When to use an insurance 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.