Insurance broker benefits


30 November 2020

Views: 28

When most people have the internet at their fingertips and there are so many options for buying insurance, is it worth working with an insurance broker?

The short answer is yes. An insurance broker is one who represents you, not the insurance company. A broker will be able to give you quotes from different companies. They will also have the expertise to help you compare complex offers - something that can be extremely difficult for the layman.

Compare the advice and service you get from an insurance broker to one that represents a bank or an agency. While a broker has access to a wide range of insurance policies to suit your needs, a banker or insurance agent will be limited to selling products that their own company offers. People often take out certain insurance policies - such as home insurance from the bank they have a mortgage with - as they believe this is the only option available. As with any product, it is important to shop around and an insurance broker can help.

While some people prefer to get online quotes and do their own insurance shopping, a broker does more than offer quotes on premiums. A broker acts as a broker when it comes to claims. A broker knows the system and has knowledge of your coverage. They will act as a lawyer on your behalf. Some consider the damage component more important than the premium. When it comes to collecting insurance payments, the process can quickly scare a layman. The compensation process can be particularly difficult if the insurance was purchased through an online provider. If you find that you need to process a claim, you will already be under a great deal of stress from the accident or situation that initially led to the claim. Having a broker to speak on your behalf greatly reduces your stress level and gives you the freedom to recover and move on.

It is important to know that brokers must meet licensing requirements in Canada. They must pass rigorous examinations established by the Canadian Insurance Brokers Association of Canada (IBAC). These exams and licenses are administered at the provincial level. Brokers must also conduct regular professional development courses so that their knowledge remains up to date.

Although all insurance brokers require a license, not all brokers are the same. They come from different backgrounds and have different degrees of experience. It is important to talk to a few brokers before making a decision on who to represent you. Your relationship with your insurance broker is very important as this is a person you will trust with important financial decisions. There are many wonderful, qualified insurance brokers to choose from, ensuring you find one you are comfortable and happy with
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