Mike Orton
02-11-2009, 03:16 PM
Just got back from some monthly bidniz at my branch bank, and the manager asked, so how's the down economy affecting your business? I said truthfully, business has been good, maybe up ten percent, lot of customer pay jobs with cash and normal flow of customers with insurance claims.
She mentioned that she had just had a conversation with a local insurance agent (3rd or 4th largest insurer in the state)that does business at the same branch. He stated that a large number of his policyholders were selling their newer cars and buying older models and only putting liability on them. And others were getting the highest deductibles possible or dropping comp and collision. "AAAP" Another accurate advocate prediction.
Got to wonder if loss of premium payments might affect a few agents income as well.
She mentioned that she had just had a conversation with a local insurance agent (3rd or 4th largest insurer in the state)that does business at the same branch. He stated that a large number of his policyholders were selling their newer cars and buying older models and only putting liability on them. And others were getting the highest deductibles possible or dropping comp and collision. "AAAP" Another accurate advocate prediction.
Got to wonder if loss of premium payments might affect a few agents income as well.