LPQ is a term coined by one of the bigger exclusive carriers. It’s not very accurate as it is used as a sales tactic to draw you in. Your end result will typically always be higher than the initial cost that was appealing. Remember, cost isn’t the only important thing. Coverage is important as well. A lower cost could lead to you being undercovered on a policy.

Our owner, Patrick Brennen, explains the term more in-depth and how it is used in the industry. Don’t be fooled by exclusive carrier gimmicks, talk to a genuine broker like Entrust Insurance.

What is LPQ? – Entrust Insurance, St. Clair Shores

Video Transcription

“Kind of an industry term through one of the very large major exclusive carriers. And we write them so you can buy them through a broker, but when I began in this industry, and I worked with them, the term was lowest possible, quote, LPQ. And that was a sales technique that they use to draw you in based on price alone. Oftentimes, it was just some guesstimate. It wasn’t real life application that had the accuracy to it. So we provide the LPQ or another agent would provide the LPQ. And when we had to do a final review of the application, things always changed. The price always went up, but they want to draw you in. So I wouldn’t necessarily say it’s false advertising, but it’s not very genuine by any means.”

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