00:00:00Testing Policygenius vs. Local Agents
00:01:01The Policygenius Experience
00:02:19Results & Takeaways
درباره این اپیزود
When your home and auto insurance rates jump at renewal, can a platform like Policygenius actually beat the price of a local independent or captive agent?
In this episode of CleverDime, we break down the results of a head-to-head field test using identical coverage limits across Policygenius, local independent brokers, and captive carriers like State Farm and Farmers. We dig into the realities of the shopping process, from the hidden time commitment of "finishing up with an agent" to the truth behind filed insurance rates and why online aggregators don't possess a magic discount wand.
Key takeaways covered:
• Why Policygenius required an hour on the phone versus 10-minute calls with local agents
• How regional carrier availability and multi-state licensing impact your choices.
• The reason why standard carrier premiums (like Progressive) do not get discounted online
• Why captive agencies (State Farm, Farmers) still matter in rate discovery
• How to leverage your current Policy Declarations page to avoid coverage gaps when shopping
Next week, we test Insurify against local agent quotes to measure pricing and time efficiency.
Enjoying the podcast? Please consider leaving a 5-star rating and review on Apple Podcasts or Spotify, and share this episode with someone who is currently shopping for insurance!
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📺 PREFER THE VISUALS? Catch the video: https://youtu.be/5Ievu6PO6O0
🗂️ THE "EX-AGENT" PLAYLIST Want more insider tips that insurance companies rarely mention? Check out the playlist: https://www.youtube.com/playlist?list=PLttWXnucVzERBi0lXWYLsr8pQWM6JoeG5
✉️ SEND ME YOUR QUESTIONS & FEEDBACK If you have questions, personal finance topics, or insurance questions or headaches you'd like me to tackle next, shoot me an email at info@cleverdime.com
I'm building a list of Frequently Asked Questions and Tips your insurance company may not think to tell you at https://www.cleverdime.com/faq
WHO AM I? Hi! I'm Pete. Ex-Insurance agent turned consumer finance advocate. I hold a finance degree and spent years in the insurance industry before realizing I could help way more people from the outside. At CleverDime, I create practical, unbiased content focused on consumer advocacy, personal finance literacy, and wealth management. My goal is simple: help you plug leaks in your spending, keep more of your hard-earned money, help prevent you from being taken advantage of, and grow your wealth. Legal Disclaimer: I am a licensed insurance professional, but CleverDime is strictly an independent media brand. I no longer sell insurance policies or work for any insurance companies. Content on this podcast is for educational, informational, and entertainment purposes only and does not constitute personalized insurance, legal, or financial advice. Please conduct your own research or consult with a licensed professional before making any major financial decisions.
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WEBVTT
00:00:00.050 --> 00:00:01.688
Welcome back to Clever Dime.
00:00:02.158 --> 00:00:06.833
After my home and auto insurance
rates went up at renewal, I did a deep
00:00:06.834 --> 00:00:11.263
dive testing seven online options to
see if they could give me a better
00:00:11.263 --> 00:00:13.500
rate than calling a local agent.
00:00:13.688 --> 00:00:16.889
Can Policygenius give you a
better rate than you would find by
00:00:16.917 --> 00:00:18.967
calling a local independent agent?
00:00:19.355 --> 00:00:20.862
Short answer, no.
00:00:21.179 --> 00:00:25.322
I tested Policygenius and a
local independent agent with many
00:00:25.323 --> 00:00:29.412
different carriers like Progressive,
Geico, Travelers, and more.
00:00:29.567 --> 00:00:33.537
And I called a local Farmers and
State Farm agent because they're
00:00:33.537 --> 00:00:38.651
not available through platforms like
Policygenius or comparison sites.
00:00:39.003 --> 00:00:44.008
And for many people one of those captive
agencies might have the lowest price.
00:00:44.074 --> 00:00:47.888
Here's the results of the study
using my own auto and home policies.
00:00:48.344 --> 00:00:51.547
Coverages were the same
across all platforms used.
00:00:51.829 --> 00:00:54.311
Your numbers and coverage
will be different, but the
00:00:54.311 --> 00:00:55.673
end result will be the same.
00:00:56.038 --> 00:00:58.741
They're not revealing a
hidden discount or rate,
00:00:58.955 --> 00:01:01.031
and in my experience, it wasn't faster.
00:01:01.529 --> 00:01:05.237
Once you fill out that form, you
get the notification that you
00:01:05.238 --> 00:01:07.242
need to finish up with an agent.
00:01:07.607 --> 00:01:10.679
There's not an option to purchase online.
