Start an auto insurance company like Geico?

azbizazbiz Posts: 3subscriber Member
I am looking for a guide on how to start my own auto insurance company like Geico. The costs, how it's done, etc. Any help is greatly appreciated!

Thank You!

Comments

  • sinGNsinGN Posts: 116subscriber Silver Level Member
    1.Determine what type of insurance your company will offer
    2.Call your state insurance commissioner's office or visit its 
    3.Consider making your business entity a limited liability company (LLC)
    4.Obtain errors and omissions
    5.Complete the state forms required to make the LLC an insurance agency
    6.Pay the applicable fees
    7.Check with your state business tax boards to obtain all required business permits and licenses
  • Ryan O'BlenessRyan O'Bleness Birmingham, Mich. Posts: 995administrator Site Admin
    edited April 2017
    I would suggest talking to an insurance lawyer or specialists first so you know exactly what you have to do and how much it will cost. A lot of lawyers will offer a free consultation. Then it is important to study auto insurances in each state -- each state may vary in rates, compliances, coverage types offered, etc. It seems this would be a lot to take in, so be prepared. I would also suggest getting a team together instead of trying to start something this big as a one-man show. 
    Ryan O'Bleness
    Community Manager
    StartupNation, LLC
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