Brokers vs. Agents: The Ultimate Insurance Question

With the overwhelming amount of insurance options that our at our disposable, be it with products or providers, it’s hard to know whether you are making the “right” decision when purchasing insurance. Let me help you understand how a broker can assist you in this process.

After many years of saving, you finally purchased your vehicle or perhaps you’ve had insurance for quite some time but never fully understood what you had and just let your policy renew year after year.  At this point, you’ve acknowledged the need for insurance and may have a basic understanding of what it entails.

What you may not know is where to get the best advice and product that can be trusted.

The most common options for seeking insurance are to contact either an agent or a broker. Although they are commonly considered to be the same, they are truly different. An insurance agent represents one insurance company only, and is limited to offering that company’s products and services. An independent insurance broker on the other hand, has access to multiple products from numerous insurance companies.

So now you might be thinking how to choose between the two and the answer is really quite simple but the question can only be answered by YOU. When making any major decision for protecting your life and livelihood it is important to be thorough in your research.

Get on the phone and ask your broker or agent some of these questions, their responses and offerings will equip you to make a better informed decision in which option is best for you:

– How do you decide what coverage I need?

– Who will I be speaking to when I require assistance with my insurance?

– How often will you review my policy? Are you able to present new options on an annual basis?

– What assistance can I expect in the event of a claim?

– Do you give advice on how to mitigate losses and how to protect my valuable assets?

Have you done the necessary research to make the right decision about your insurance?