Can insurance brokers save you money?

Insurance brokers can save you money in a number of different ways, both directly and indirectly throughout the lifetime of your policy.

Finding the best insurance cover at the best price

An insurance broker will source insurance products from a wide range of insurance companies enabling them to provide greater choice in finding the lowest price for the best quality policy that fits your needs.

As insurance companies generally tend to offer packaged products that have set premiums attached, an insurance broker can leverage their relationship with multiple providers to compare different options and negotiate the most competitive pricing on your behalf.

An insurance broker saves you valuable time in choosing a provider

As every person knows, time is money and with a huge number of insurance companies in New Zealand to choose from, conducting your own research and making subsequent enquiries, then waiting for responses from each, can take quite a bit of time.

An insurance broker has relationships with a wide range of insurance companies so they know what policies they offer and which ones will be right for you. This saves you significant time in sourcing the information yourself and provides peace of mind that your insurance provider will be selected based on the industry knowledge and recommendations of a qualified broker.

Insurance cover tailored to your risk exposure

By working with you, and on your behalf, an insurance broker will spend valuable time understanding your risk exposure and ensuring your policy covers all eventualities.

They will take the time to get to know you in order to understand what level of cover you require be it for your home and contents insurance, vehicle insurance, farm insurance, business insurance or life and health insurance.

Knowing you are fully protected in the event that something unexpected happens will ensure you can have confidence that should you need to make a claim there will be no hidden surprises or expenses in getting payed out under your policy agreement.

Expert advice that doesn’t cost you any more

Obtaining advice from an insurance broker doesn’t cost you any more than going directly to an insurance company. For many people, it can be hard trying to navigate the insurance landscape or understand what personal or business insurance cover they need.

As experts in their field, an insurance broker can provide advice and recommendations for what cover you require at no extra charge to you. By making sure all your risks are covered can potentially save you considerable money in the event you need to make a claim and discover there are assets or circumstances you haven’t insured against.

Tailored policies so you don’t double up on insurance cover

An insurance broker will devise a policy that is tailored to your unique requirements so you don’t take out cover that may not be necessary for your personal circumstances or that you are already covered for by an existing policy. This can save you money by not doubling up on assets insured under different agreements.

They also work on your behalf to re-negotiate your insurance cover when your policy comes up for renewal, taking advantage of any discounts or deals that the insurance provider may have introduced during the timeframe since your policy started.

Personal assistance during the claims process

If and when you need to make a claim, an insurance broker acts as your personal representative in liaising with the insurance company on your behalf to achieve the best possible financial outcome. They will handle all negotiations and deal with any issues to ensure a timely and satisfactory payout with minimal hassle to you or disruption to your business.

To find out more how an insurance broker can assist you or your business, contact us today.

Source – NZbrokers: 

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