Why should I use an insurance broker?

You already know you need insurance—and historically, you may have organised this directly from an insurance provider. However, if you have a range of assets or complex personal circumstances—or if you just want the ease of a personalised and bespoke service—it may be time to consider using an insurance broker. From lower costs to a personal service, there are a range of potential benefits.

An insurance broker means wider choice and greater understanding

A good insurance broker will have access to a wide range of products, but will also have a thorough understanding of the policies available. This knowledge allows your insurance broker to advise you confidently.

For luxury assets or complicated situations, an insurance broker will have access to products and points of contacts that you will not be able to avail yourself of independently. Not all insurance options are available to the general public, so if you use an insurance broker, your options will increase.

It could work out less expensive

You may feel using an insurance broker will increase your costs. However, cutting out the ‘middle man’ by insuring your assets directly could be more expensive because brokers may have access to specialist rates.

Insurers sometimes offer favourable rates to intermediaries because insurance brokers are trained to choose the correct policy, whereas individuals can sometimes misunderstand the level and type of cover they need.

The service you receive could be better

An insurance broker can provide a personal level of service at the point of sale, although admittedly purchasing insurance directly is not usually difficult. However, the real difference can come later—say if you have queries or changes to make. Instead of being sent through to a large call centre, using a bespoke insurance broker can result in a better customer experience when it comes to actually managing the policy.