5 Reasons to Use an Insurance Broker When Looking for Insurance

Over the years, the number one question I get as a personal line insurance broker is: why should I use an insurance broker when looking for insurance?Right now, you probably have a long list of questions about insurance and the best way to obtain it. You probably have no idea where to begin or who even to ask. You may be thinking, “I know I need a broker, but why?” I get it because not everyone is aware of what a broker can offer. I’ll give you five reasons here in this post why you should work with and rely on a broker to help you find insurance. I hope these five reasons will make your decision easier in choosing an insurance broker.

  1.       They work for you

Insurance brokers are independent professionals that work for you, not the insurance company. Insurance brokers have no conflict of interest – they don’t sell insurance policies – they simply match their client’s needs with available tailored insurance policy options.

The first question that I am asked is, “Why do I need a Melbourne Insurance Brokers?” Brokers are here to help you with your insurance needs. Instead of offering you a particular product, a broker will research all the products in the marketplace and help determine which policy best suits your needs. A broker works for you – not for the insurance company.

  1.       They’re professional and experienced

Insurance brokers employ a team of highly skilled consultants to find the best life insurance plan that meets your requirements. The Broker will also have access to a wide range of products and services such as travel insurance, home, and contents insurance, workers compensation insurance, or even international health policies.

You could do a quote for, say, car insurance, and with that quote, you may not get all the discounts available to you. Insurance brokers are trained to ask the right questions and should be able to negotiate further savings for you.

  1.       They are regulated

An insurance broker is an individual licensed under the insurance act. An insurance agent is someone who works for an insurance company and can only represent one company. A license is needed to carry out insurance brokerage in Alberta. This means that clients have the ability to lodge a complaint if they are unsatisfied with your services.In New York, the governor signed legislation that imposes stricter standards and stronger penalties on insurance brokers and agencies. This means insurance agents must meet certain requirements when doing business in the state.

  1.       The best source of access

It takes only a few minutes for an insurance brokerage to get involved in the process. They are dealing with dozens or even hundreds of insurance companies, which means they can widen your horizon and help you get access to insurance companies that you cannot access on your own.

Most people do not know it, but a lot of the top insurance companies cannot be found online.  You have probably tried searching for a quote on “Allstate,””State Farm,” or “Nationwide” and could not find them. These are major insurance companies that some people may have heard of. There is no way these companies do not have websites, yet they cannot be found online. What gives? The truth is that they are usually exclusive with certain insurance agents and insurance brokers, and many people would need to work with an agent or an insurance broker to attain access to these hidden gems.

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