do have sales targets for each month - however I don't think you'll find many brokers discounting commission as a result of it.
With regard to commission we get from 7.5% - 13.5% depending on the type of policy. In most cases this is non negotiable...i.e. the annual premium is set on the screen and we/the client have to pay that amount - the commission is then paid to us by the insurer. If the policy cancels mid term - then they claw back the unused portion of the commission from us.
The commission figure is paid to cover the full cost of servicing a policy for the full period of insurance i.e. mid-term changes such as change of address, additional drivers etc, claims etc etc...
We obviously feel that the service we provide as a company more than justifies the commission figures involved
Rum
I'm sure that brokers and insurers do have sales targets for each month - however I don't think you'll find many brokers discounting commission as a result of it.
With regard to commission we get from 7.5% - 13.5% depending on the type of policy. In most cases this is non negotiable...i.e. the annual premium is set on the screen and we/the client have to pay that amount - the commission is then paid to us by the insurer. If the policy cancels mid term - then they claw back the unused portion of the commission from us.
The commission figure is paid to cover the full cost of servicing a policy for the full period of insurance i.e. mid-term changes such as change of address, additional drivers etc, claims etc etc...
We obviously feel that the service we provide as a company more than justifies the commission figures involved
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