What’s the difference between a quote vs. indication?

We get a lot of questions about the difference between a quote and an indication. Many of our applications on the Bigfoot Insurance Platform allow you to get an instant indication.

Merriam-Webster’s Dictionary defines “indicate” as a verb meaning “to point out or to point to” something but “quote” means “to give exact information on” the current price of something. Here’s how we see it:

Indication - Not a final price you would share with your client

This is an estimated, non-binding rate based on the answers you provide such as coverage options and loss history. However, an underwriter may look at the anticipated premium to determine the entire risk exposure. Additional information is often required to get a firm price which you can provide in the comments or attachments section once you hit “Submit.”

Quote - Pricing and terms to share with your client

The quote comes in a packet with a statement of premium, coverage information, and subjectivities. At this point, you’ve likely provided all the requisite information for the underwriter to understand the risk. If you and your client accept the terms, you would bind the insurance contract. In our portal that means you click “Request Bind.”

Things to consider

No matter the line of business, these are the key factors you must answer correctly

Coverage options
Fireline Score
Location (Including county and zip code)
Deductible
Loss Runs/Claims History (Prior carrier often has these)

If you have any questions or comments regarding indications and/or quotes, we would love your FEEDBACK.

Search our niche products and programs HERE.

Our Lines of business offering an instant Indication:

Homeowners, Renters, Tiny Homes
Disaster (Earthquake, Flood, Landslide, DIC)
Contractors & Inland Marine
Workers’ Compensation

Check it out

Unsure of how the portal works? Do you want to learn how to navigate around our Bigfoot platform or underwriting process? Click here to schedule one on one training.

APPETITE QUESTIONS? Email us or reach out to our Customer Success team via Zendesk

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