Five reasons to use an insurance broker when applying for insurance

Posted by Mords1944 on November 30th, 2020

When you buy insurance, you can choose to buy directly from an insurance company, from an affiliated agent or a bank representing a company, or you can choose to buy your insurance through an insurance broker. Most brokers can save you money on your insurance not to mention the time you would otherwise spend shopping around yourself, but there are other reasons why using an insurance broker can be of great benefit to you.

Here are just some of the benefits of buying your insurance through an insurance broker:

An insurance broker works for you - not the insurance company. Your insurance broker is not tied to a particular company or a particular company's products. They can search a number of companies and their products to find the best deal for you. A broker can take a thorough look at your personal needs and recommend the best and most appropriate product for you based on your situation. Insurance brokers can give you the best available price from their large portfolio of products and provider, while banks or insurance companies can only offer you the products from one company and therefore are more limited in the number of products they can offer.

Insurance brokers are experienced and professional. Brokers deal with a wide range of products and services and are qualified to recommend the policies that best suit your needs from the wide range of companies they deal with. They will e.g. Know which companies are best suited for younger drivers, for example, or who is best placed to provide public responsibility for your industry. They typically have experience with claims and can guide you through the often confusing and stressful claims process and answer any questions you may have. In addition, most brokerage firms in Ireland are generally smaller and can often offer faster and more personalized support. Brokers are also committed to ongoing professional development and lifelong learning and ensure that they are informed of the latest changes and adjustments to insurance policies and legislation to give you the best options when purchasing your next insurance policy.

Insurance brokers are regulated: Brokers must comply with certain standards and financial obligations. In addition to the requirement of having a professional indemnity insurance, they are required to carry out a process with each client to ensure that they recommend the right product that suits your needs. A 'fact finding' must be used to discover your exact needs and requirements, and on this information the broker must make their informed recommendations. A 'reason for' letter or 'declaration of suitability' must also be presented to the client, describing why the product and the provider are recommended and how they meet the customers' specific needs.

You can access insurance companies that you can not access alone: ​​In recent years, more and more insurance companies are only appearing directly with brokers. By transaction in this way, they can save costs and do not have the same requirements for large call centers or large administration teams to handle the public. They can then pass on these savings to you as a consumer. Many of these companies only trade directly through brokers, so you can not get an offer directly. Certainly over the last few years, we have found ourselves recommending these companies more and more as they are able to consistently deliver on price, product and service.

Insurance brokers must provide full information about commissions and fees and the effect on your insurance premium: Of course, brokers must also be paid, and they generally get paid a percentage commission from the insurance companies. In addition to this, they may also charge a small fee for their services. As part of the regulation, they must provide you with a copy of their terms and conditions describing the companies they deal with, how they are paid and details of any fees they may charge. This allows you to make an informed choice when purchasing insurance.
Choosing an insurance broker means that you have a professional on your side when choosing the best policy for yourself, your business and your family. Versicherungsmakler  brokers offer professional and impartial advice, ethical conduct and full disclosure of all the information you need to make an informed decision. They can talk you through every step while providing you with personalized advice and excellent customer service.