The field of auto insurance is an increasingly popular choice. Especially for people who enjoy sales and have a interest in legal affairs, this can be a fulfilling job. An auto insurance broker license will also allow you to work in other property insurance fields, like homeowner’s, renter’s, and fire insurance. It won’t cover health insurance, however.
Become Auto Insurance Broker: The Steps
1. Pre licensing requirements. Depending on the state you live in (or wish to become licensed in), requirements will vary slightly. A four year Bachelor’s degree is admirable, but not required. Becoming an agent usually requires minimal coursework, just sufficient enough to prepare for the licensing test. To become a broker, however, usually a full year of college level insurance courses or a number of years experience (3 to 5) in the field at an administrative level, is required. Check the details with your state.
2. Apply for approval to take the state exam. Disqualifications like a felony on your record will cause your application to be rejected.
3. Study, then take the state exam. Receiving your license will allow you to discuss insurance policies and other matters with clients.
4. Keep your license! This requires continuing education dictated by the state; an auto insurance broker in Georgia will need 15 credits per year. In New York, he will need 15 credits every two years.
5. Renew your license annually.
Auto insurance brokers usually have an added level of education that earns them the Chartered Property Casualty Underwriter (CPCU) designation. This is much sought after among insurance agencies, as this designation comes with a reputation for experience, professionalism, and ethical standards. Employing brokers with CPCU adds a level of distinction to the firm, as well.
Commercial auto insurance brokers can write policies for commercial fleets of vehicles of vehicles, as well. This might mean dealing with car dealerships, military fleets, airport vehicles, and more. Commercial policies differ slightly from private customer policies, and you may find the specialty more or less interesting.
With licensure as a broker, you have a choice. You can either be employed by an insurance firm, or become an independent auto insurance broker. You can open a firm yourself, hire agents to work under you, and have your own full fledged business. Such a decision has potential for more income, but is also a greater risk. Working for a firm is less risk and brings in commission, as well.
Become Auto Insurance Broker: The Steps
1. Pre licensing requirements. Depending on the state you live in (or wish to become licensed in), requirements will vary slightly. A four year Bachelor’s degree is admirable, but not required. Becoming an agent usually requires minimal coursework, just sufficient enough to prepare for the licensing test. To become a broker, however, usually a full year of college level insurance courses or a number of years experience (3 to 5) in the field at an administrative level, is required. Check the details with your state.
2. Apply for approval to take the state exam. Disqualifications like a felony on your record will cause your application to be rejected.
3. Study, then take the state exam. Receiving your license will allow you to discuss insurance policies and other matters with clients.
4. Keep your license! This requires continuing education dictated by the state; an auto insurance broker in Georgia will need 15 credits per year. In New York, he will need 15 credits every two years.
5. Renew your license annually.
Auto insurance brokers usually have an added level of education that earns them the Chartered Property Casualty Underwriter (CPCU) designation. This is much sought after among insurance agencies, as this designation comes with a reputation for experience, professionalism, and ethical standards. Employing brokers with CPCU adds a level of distinction to the firm, as well.
Commercial auto insurance brokers can write policies for commercial fleets of vehicles of vehicles, as well. This might mean dealing with car dealerships, military fleets, airport vehicles, and more. Commercial policies differ slightly from private customer policies, and you may find the specialty more or less interesting.
With licensure as a broker, you have a choice. You can either be employed by an insurance firm, or become an independent auto insurance broker. You can open a firm yourself, hire agents to work under you, and have your own full fledged business. Such a decision has potential for more income, but is also a greater risk. Working for a firm is less risk and brings in commission, as well.
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