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Is an Independent Insurance Broker Better Able to Deal With Your Insurance Requirements?

Mon, 21/07/2014
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There are over 34million registered vehicles and 25million homes in the UK, which means that at some point in the near future it will be that time of the year when you have to think about renewing your insurance. Most people don’t think about their home or motor insurance until they receive their renewal notification, and the first port of call for a vast number of people is to visit the various price comparison websites to check prices (and maybe to use them as a bartering tool for negotiating their renewal).

Before the advent of price comparison websites almost all insurance policies were placed with an insurance broker – and most towns and cities had at least one local insurance broker on the High Street. We then saw the emergence of direct insurance companies, those who purported to “cut out the middle-man” and sell directly to the customer.

So we now have three main ways of buying insurance, using a direct insurance company, a broker or a comparison website and there are obvious positives and negatives of using each service.

Direct insurers will sometimes produce cheaper premiums as they don’t have to pay commission to a “middle-man” but they may not be able to provide impartial advice and/or offer alternatives if your circumstances do not suit their underwriting criteria.

Comparison websites promise to swiftly search a vast number of insurance companies and their prices, however, some of the rates offered on comparison websites are based upon certain assumptions which the customer needs to check very carefully as otherwise you may discover, in the event of a claim, that their policy cover is jeopardised.

Independent insurance brokers are able to offer free, impartial advice and should offer a policy which meets the specific needs and demands of the customer, having taken into account all of the factors notified to them by the customer. Most independent brokers have long-standing relationships with insurance companies and can usually negotiate competitive rates with them.

Therefore, including a phone call to an independent insurance broker when conducting your insurance renewal research could be the best decision you make. Most brokerages work with a vast range of insurance companies and are therefore able to cater for a varying portfolio of clientele and when it comes to the annual renewal the broker will search through their panel of insurers to see if they can find you a more competitive rate than the company you are already insured with.

Using a broker should also save you time. You’ll find that because the broker’s staff are skilled and qualified, they are able to run through your quotation at a much quicker pace than you are able to complete an online proposal form. In addition, any questions which you may face online which are confusing will be professionally explained by the broker’s staff. They also provide human input and advice which is something comparison websites are unable to do.

Insurance brokers also have the ability to be more flexible in offering alternative payment methods and will often be able to include additional cover options that help protect their clients.

Be Wiser Insurance are an independent brokerage based in Hampshire who work with over 30 insurance companies to give their customers the best policy at the best price. The majority of their staff hold a recognised insurance qualification and offer advice which is impartial and professional. With the addition of free extra cover such as a breakdown recovery and home emergency cover they are certainly worth a call.

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