Insurance Quote Templates
Insurance is a vital part of modern life. By paying for an insurance policy, you are taking steps to manage your risks. For example, driving a car means risking an accident. Likewise, owning a home can involve damage to your residence or even get sued by someone injured on your property. When you pay for insurance, you give the company a little money at a time for the assurance they will help you cover significant expenses if they happen. The insurance company gets paid even if you never file a claim, and you know that if you have to file, they will (usually) cover your much larger expenses.
There are many types of insurance, so shopping around for a good deal is essential. Getting insurance quotes from multiple companies is a great way to save money. Some types of insurance are legally mandatory, such as driver’s insurance, and others are optional, like life insurance. Meanwhile, renters insurance and homeowners insurance can be required by landlords or loan companies even when they are not required by law.
What Is an Insurance Quote?
An insurance quote is based on the policy you are looking for and the information you provide. Your quote is highly personal and only applies to you and the info you give. They are subject to change if other relevant information is uncovered or your information changes, such as a lower credit score. However, an insurance quote is quite simply an estimate of the premium or monthly rate you’ll pay for your insurance.
What Is an Insurance Quote Template?
An insurance quote template is a form used by insurance companies to compile the information you need about your quote in a logical, easy-to-read format. Although different companies use slightly different templates, every company needs to provide potential customers with information on their rates and coverage. By organizing the quote on a pre-formatted template, a company can quickly re-use the form to offer individualized insurance quotes by inputting the specific information for that person or group without the need to generate each one entirely from scratch. These templates save time and labor hours and help streamline the process to provide information to hundreds or thousands of curious insurance seekers daily.
Types of Insurance Quote Templates
There are many types of insurance. Some types of insurance are specific to industries like small business insurance or niche policies for particular situations such as travel or rental car insurance. Typically, insurance companies offer multiple options such as liability, personal property, other people’s property, and so forth. Below is a quick list of the most common types of insurance people need.
Auto insurance is required in most places if you own and drive a car. Quotes for auto insurance include six basic types of auto coverage which include the following:
- Auto Liability Coverage- Liability pays for anything you cause, such as property damage and court fees if you are at fault.
- Collision Coverage- This works with comprehensive coverage and generally pays for repairs or replacement of your car.
- Comprehensive Coverage- Your comprehensive coverage takes care of theft and most forms of damage from natural events such as storms, falling trees, and animals.
- Uninsured and Underinsured Motorist Coverage (UM)- If you are in an accident and the person who caused it doesn’t have enough insurance to cover the damages, this type of insurance will offer you and your passengers enough for medical bills, lost wages, and similar expenses.
- Medical Payments Coverage (MedPay)- A MedPay quote will show you the cost of insuring yourself and passengers for minor physical damages. Usually, this covers around $1000 to $5000.
- Personal Injury Protection (PIP)- This coverage is just for injury-related damages to you and your passengers. It often includes more extensive or ongoing issues like rehabilitation, lost wages, etc.
Pro Tip: Each state has different requirements for drivers. Always check the minimum insurance rates in your area before searching for coverage.
Disability insurance covers your needs if you are permanently unable to work. While there are varying types of coverage, and it can be purchased as an individual or intended to cover a whole group of people, this can be a lifesaver if you are injured and cannot recover quickly, if at all.
Pro Tip: You cannot use disability insurance to file a claim for a pre-existing condition, but having a disabling condition does not preclude you from getting disability insurance to cover potential future issues.
Home insurance is voluntary, but any homeowner can tell you it’s a smart idea because homes will eventually need repairs. Here are some of the types of coverage quotes you may need:
- Dwelling- Dwelling insurance pays for repairs to your home.
- Personal Property- The building itself isn’t the only thing that might be destroyed if something goes wrong. A personal property policy is much like a renters insurance policy because it covers your stuff.
- Other Structures- Not all structures are a part of the main home. If you have a separate garage, workshops, or even sheds, this insurance will cover them if they are broken into or damaged.
- Liability- Home liability insurance pays for damages when you are at fault or if someone sues you because they got hurt on your property. It may also cover attorney fees.
- Additional Living Expenses- If your home is damaged and you have to leave during repairs, this insurance covers lodging and meals.
Pro Tip: There is also insurance for empty property such as a lot where you plan to build a home or hunting and camping land.
Health insurance is a complex system wherein each company covers only the agreed-upon medical needs. You may have copays for doctor and hospital visits, and there’s a deductible that you must pay out of pocket before the insurance company covers the rest of the bill.
Pro Tip: Employers often offer insurance, but that doesn’t mean it is the best deal. Shop around to see who offers the best coverage and rates for you.
Long-Term Care Insurance
Long-term care generally applies to adults who need regular or even daily assistance. By the time you reach 65 years of age, the chances of needing long-term care are as high as 70%. The longer you wait to purchase this type of insurance, the higher the premiums because the likelihood the company will need to pay out increases substantially with each passing year.
