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Started By
Message
How much do insurance agents make?
Posted on 7/15/15 at 3:04 pm
Posted on 7/15/15 at 3:04 pm
At your typical State Farm or Geico office, how much does the normal guy make there? Is it salary? Salary plus commission?
I started wondering this today after talking with my agent. With all the money I pay a month, he's got to be doing ok when you add in to account all of his customers. I guess the hardest part is starting up and building that base but I'd get sick of calling family members and friends to sign up.
I started wondering this today after talking with my agent. With all the money I pay a month, he's got to be doing ok when you add in to account all of his customers. I guess the hardest part is starting up and building that base but I'd get sick of calling family members and friends to sign up.
20
Posted on 7/15/15 at 3:08 pm to King of New Orleans
quote:
Salary plus commission
Yes..But it also depends
quote:
State Farm or Geico office
Huge difference
quote:
With all the money I pay a month
We don't keep all of it killer..
quote:
starting up and building that base
Industry average is 3yrs before your heads above water.
quote:
I'd get sick of calling family members and friends to sign up.
Why.. They should be willing to help as opposed to begging them for biz
Wow...So I answered this guys questions and didn't give him a smartass comment and I get downvoted why???
I guess that confirms my suspicion that 80%+ of this board is purely fricking stupid
This post was edited on 7/16/15 at 10:26 am
Posted on 7/15/15 at 3:08 pm to King of New Orleans
less than plant operators
Posted on 7/15/15 at 3:09 pm to DirtyMikeandtheBoys
What kind of base salary we talking?
Posted on 7/15/15 at 3:09 pm to DirtyMikeandtheBoys
Agh yes plant operators making that 100k plus a year and working 70 hrs a week.
Posted on 7/15/15 at 3:13 pm to King of New Orleans
They ain't making shite unless he's selling life insurance to you.
Posted on 7/15/15 at 3:13 pm to King of New Orleans
My dad has worked for Shelter Insurance for 26 years. Lots of farmers where he works get him to write up alllll their equipment, buildings, etc. Not to mention life policies, auto, and all the rest. I know he made over 300k in 2007. Not just that though, he has a woman at the front desk who basically runs the office for him. That has freed him up to get out and do what he loves most... buy and develop and sell rural land. Makes a killing doing that too. He's doing well for himself to say the least. I've been thinking lately of getting licensed to sell the shite myself...
Posted on 7/15/15 at 3:14 pm to King of New Orleans
quote:
I started wondering this today after talking with my agent. With all the money I pay a month,
and how much you pay a month?
Posted on 7/15/15 at 3:14 pm to King of New Orleans
They make about 10-12% of their book. So an agent that has a book worth 5 million in premium is making about 500-520K.
A good independent insurance agent who treats his customers well can make a killing.
A good independent insurance agent who treats his customers well can make a killing.
Posted on 7/15/15 at 3:15 pm to King of New Orleans
quote:
How much do insurance agents make? by King of New Orleans
It varies. They do not all make the same.
True story.
Posted on 7/15/15 at 3:17 pm to King of New Orleans
I worked briefly for a state farm agent in college and he had a pretty good book of business. He had a small base salary but at the end of the year he would get bonuses of $200K plus based off of his scorecard.
Posted on 7/15/15 at 3:17 pm to DukeSilver
quote:
So an agent that has a book worth 5 million in premium is making about 500-520K
Minus what he's paying his support staff. Plus an Agency with that much premium is also getting bonuses based on contingencies.
Posted on 7/15/15 at 3:19 pm to Phil A Sheo
quote:Yes.
Minus what he's paying his support staff. Plus an Agency with that much premium is also getting bonuses based on contingencies.
So an agent can pay 2 girls 50K each and barely go into the office and still make 400K.
Posted on 7/15/15 at 3:20 pm to King of New Orleans
Id feel too much like a snake oil salesman for this type of work
Posted on 7/15/15 at 3:21 pm to DukeSilver
quote:
So an agent that has a book worth 5 million in premium is making about 500-520K.
not quite at all chief.
Posted on 7/15/15 at 3:21 pm to DirtyMikeandtheBoys
quote:
less than plant operators
I put my FIL's yearly income up against just about any operator's. And that's before you consider the fact that he can be out of the office pretty much whenever he wants. His dad, also an agent, I've seen give $50k to one of his grand kids without even thinking twice about it.
They all say the industry is getting away from that model though.
ETA: And I'm well aware you were joking
This post was edited on 7/15/15 at 3:23 pm
Posted on 7/15/15 at 3:21 pm to DukeSilver
quote:
So an agent can pay 2 girls 50K each and barely go into the office and still make 400K
Probably would have 1 or 2 more on staff.. but they all wont make that much.. 2 CSR's would might make that
Office manager and Secretary would't make as much.. But yeah.. Something like that
This post was edited on 7/15/15 at 3:23 pm
Posted on 7/15/15 at 3:22 pm to Chad504boy
quote:Uh, except thats exactly correct.
not quite at all chief.
Posted on 7/15/15 at 3:22 pm to Mullet Flap
People don't need snake oil.
Posted on 7/15/15 at 3:22 pm to Phil A Sheo
all assuming agent is an agency principal... contracts don't fall off trees with legitimate companies. 5 million worth of premiums don't fall off trees either.
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