New Business🎯

New Business

Household Information 🏠 

• Names of all household residents, DOB, and DL # for anyone who has a license

  • Purpose: We need to know everyone living in the home, especially those of driving age, to assess the risk properly. Young drivers or those with less experience may have higher premiums, while a household with multiple experienced drivers could qualify for discounts.

  • Training Script: "Understanding your household dynamic helps us calculate risk. For instance, a single driver household is usually a different risk profile than a household with a teenage driver."

Vehicle Details 🚙

• VINs of all cars or year, make, and model

  • Purpose: The specific details of a vehicle greatly influence its insurance cost. Vehicle safety ratings,likelihood of theft, and repair costs are all factored in based on the year, make, and model.

  • Training Script: "Different cars have vastly different insurance costs to repair or replace. Even variations within a model, like a base trim vs. a luxury trim, can impact your rate."

• Is the vehicle leased, financed, or owned? 📝 (If financed, the name of the company and address)

  • Purpose: If a vehicle is leased or financed, the leasing company or lender will have specific insurance coverage requirements. They may demand higher liability limits or full collision and comprehensive coverage to protect their investment.

  • Training Script: "Since your vehicle is financed, your lender likely has minimum requirements for your coverage. Getting their information ensures we meet those standards and protect your financial interests."

Coverage Preferences 👆

• Liability limits and any comp or collision deductibles

  • Purpose: Customer preference for coverage reveals their risk tolerance. High liability means more protection but a higher premium. Lower deductibles provide better coverage but cost more upfront.

  • Training Script: "We need to understand your desired coverage. If you want financial protection against accidents you cause, your liability limits matter. If you're worried about damage to your own vehicle, those deductibles set how much you pay out-of-pocket before the insurance kicks in."

• Personal Injury Protection (PIP) limit with deductible 😵‍💫 (primary or secondary? Do they have health insurance?)

  • Purpose: PIP varies by state, but it impacts coverage for medical expenses in an accident. Understanding a client's health insurance situation prevents coverage overlap.

  • Training Script: "PIP requirements change between states. Knowing if your health insurance is primary or secondary helps us avoid you paying for unnecessary double coverage.”

Driving History 🚦

• Number of accidents/violations in the last 3-5 years (description)

  • Purpose: A driver's history is the biggest indicator of future risk. The more incidents they've had, the higher their premiums will likely be. It's also important to understand the severity of incidents, as a major accident will carry more weight than minor ones.

  • Training Script: "Past driving behavior is a key predictor for the insurance company of how likely you are to file a claim. It’s important to get an accurate count of recent incidents and understand their nature."

Other Factors 🗝️

• Do you own or rent a home?

  • Purpose: Homeowners often qualify for bundling discounts when combining auto and home/renter's insurance. Homeownership can also sometimes be viewed as an indicator of financial stability.

  • Training Script: "Many companies offer significant savings if you get your home and auto policies through them, Plus, sometimes homeownership factors into overall risk assessment."

• Health Insurance 💊

  • Purpose: Ensures there are no gaps or overlap in health coverage, particularly related to PIP.

  • Training Script: "Health insurance interacts with auto insurance for injury claims, especially in states with PIP. We ensure there's no double coverage or gaps in coverage if an accident happens."

• Current Insurance 📑

  • Purpose: Provides a comparison point and smooths the transition if the client is switching.

  • Training Script: "Knowing your current insurance helps us identify where we can potentially beat their price or offer better coverage terms. It also streamlines switching if you decide to go with us."

• Vehicle Usage: Do you do any doordash, Uber, or Lyft services? 🚘

  • Purpose: Vehicles used for commercial activities require different coverage.

  • Training Script: "Insurance companies see commercial use vehicles differently. It's vital to know this upfront to avoid a policy that doesn't cover you properly."

• Garaging Location 🔧

  • Purpose: Where you live influences rates due to area-specific risk factors.

  • Training Script: "Where you park your car makes a difference. Certain areas have higher rates of accidents or theft, which the insurance company factors into your rates."

Policy Change Questions 🧾

• • Why it Matters: The effective date determines when the policy reflects the change, impacting coverage for claims.

  • Training Script: "To make sure your coverage is accurate, can you confirm the exact date this address change takes effect?"

• Confirm, are they changing the mailing address or are they changing the mailing and garaging address? 🔧

  • Why it Matters: Mailing addresses only affect correspondence, garaging addresses impact rates (risks vary by location).

  • Training Script: "I want to understand the change – is this for your mailing address only, or is the vehicle also parked at a new location?"

• Does this change need to be applied to other policies?📝

  • Why it Matters: Consistency across policies prevents confusion and ensures the right coverage is in place.

  • Training Script: "Do you have other policies with us, like renter's insurance, that may need this address updated as well?"

• If it is a mailing address change only please clarify why as the carrier will ask. 📬

  • Why it Matters: Carriers are trying to assess risk, unusual changes may need explanation to avoid suspicion.

  • Training Script: "Just so I can explain this to the insurance company, what's the reason behind changing your mailing address?"

• If it is only a garaging address change, most carriers are not comfortable with this. ⚙️

  • Why it Matters: Garaging address significantly impacts risk assessment and premiums. Carriers don't like "mismatched" locations.

  • Training Script: "Insurance rates are heavily based on where a car is parked. Let me check with your carrier what options we have if you've moved the vehicle but not your residence."

• Need all household 🏚️ member names, dates of birth, and driver license info 

  • Why it Matters: Household composition changes risk assessment. The carrier wants to know who else lives at the new address.

  • Training Script: "For the most accurate coverage, I’ll need updated info on everyone residing at the new address, including their names, dates of birth, and driver's license numbers if applicable."

• If changing the mailing 📬 and garaging address ⚙️ confirm all household members and if they own or rent at this location. Let them know the rate may change since it is based on territory.

  • Why it Matters: Premiums are territory-based. Ownership vs. renting impacts the type of policy needed.

  • Training Script: "Since your car is parked in a new area, your rate may change. Also, do you own or rent the home at this new address?"

• Make sure the address 📌 is entered into the details page.

  • Why it Matters: Keeps systems up-to-date for accurate policy documents and billing.

Add Driver 👨🏻‍💼

• Confirm the effective date

  • Why it Matters: Determines when the policy covers the new driver.

  • Training Script: "When does this driver need to be added to the policy?"

• Get the full name, date of birth, and driver license number📋

  • Why it Matters: This is basic information for the carrier to identify the driver and assess their risk profile.

• If a young driver 🎮 (under 22) in school or college are they a good student (Need a report card showing 3.0 GPA or more for most carriers to qualify)

  • Why it Matters: Good student discounts reward safe driving and can significantly lower premiums.

  • Training Script: "If you're a student under 22, I want to let you know about a potential discount! Do you have a 3.0 GPA or higher that we could get proof of?"

• If a young driver is in college 🏛️ and not taking the vehicle to school and more than 100 miles see if we can apply the away from home discount

  • Why it Matters: Reduced usage in a less populated area means lower risk and potential discounts.

  • Training Script: "Since you won't have the car at school, let's see if you qualify for an 'away from home' discount, especially if your school is over 100 miles away."

• Ask occupation or education for driver 🚧

  • Why it Matters: Certain professions/education levels may be associated with lower risk and discounts.

• Confirm they live in the household  🏚️  and are parking the vehicle at policy garaging address

  • Why it Matters: Coverage is based on where the car is kept most of the time, and who's using it.

• Can we add any discounts? 🤑

  • Why it Matters: Helps the client save money and improves customer satisfaction.

  • Training Script: "Let's make sure we're getting you all the discounts you qualify for!"