00:01:11.089 --> 00:01:13.259
For me, that conversation
was about an hour.
00:01:13.688 --> 00:01:16.483
For somebody who was only
looking for an auto insurance
00:01:16.496 --> 00:01:18.528
policy, it'd be a lot less time.
00:01:18.779 --> 00:01:21.978
With the local agents, it was
about a 10-minute call to each.
00:01:22.150 --> 00:01:25.004
Just told them to email me the
quotes when they were ready.
00:01:25.185 --> 00:01:29.866
So between three agents, it took
me less than 30 minutes as opposed
00:01:29.876 --> 00:01:31.750
to an hour with Policygenius.
00:01:32.136 --> 00:01:36.494
With Policygenius, they selected
what they thought would be the lowest
00:01:36.506 --> 00:01:39.169
price on the home insurance policy.
00:01:39.226 --> 00:01:43.933
The agent and I got all the way to
the end, and it rejected because
00:01:43.945 --> 00:01:47.894
the carrier either wasn't writing
business in my area, or they'd
00:01:47.895 --> 00:01:51.008
only do it if I had a newer roof.
00:01:51.318 --> 00:01:56.838
I actually had to suggest that we use
SageSure because when I was an agent,
00:01:56.844 --> 00:02:01.271
they were sort-of my go-to whenever I
had a hard time finding coverage for
00:02:01.272 --> 00:02:03.385
somebody for their home insurance.
00:02:03.529 --> 00:02:08.358
The agent mentioned that at one point
she was licensed in all 50 states.
00:02:08.527 --> 00:02:13.465
They might not be an expert in yours
if they're licensed in so many states.
00:02:13.653 --> 00:02:17.063
And they also might not have
the regional carriers that a
00:02:17.064 --> 00:02:18.966
local independent agent does.
00:02:19.157 --> 00:02:24.680
The quote that I got for the auto policy
was higher than the local agent's best
00:02:24.682 --> 00:02:29.251
quote, and the quote that I got for
the home policy was more expensive
00:02:29.260 --> 00:02:33.404
than my best quotes that I received
from the local independent agents,
00:02:33.595 --> 00:02:35.393
and from the local captive agents.
00:02:35.394 --> 00:02:40.371
Insurance rates are regulated and
filed with state insurance departments.
00:02:40.420 --> 00:02:45.518
So a Progressive policy, for example,
would not be less expensive just because
00:02:45.527 --> 00:02:50.230
you bought it through a comparison
site instead of an independent agent.
00:02:50.451 --> 00:02:52.838
No platform has a magic discount wand.
00:02:52.923 --> 00:02:56.533
So it wasn't a time savings and
it wasn't a money savings either.
00:02:56.628 --> 00:03:01.000
No matter how you shop, it's a great
idea to have your policy declarations
00:03:01.000 --> 00:03:06.385
with you just to make sure you don't
end up excited about a policy that is
00:03:06.386 --> 00:03:11.487
less expensive but doesn't have the
coverages that your current policy has.
00:03:11.677 --> 00:03:15.726
Next week I'll be back with the results
of my Insurify study, how their rates
00:03:15.734 --> 00:03:19.815
stacked up versus the local agents,
and how much of my time it took up.
00:03:20.366 --> 00:03:21.901
Thank you so much for listening.
00:03:22.218 --> 00:03:26.060
If you found this helpful, please
consider sharing with a friend and
00:03:26.060 --> 00:03:28.745
giving a five-star review or subscribing.
00:03:29.114 --> 00:03:30.853
And what do you want me to test next?
00:03:31.301 --> 00:03:32.570
I'll see you next week.
00:00:00.050 --> 00:00:01.688
Welcome back to Clever Dime.
00:00:02.158 --> 00:00:06.833
After my home and auto insurance
rates went up at renewal, I did a deep
00:00:06.834 --> 00:00:11.263
dive testing seven online options to
see if they could give me a better
00:00:11.263 --> 00:00:13.500
rate than calling a local agent.
00:00:13.688 --> 00:00:16.889
Can Policygenius give you a
better rate than you would find by
00:00:16.917 --> 00:00:18.967
calling a local independent agent?
00:00:19.355 --> 00:00:20.862
Short answer, no.
00:00:21.179 --> 00:00:25.322
I tested Policygenius and a
local independent agent with many
00:00:25.323 --> 00:00:29.412
different carriers like Progressive,
Geico, Travelers, and more.
00:00:29.567 --> 00:00:33.537
And I called a local Farmers and
State Farm agent because they're
00:00:33.537 --> 00:00:38.651
not available through platforms like
Policygenius or comparison sites.
