Definition - What does Insurance Quote mean?
An insurance quote is an estimate provided by the insurer concerning the price of a policy. Insurance companies often provide one to prospective policyholders so the latter has an idea of the cost of purchasing coverage from that particular insurer. Often, policyholders ask for quotes from various insurers as way to compare prices and coverage options.
Insuranceopedia explains Insurance Quote
Insurance quotes take into account the level of risk a prospective insured represents as well as the amount of coverage desired. The estimate also depends on the pricing model of the specific insurer, the benefits offered, and other factors that affect cost.
Asking for insurance quotes is a risk-free way to compare various insurers and the policies they offer without having to pay or make a commitment. Prospective policyholders looking for the most suitable policy at the most affordable price can benefit from getting multiple quotes from different insurance companies.