Learn the Difference Between Auto Insurance Brokers and Agents
Are You Using an Insurance Agent To Buy Car Insurance?
There are thousands of different auto insurance available to consumers depending on your driving history, credit, current insurance company, and multiple other variables that determine rates.
An auto insurance broker can help you determine what coverage you need and suggest coverage you might not have thought about. Plus Auto Insurance Brokers can shop multiple companies across the country for high-quality and affordable insurance.
Auto Insurance Brokers can be found independently through online or local agencies. They are independent vs. captive agent that only sells for one company.
What Does an Auto Insurance Broker Do?
An auto insurance broker acts as a liaison or mediator to match insurance companies with potential clients. Brokers have a grasp on the entire insurance market and can select the best option for their clients. Through an auto insurance broker, you gain information about the many different car insurance policies companies are offering and get help comparing companies.
A car insurance broker provide the following services:
1. Advising you with the appropriate auto insurance policy to fit your needs
2. Explaining the coverage and premiums of your policy
3. Advising you about your policy’s limitations and exclusions
4. Informing you about the latest products available as add-ons to insurance policies
5. Annually reviewing your policy portfolio with you
6. Answering all your inquiries and assisting you with any insurance claims or billing issues
Why use the services of an Auto Insurance Broker?
The main benefit of working with auto insurance brokers is that they are knowledgeable in their field and can adequately compare different insurance quotes with accuracy.
As much as possible, everyone wants to avoid the tedious task of shopping for a car insurance policy.
Therefore, an auto insurance broker works like a personal shopper who does all the groundwork.
Furthermore, since brokers are obliged to explore the entire insurance market to find the best insurance deals, you can have the peace of mind that their recommendations are not skewed.
Advantage Of Auto Insurance Broker
Another advantage of working with auto insurance brokers is that they may have access to special offers and rates that are not readily available to the public.
Typically, a broker can do a better job in terms of negotiations for special deals, and discount for auto insurance quotes.
Also, an auto insurance broker will work by your side as a teammate and supporter while you deal with an underwriter if you ever need to file a claim.
How to find the best Auto Insurance Broker?
Selecting your auto insurance broker can be a tough decision. If you are set on working with a broker, make sure he or she has sufficient work experience in the field.
Car insurance agents are vary familiar with the different companies based on your needs - age, driving history, credit, etc.
Are they an auto insurance specialists?
The person you appoint must also hold an authorized license to work as a broker or agent.
There are many auto insurance brokers out there who do not possess the legal authorization provided by the state and are unofficially working, so make sure you check the broker’s credentials.
Do they specialize in auto and home insurance as many insurance brokers work mainly with commercial accounts.
Finally, find out exactly how your auto insurance broker is paid, as most brokers are compensated directly by the carrier select.
Beware of brokers wanting to charge a fee for their services. There are plenty of insurance brokers that charge no fees for their service and are paid directly by the insurance company.
For more information, call 800-459-6060 or click the link below for quotes today.