Allstate vs State Farm - Which is the better company?

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PostPosted: Mon Jun 15, 2009 8:47 am   Post subject:   

Quote:
The $30k line of credit can be used for anything, but it is up to the agent to manage it wisely.



Do you know any module which shows how such line of credit could be managed effectively?
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PostPosted: Wed Jun 17, 2009 2:45 am   Post subject:   

Steven,

I'm not sure what you mean by "module", but essentially it is like a HELOC or credit card that you take cash advances from. But the rate is definately more favorable. So you can borrow from it, and pay it back as you need. Idealy you may use it to pay expenses that you don't have the cash to cover(paychecks, rent, utilities...). Then you would pay it off when you get your commission check. So you would have the line open if you ever need the access to cash.


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PostPosted: Wed Jun 17, 2009 9:41 am   Post subject:   

Anon,



Quote:
As far as out of pocket expenses, I know agents that had no or very minimal out of pocket, and I know agents that put alot of money into the office and marketing.




Okay, I’m kind of curious to find out if the agents who take care in spending on marketing would attain more success than ones who wouldn’t.
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PostPosted: Mon Aug 17, 2009 12:56 pm   Post subject: allstate and state farm  

Allstate and state farm are both big companies. It is very hard to compare them and choose the one best. But i think state farm is good for me.

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PostPosted: Tue Aug 18, 2009 10:21 am   Post subject:   

Quote:
But i think state farm is good for me.


Now, would you tell us your reasons for picking State Farm?



A carrier with a smooth settlement process would always be my first choice. I'd always try to go through a carrier's settlement history before enrolling with them.

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PostPosted: Sat Sep 19, 2009 1:27 am   Post subject: Answer  

I think they both have good insurance rates, but Statefarm will pay quicker for an accident/bodily injury. Twisted Evil

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PostPosted: Wed Nov 04, 2009 2:34 pm   Post subject: INDEPENDENT INS AGENCY  

When you say independent, please explain. How do you go about opening your own agency?

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PostPosted: Thu Dec 31, 2009 1:58 am   Post subject: STATE FARM  

As an employee of statefarm all I have to say is State Farm is the BEST AllState and all others BLOW!!!!!!!!!!


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PostPosted: Wed Feb 10, 2010 7:08 pm   Post subject: What 60 million  

"State Farm is known to employ more than 60 million individuals dedicated to provide serving millions and providing them with insurance solutions." That should solve our employment situation in the USA


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PostPosted: Thu Feb 11, 2010 12:47 am   Post subject:   

Quote:
"State Farm is known to employ more than 60 million individuals dedicated to provide serving millions and providing them with insurance solutions."




State Farm doesn't EMPLOY more than 60 million individuals, they INSURE more than 60 million individuals. That kind of makes a bit of a difference, now doesn't it?



Where did you get that quote?



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PostPosted: Fri Feb 19, 2010 4:27 pm   Post subject:   

The only way to really compare the two would be have coverage from both companies. Compare apples to apples. Frankly sometimes the only way to decide who to go with who saves you the most money.



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PostPosted: Thu Feb 25, 2010 6:35 am   Post subject: State Farm  

I went to an interview with State Farm today. Doesn't seem like they are all up front with a lot of to the things. I slowly found out that being an Independent agent is not as great as they make it sound. If you calculate your monthly cost: Rent=$2,500, Staff = $2,000/mo x2=$4000 + commission, Benefits=$500, Marketing cost: $1000, Utilities, E&O insurance, etc. You are looking at at lease $8000/mo in expense. The whole deal of SF giving you $11,000 a month for New Market, that's IF you meet their minimum production requirement (which they didn't tell me of course.) Otherwise you better have a lot of money to back you up for a year. So you better think long and hard before jumping in.


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PostPosted: Thu Feb 25, 2010 6:37 am   Post subject: State Farm  

* i meant State Farm Agent, not Independent agent


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PostPosted: Fri Mar 12, 2010 6:47 am   Post subject: State Farm  

Quote:
I slowly found out that being an Independent agent is not as great as they make it sound. If you calculate your monthly cost: Rent=$2,500, Staff = $2,000/mo x2=$4000 + commission, Benefits=$500, Marketing cost: $1000, Utilities, E&O insurance, etc. You are looking at at lease $8000/mo in expense. The whole deal of SF giving you $11,000 a month for New Market , that's IF you meet their minimum production requirement (which they didn't tell me of course.) Otherwise you better have a lot of money to back you up for a year. So you better think long and hard before jumping in.




Seriously, you do realize you are starting a business right? They are willing to pay all your major expenses and let's not forget provide a lot of brand recognition and some advertising, training, lines of credit, etc... and then according to your math about $3,000 to help you live off of to boot. I do not know about you, but that sounds about, as good as, it ever gets for starting a business.



Sure it is not perfect or, as good as, it may once have been, and there is risk especially if selling is not your thing, or if you cannot actually hit the ground running, but really they seem to be giving you everything you need to succeed.



Many might say you do not own your book so it is not a true business. Maybe that is true, but you have the ability to control your income to some degree and quite a bit of freedom so it is close enough for me.



I had no idea that they provided that much support and assistance not to mention some great training on how to run your business as others have mentioned. So you have to have some money to actually survive until you get past the first 3-5 years. That is true for any business you start and 99% of other business startup opportunities do not have anywhere the support structures or assistance available.



I am not an agent, but I have thought about it before. I just did not think there was that much support available and thus I would need $150K or more to really start and survive.



I think both companies are good companies and sure being an independent agent you could make way more and would have way more freedom, but that is because you have way more risk and would be on your own. Which is ok if you have the $150k+ to start. Anything less and you are taking on too much risk for me.



if you can take the risk and have a lot saved go independent. Otherwise one of the big three seem to be a great way to get in with lower than average level of risk for starting a business. Remember though it is real work and a business so the first 5 years especially are going to be really hard. To think anything else would be foolish and just pure fantasy in my opinion.

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PostPosted: Mon Sep 06, 2010 7:41 am   Post subject: State Farm better than All State  

My personal experience is State Farm better than AllState. State Farm rate is cheaper also.

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