When to use an insurance broker
If you’re thinking of buying an insurance
policy for something you don’t know much about or insuring something fairly
unusual, you might want to think about using an insurance broker. They’re
experts in the market and – even with run-of-the-mill insurance – they can
often find you better cover at a great price.
- Comparison sites are not always the best
way to buy insurance
- Advantages of using an insurance broker
Comparison sites are not always the best way to buy insurance
Many people turn to comparison sites to look
for the cheapest insurance, but that’s not always the best way. The policies
you’ll be offered are fairly generic so if you want a policy that meets
your individual circumstances it might be better to use a broker.
Advantages of using an insurance broker
Did you know?
“There are more than 2,000 registered insurance brokerages in
the UK”
Source: British
Insurance Brokers’ Association
Here are a few reasons why it might be better
to go to a broker for your insurance:
- Getting expert advice does not cost you more. Like comparison sites, they get paid commission by
the insurance provider for selling their products so you don’t pay them a
fee for shopping around to get you a good deal. Unlike comparison sites
they have specialist expertise and can give you advice on the products
that best suit your needs.
- Know your options.
Insurers won’t always offer you every type of cover when you go directly
to them. Brokers can help point out the types of cover available for the
insurers they cover and help you work out what you need.
- Find the right product for you. A broker will ask you about your personal
circumstances to find you the right policy. They’ll also be able to tell
you if you’re already covered by your existing insurance policies so you
don’t overlap, and they will often get you a good deal by comparing prices
and product features. They can also be more flexible on price than
comparison sites.
- Find a specialist provider. On comparison sites you might not find cover for
things – like income protection or critical illness – that need to be
tailored to suit your needs. You also won’t find special or bespoke cover
on there, so if you want to insure something unique like a high-value
antique or a collection, a broker will know where to go.
- Your claims are taken care of. If you need to make a claim, your broker may speak to
loss adjustors and claims departments and do as much as possible for you
so you don’t have the hassle and worry.
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