Pro Tip: Aquire your long-term care insurance in your 50s to early 60s because it is more affordable at that age.
Life insurance covers your death, so your family and loved ones don’t need to pay out of pocket. There are only two types of life insurance. Below we explain how they work.
- Term- Term life insurance locks in a set rate for a given period, typically in increments of decades. After the term ends, you can pay yearly, but the rates usually go up. However, this is still the more affordable type of life insurance.
- Permanent- Permanent life insurance covers you for life. While doing this generally costs more than term insurance, it also offers a cash value component you can borrow against or withdraw.
Pro Tip: Get term life insurance in your 20s to get the best possible rates. At this age, you are very low risk to the company, and getting a reasonable rate locked for the next 20-50 years will save you money.
It is a relief for renters to know they’ll have a way to replace their belongings and somewhere to stay if a rental is damaged. Here are the most common types of renter’s insurance.
- Personal Property- As you might expect, personal property insurance covers your belongings.
- Liability- If you damage your landlord’s rental unit, you will have t pay out of pocket unless you have renters liability insurance.
- Additional Expenses- Additional expenses generally mean lodging if you are displaced due to damages to your apartment.
Pro Tip: Get renters insurance even if your landlord doesn’t require it or you live in a low-risk area. Every building is subject to weather and maintenance issues. Knowing you’ll have a roof over your head and can replace your belongings if something can help reduce stress and worries significantly.
All insurance has limits. Your policy may only pay out up to a predetermined limit; beyond that, you’d be footing the additional amount out of pocket. This can be small, like a few hundred dollars in further car damage, or quite a lot, such as when someone sues you for hundreds of thousands or even millions more than a liability coverage will pay.
American Family Insurance (https://www.amfam.com/resources/articles/understanding-insurance/what-is-umbrella-insurance) explains it well, “Umbrella coverage offers additional financial protection over and above the personal liability limits of other currently active insurance policies you have. Think of umbrella insurance as a powerful financial shield that can help protect your savings and future earnings under certain situations.”
For your convenience, we’ve listed the most frequently asked questions about insurance quotes and templates below, along with straightforward answers.
Most car insurance quote forms are for inquiries. They typically include the following information. The quote you receive back will contain all the information you need about the rates you will pay, plus some or all of the information you included when you made the request, terms, and conditions, and it may also have a time limit for accepting the offer.
ᐅ Contact Information, including address
ᐅ Liability Needs (Type and amount of insurance sought)
ᐅ Radius of Operation
ᐅ Cargo limits
ᐅ Number of vehicles
ᐅ Type(s) of vehicles, make(s), model(s) and year(s)
ᐅ Number of drivers
ᐅ Current insurance information
ᐅ (optional) Additional Details
There are three ways to get a car insurance quote. First, you can physically go into an insurance company to talk to someone face-to-face and ask. Second, you could contact an insurance company personally by phone, post, or email and ask them to send a quote. Third, you can comparison shop online with a policy comparison website. However, you may get a better deal inquiring personally because no one is making a commission on the referral when you self-refer.
Getting a free car insurance quote requires some information, such as your marital status. Here is a quick list of everything you need on hand to get your quote.
ᐅ Current insurance information (where applicable)
ᐅ Driving history (annual and current mileage, accidents, tickets, citations, etc.)
ᐅ Driver’s license number
ᐅ License plate number for any cars you want to insure
ᐅ Social Security number
ᐅ The make, model, and year of your car
Car insurance rates vary by driver, car, and state. However, the average cost of minimum coverage in the US is $545 per year. It averages out to around $1,771 per year for complete coverage, but your driving history and other factors can significantly impact these prices.
The short answer is yes. You can get a car insurance quote before buying the car. You need to know what type of car, make, model, and year you want, and have the driver’s information on everyone who will be on the policy.
When you ask for a home insurance quote, you will need to input the following data:
ᐅ Your name
ᐅ Contact information
ᐅ Materials the home is made from
ᐅ Solid fuel appliances
ᐅ Type and quantity of detached structures (if any)
ᐅ Square footage
ᐅ Number of bathrooms
ᐅ Number of stories
ᐅ Year the house was built
ᐅ Is this your primary residence, seasonal, unoccupied, or a rental property
ᐅ How many people live in the home full time
You will get back an offer for insurance coverage with the details of that coverage and a monthly and/or annual fee.
To get a homeowners insurance quote, you need to inquire with a company that provides homeowners insurance. You’ll need basic information like your name, marital status, and social security number. You can ask individual companies or check a site that compares rates.
Whatever kind of insurance you offer, a customized quote template can provide a vital value-added resource for your business. Customers want to know what they’re getting and exactly how much it will cost. The ability to quickly, efficiently, and concisely return those offers will help you grow your insurance business and build trust with your clientele.