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Edith Said:

How do you go about staring an insurance company in Illinois.?

We Answered:

Yes, it costs millions to start a new insurance company. First off you have to have a certain dollar amount in reserves to pay future claims. This dollar amount will depend upon the type of insurance you are selling and how many policies you expect to have but is up in the millions. The reserve will be a combination of actual cash and re-insurance (which is insurance you buy to cover you in the event you don't have enough reserves).

You also have to have people working for you. You'll have agents, customer service people, actuary people, and a bunch more. You have the payroll and operating expenses for all of these people.

Many insurance companies are started by other companies which are in a similar field or by groups of investors.

Whether it is a success or not depends upon too many factors to go into here.

An insurance agency is maybe one or a few agents that sell the insurance for the insurance companies. Although it is much easier to start an agency, only about 5% of the agents make it through the first year.

Rose Said:

In the state of Illinois, how long does the other drivers insurance company have before contacting you?

We Answered:

the accident has been reported to authorities, however you may have a specific time to notify dmv, which is different from the police, you may want to check on that and cover your butt. I would contact your insurance company, get a number to the other insurance company and get the ball rolling if this is a situation where you are waiting to get your car fixed if that's what is happening. And what are you going to complain about? no laws have been violated, I understand your upset, in this case squeaky wheel gets the grease, if that insurance company is who you need to talk to to get your car fixed, or a rental car, then go proactive on their lazy butt, they are just sitting around, waiting for information to come through.
Here are a few tips that may help. If you and your car are the injured party, try to get several estimates to fix your car, You never know, you may not like the other insurance companies adjuster, and if he lo balls the estimate, you may never know until its too late, so once again cover your butt. Insurance companies often times have 1 2 or 3 shops they trust, and will automatically approve a repair estimate from that shop call the local agent for the other parties insurance co, and ask which shops they like to use, write them down and get the car in for an estimate if possible, If you do not like the adjustor's estimate, and the shops is Higher, show them the higher one and ask them to explain this. Insurance companies try to mail a check to the body shop, because they get a 10 percent discount. I always ask that the check be mailed directly to me, and then go myself, and try to get them to knock off MY DEDUCTIBLE,, WHICH A GOOD SHOP WILL DO. HOPEFULLY NO ONE WAS HURT AND THE CAR WAS NOT TOTALED.

Wesley Said:

can there be two different auto insurances on the same car?

We Answered:

I work insurance claims and have seen instances when a car is dual insured, if there is a claim then it MUST be reported to both insurance companies and both companies will split the cost of the claim and if you're at fault,then the rates will go up on both policies.

Why aren't your parents working with you on this? Why don't you guys go to an insurance broker who can find the most affordable insurance for your family needs? Your family may need to switch from Allstate to something else. You could help with the rates. If you drive your parents car you would be simpley added to the policy, you would not be charged a separate premium but the premium of the household would go up because of an additional driver, especially because your a new driver. So , for example , if your parents insurance was $90 a month, but you are added and it is now $120 a month, just pay your parents $30 to make up for the difference. That would be the most affordable way to go.

Megan Said:

Received a ticket for not having insurance?

We Answered:

You can compare how the insurance quotes would change, for example here - autoinsurance.maclenet.com

Vivian Said:

Starting an insurance company in illinois?

We Answered:

Yes, starting an insurance company requires a significant amount of capital. Insurance companies are highly regulated including their capital requirements. Simply, a person most like would be precluded from starting a company on thier own.

However, an insurance agency could be started by a person. An agency sells the insurance a company provides. You can make some money selling insurance, but you need a license, company appointments and ambition.

Good luck.

Tiffany Said:

How do I get appointed to sell insurance products for John Hancock and Metlife?

We Answered:

You can go through an agency or a brokerage. It sounds like you wish to remain independent (good for you), so I'd recommend any one of the hundreds of marketing organizations your probably already receiving mail from. The main one my firm uses is Professional Planners Marketing Group.