What is a quote? The insurance answer is usually referring to an individual asking a broker or direct writer for that company's best price for home, auto or business insurance.

It is important to remember that a quote is an estimated premium. Once the information has been presented to the underwriter then a final policy is issued. Sometimes the premium will come in higher and sometimes lower then the quoted amount.

A quote is only as good as the accuracy of the information provided. There is usually a time limitation as rates can change.