Do insurance brokers get better rates?

Insurance broker walking holding a brown leather bag

Using an insurance broker, rather than purchasing your insurance directly through an insurance company, delivers both short term and long term cost savings.

When you choose to take out insurance, whether it’s personal insurance, business insurance or life insurance for you and your family, insurance brokers work on your behalf to find the best policy, at the best rates, to suit your needs.

Using an insurance broker, rather than purchasing your insurance directly through an insurance company, delivers both short term and long term cost savings.

When you choose to take out insurance, whether it’s personal insurance, business insurance or life insurance for you and your family, insurance brokers work on your behalf to find the best policy, at the best rates, to suit your needs.

They have access to multiple policy and product options, from a wide range of insurance companies, meaning they can offer greater choice and negotiate better rates for their customers.

Insurance policies tailored to your specific needs and financial situation

Often when purchasing your insurance directly through insurance companies they will sell a ‘one-size-fits-all’ product offering that may not be suitable for you. An insurance broker will take the time to get to know you and evaluate exactly what insurance you need to tailor a policy that’s the right fit for you, your family or your business.

Using their in-depth knowledge of the insurance market, they will ensure you only purchase cover that you need for adequate protection now and in the future, and have the ability to negotiate price flexibility to deliver highly competitive rates that you may not receive by going directly to an insurance company.

They also have the experience and expertise to understand the finer details of what different insurance policies entail, saving you time and money trying to work through the small print yourself.

Lower insurance rates based on risk assessments

In addition, insurance companies generally tend to provide insurance brokers with lower rates due to their ability to assess risk and assist customers with choosing the right policy to ensure adequate cover in the event a claim needs to be made or personal circumstances change.

An insurance broker works on your behalf and will form an ongoing relationship with you that often will continue for many years. They are there to advise on changes to your policy, as your financial or lifestyle circumstances change, potentially saving you time and money in the long run.

Insurance brokers save you time and money in the selection process

The knowledge and expertise an insurance broker offers cannot be underestimated and is invaluable in making the selection process easier, faster and helping you avoid unnecessary costs.

They work with you to evaluate your current circumstances, research what different insurance companies offer, and compare rates. In essence, they prioritise the cover you need so you only purchase insurance that is tailored specifically to you for the best possible price.

The cost savings from using an insurance broker when you need to make a claim

The cost saving benefits of having an insurance broker working on your behalf are not only evident when you are looking to purchase an insurance policy but can be significant should you need to make a claim at any stage.

As everyone knows, being able to lodge a claim on your policy as quickly as possible in the event that something unexpected happens is crucial. Having an insurance broker handling the claims process for you can speed up the time it takes to file the paperwork and for you, your family or your business to receive a payout.

The long-term benefits of using an insurance broker

By being proactive in working with you at the start of your journey in finding out what insurance you need, through to assisting you with answering your questions and evaluating the best cover and rates available in the market, using an insurance broker can provide long term benefits in cost savings and time spent ensuring you are fully protected now and in the future.

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