The benefits of using an insurance broker
When it comes to shopping for anything, from groceries to financial services, more people are looking online. Statistics Canada reports sales from online purchases have almost doubled during the pandemic. With more information, the do-it-yourself attitude may be more convenient and efficient. But what about a complex product such as insurance?
Online information is often generalized, and not specific to your needs; whereas, a licensed insurance broker in Ontario offers many personalized products. We’re here to run through the benefits of using an insurance broker.
Independent advocacy
When you are insured through an insurance brokerage, you are dealing with an independent broker. Meaning your broker works for you, not the insurance company.
The decisions are made by you; the power is in your hands. Your insurance broker is there to inform and guide you along your journey. Do you want the cheapest insurance? Do you want to pay a little more for the best coverage and get peace of mind? Your broker provides you with advice on all your options to make sure you don’t miss anything important. For example, if your vehicle is older and not worth a lot, your broker might advise you to opt out of Collision Coverage. They would also offer you the option to keep the less-expensive Comprehensive Coverage since it covers fire, theft, glass and vandalism to protect your own vehicle.
Brokers can also go to bat for you in a dispute with an insurance company and often help you resolve it. Your broker can speak with you in plain language and communicate with the carrier with the terms they know and understand. Your broker is on your side.
Claims handling
Speaking in clear terms you understand is of great benefit when handling claims. You buy insurance in case something bad happens. In the event of a terrible loss, you want to make sure you are covered properly and your claim is handled professionally and quickly.
Using a broker empowers you with advice during a claim and helps you work with your insurance company. Your broker ensures the claim process is fast and fair. Working with your broker adds a layer of protection and advocacy to help move things along and keep the insurance company accountable.
Choice
By law, insurance brokerages must have a minimum of 2 insurance companies for you to choose from. Most brokerages have 5 or more companies. Some of the best brokers have 10 or more insurance companies from which to choose.
Multiple choices benefits you, the consumer, when insurance companies compete for your business. A good broker can present many choices to help save you money and get you the best coverage possible. The best brokers will find discounts to add to your online quote. In the end, you get the best price and insurance options.
Professionalism, regulation and education
Every Ontario insurance brokerage and their insurance brokers are required to be licensed and regulated by R.I.B.O. (Registered Insurance Brokers of Ontario). The licensing requirements and testing are strict, and plenty of applicants don’t make the grade.
Brokers are also required to take accredited continuing education courses each year to prove they are up to date with the latest information. Working with a broker – whether online, on the phone, via text or in person – ensures you are dealing with a highly trained professional who is accountable for their actions.
Digital vs. human touch
If you prefer to handle things yourself, such as checking your policy and account statement online or on an app, there are insurance brokerages that offer this kind of convenient service. But if you want a hands-on approach with your broker, you can have that too!
Whatever you desire is available with most modern brokers these days. It’s up to you how often you want to be in touch with your broker in your customer journey. Brokers, like Begin Insurance, are offering this experience of digital speed mixed with personal touch to meet clients’ needs.
Free advice
The price of an insurance brokers’ service is built into the cost of insurance. There is no additional fee to your insurance premium.
For most people, insurance is a significant expense. Having a broker on your side to offer a personal touch and guidance on what to buy is a smart decision, and since it costs you nothing, it’s worth it to take advantage of the service.
We hope this article demonstrates the benefits of using a personal insurance broker. Now get out there and find some great insurance pricing online. Then choose a friendly, professional and helpful broker to ensure you’re protected.
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