Questions About Erie Insurance

[residual income]

I sold my agency 2 years ago and i am thirsty to get back into the game. I want to know the good and bad about Erie and if their loan program is like farmers ordeal. also, once appointed with them can you join a cluster?? i am meeting with their rep Monday i just want to be prepared. Thank you.

 

[nyc2phi]

Hey,

How did the meeting go?

I am looking at Erie as well and I am interested in finding out more information.

 

[adam1314]

RI - How did your meeting go with Erie. I am starting a scratch agency in Illinois and would like to use them, but I want to use SmartChoice as well. Is Erie a captive company or can you use other companies?

 

[nyc2phi]

Erie is non captive. They allow you to get appointed with other carriers. They will want to be your main carrier and probably won't want you persuing too many companies especially in the infancy of your scartch agency.

 

[adam1314]

Thanks for the info NYC. Do you know anything about the loan program for scratch agencies? Also I see on their website it could take up to 6-9 months to get appointed. That seems like an extreme amount of time even if you needed time to get licensed.

 

[nyc2phi]

The loan is production based, if you hit the premium numbers your first 3 years it is forgiven. The max per month is $4k up to $36,000 the first year but your commission goes to pay back the loan.

For example, if your commission is $2k for the month your loan that month is $2k. Each year for three years Erie will give you $12k to pay back the loan or as a bonus. So, if you use $10k of the loan and earn the $12k bonus then your loan is paid off and you pocket $2k.

I've talked to people that got appointed with Erie in about 3 months and some that took about 6. All depends on how busy they are and how fast you go through the process.

 

[adam1314]

This is great information NYC thank you. Sounds like a good deal because you are still getting some support but you are not captive. Very interesting. The wait time to get appointed is long but sounds like they need time to do their due diligence since they are offering some support with the appointment.

 

[nyc2phi]

With the new year, 2013 also brought increases in Medicare costs. These changes affect all that are on Medicare. Medicare Hospital Coverage also known as Part A, covers in patient hospital stays, care in a skilled nursing facility, hospice care and some home health care.

Thanks for that helpful information on Erie insurance...