00:00:39.003 --> 00:00:44.008
And for many people one of those captive
agencies might have the lowest price.
00:00:44.074 --> 00:00:47.888
Here's the results of the study
using my own auto and home policies.
00:00:48.344 --> 00:00:51.547
Coverages were the same
across all platforms used.
00:00:51.829 --> 00:00:54.311
Your numbers and coverage
will be different, but the
00:00:54.311 --> 00:00:55.673
end result will be the same.
00:00:56.038 --> 00:00:58.741
They're not revealing a
hidden discount or rate,
00:00:58.955 --> 00:01:01.031
and in my experience, it wasn't faster.
00:01:01.529 --> 00:01:05.237
Once you fill out that form, you
get the notification that you
00:01:05.238 --> 00:01:07.242
need to finish up with an agent.
00:01:07.607 --> 00:01:10.679
There's not an option to purchase online.
00:01:11.089 --> 00:01:13.259
For me, that conversation
was about an hour.
00:01:13.688 --> 00:01:16.483
For somebody who was only
looking for an auto insurance
00:01:16.496 --> 00:01:18.528
policy, it'd be a lot less time.
00:01:18.779 --> 00:01:21.978
With the local agents, it was
about a 10-minute call to each.
00:01:22.150 --> 00:01:25.004
Just told them to email me the
quotes when they were ready.
00:01:25.185 --> 00:01:29.866
So between three agents, it took
me less than 30 minutes as opposed
00:01:29.876 --> 00:01:31.750
to an hour with Policygenius.
00:01:32.136 --> 00:01:36.494
With Policygenius, they selected
what they thought would be the lowest
00:01:36.506 --> 00:01:39.169
price on the home insurance policy.
00:01:39.226 --> 00:01:43.933
The agent and I got all the way to
the end, and it rejected because
00:01:43.945 --> 00:01:47.894
the carrier either wasn't writing
business in my area, or they'd
00:01:47.895 --> 00:01:51.008
only do it if I had a newer roof.
00:01:51.318 --> 00:01:56.838
I actually had to suggest that we use
SageSure because when I was an agent,
00:01:56.844 --> 00:02:01.271
they were sort-of my go-to whenever I
had a hard time finding coverage for
00:02:01.272 --> 00:02:03.385
somebody for their home insurance.
00:02:03.529 --> 00:02:08.358
The agent mentioned that at one point
she was licensed in all 50 states.
00:02:08.527 --> 00:02:13.465
They might not be an expert in yours
if they're licensed in so many states.
00:02:13.653 --> 00:02:17.063
And they also might not have
the regional carriers that a
00:02:17.064 --> 00:02:18.966
local independent agent does.
00:02:19.157 --> 00:02:24.680
The quote that I got for the auto policy
was higher than the local agent's best
00:02:24.682 --> 00:02:29.251
quote, and the quote that I got for
the home policy was more expensive
00:02:29.260 --> 00:02:33.404
than my best quotes that I received
from the local independent agents,
00:02:33.595 --> 00:02:35.393
and from the local captive agents.
00:02:35.394 --> 00:02:40.371
Insurance rates are regulated and
filed with state insurance departments.
00:02:40.420 --> 00:02:45.518
So a Progressive policy, for example,
would not be less expensive just because
00:02:45.527 --> 00:02:50.230
you bought it through a comparison
site instead of an independent agent.
00:02:50.451 --> 00:02:52.838
No platform has a magic discount wand.
00:02:52.923 --> 00:02:56.533
So it wasn't a time savings and
it wasn't a money savings either.
00:02:56.628 --> 00:03:01.000
No matter how you shop, it's a great
idea to have your policy declarations
00:03:01.000 --> 00:03:06.385
with you just to make sure you don't
end up excited about a policy that is
00:03:06.386 --> 00:03:11.487
less expensive but doesn't have the
coverages that your current policy has.
00:03:11.677 --> 00:03:15.726
Next week I'll be back with the results
of my Insurify study, how their rates
00:03:15.734 --> 00:03:19.815
stacked up versus the local agents,
and how much of my time it took up.
00:03:20.366 --> 00:03:21.901
Thank you so much for listening.
00:03:22.218 --> 00:03:26.060
If you found this helpful, please
consider sharing with a friend and
00:03:26.060 --> 00:03:28.745
giving a five-star review or subscribing.
00:03:29.114 --> 00:03:30.853
And what do you want me to test next?
00:03:31.301 --> 00:03:32.570
I'll see you next week.
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اپیزودهای قبلی CleverDime - Consumer Finance Advocate را جستجو کن.
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