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How do I set up my own car insurance company?
I’ve read that the car insurance industry is booming right now, and I’m ready to embark on a new career path. What steps should I take to set up my own car insurance company?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You’re right about the insurance industry booming! As of 2020, the U.S. insurance industry is worth $1.2 trillion, and it’s still growing at a rate of 4% annually.
However, starting a
car insurance
is a difficult task. You’d be competing against local, regional, and national giants with established customer bases and bottomless capital. But if you’re feeling confident about your abilities and ambition, follow these steps to begin your insurance company:
- Start by obtaining a property and casualty insurance license from your state.
- Put together a strong business plan that includes competition, risk, revenue, and profit estimates.
- Decide whether you’ll insure your customers directly or connect them with larger providers.
- Understand the costs and secure financing through your business plan.
- Acquire a business license and business insurance.
- Hire a team.
- Market your business.
- Continually update your business plan as needed.
If this seems too challenging, you could also take advantage of the insurance boom by starting a career as an insurance agent! Many providers will even pay for your licensing courses and exams, so it may be worth considering.
If you’d like to learn more about the insurance industry, start by finding the coverage you need with
Jerry
. A licensed insurance broker, the Jerry app can help you compare quotes from over 50 top insurers like Allstate and Nationwide for free. When you find a plan you like, Jerry can help you sign up—no phone calls, paperwork, or headaches required!View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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