What is an Insurance Quote?

An insurance quote is an estimate of the cost, refereed to as the premium, an insurance company will charge in exchange for providing an insurance policy that protects specific items. An insurance quote is prepared from information obtained by the insurance agent during an appointment with the client and from the results of any property inspections.

Insurance agents follow state and insurance company rules in determining with which companies and what program the policy can be quoted. The agent also uses their professional training and on the job experience in determining the correct avenues to pursue. In many cases the agent utilizes computer software programs. These programs help estimate building costs, obtain driving records and simultaneously prepare rate plans of multiple companies for easy comparisons. After working on the quote for some time, the agent is able to narrow which company or companies provide the best coverage at the most reasonable premium. This information is then presented to the client for their review. How do I start doing business with Frankfort Insurance? Visit the Earn Your Business page.

What Information is Needed for a Quote?

Without accurate information it is very difficult to receive a precise quote and good advice on your insurance needs. Inaccurate information will not only waste time but may cause a clients insurance needs to appear different. This could possibly cost the client money in higher premiums or uncovered claims.

A large majority of the information needed for an insurance quote can be easily accessed from personal records or current or prior insurance policies. Listed below is the general information needed for our five most common policies. Providing this information does not replace discussing your insurance needs with an agent. As said before, having this information handy will increase the speed and accuracy of your insurance quote.

Automobile:

• Full names of the vehicle owners.
• Current mailing and street address.
• Contact phone numbers.
• Drivers licenses numbers for all drivers living at your home address.
• Names & dates of births of all individuals living at your address.
• Social security number of primary insured.
• Year, make, model and vehicle number, preferably on title or registration of each vehicle.
• Date & type of any accident or ticket in the last 5 year, listed for each household member.
• Name of health insurance.
• Marital status
• Family size
• Income above or below $10,000 annually.
• How each vehicle is used: Pleasure, business, or drive to work? Miles to work?
• Copy of current or prior insurance policy.
• Desired coverages and/or deductibles.
• Group discounts?

Home:

• Full names of the property owners.
• Current mailing and street address.
• Address & directions to the property to be insured
• Contact phone numbers.
• Social security number of the primary insureds.
• Date of birth of the primary insureds.
• Copy of current or prior insurance policy.
• Constructions type: Frame or Masonry?
• Number of stories?
• Basement, crawlspace or slab?
• Number of bathrooms?
• Type of heating?
• Fireplace or wood burning unit?
• Garage?
• Age of House?
• When the heating, wiring, plumbing, and roof were last updated?
• Approximate square footage of the home.
• Details on any insurance claims.
• If new, the purchase price and closing date.
• Appraisal amount if known.
• If currently insured, with what insurance company?
• Current or desired amount of coverage on:
  • House
  • Other buildings on property
  • Liability
  • High valued items.
• Desired deductible.
• Smokers or non-smokers?
• Group memberships?

Life:

• Names of the policy holders
• Current mailing and street address.
• Contact phone numbers.
• Dates of birth of you and spouse, if applicable.
• Beneficiary information.
• Use of any tobacco products in the last 5 years?
• Any medication regularly taken? Frequency & dosage amount?
• Height and weights.
• Any major illnesses or surgery and history of family illnesses?
• Amount of policy coverage?
• The reason coverage is desired?

Commercial:

• Name of business
• Name(s) of business owners
• Business address and mailing address
• Type of business
• Business type: Corporation, DBA etc.
• If currently insured, with what insurance company?
• Copy of current or prior insurance policy.
• Years in business and/or years in this industry.
• Details on any insurance claims.
• Additional details needed for property to be insured employees, etc.

Health:

• Names of the policy holders
• Current mailing and street address.
• Names of all individuals to be covered
• Contact phone numbers.
• Dates of birth of you and spouse, if applicable.
• Use of any tobacco products in the last 5 years?
• Any medication regularly taken? Frequency & dosage amount?
• Height and weights.
• Any major illnesses or surgery and history of family illnesses?