Who should I buy Insurance from?
When you’re in the market for insurance, knowing who to turn to for advice is an important first step. There are so many options out there! 1-800 call centres, banks, internet searches, agents, and of course your local broker. The question everyone is asking “Who should I buy insurance from?”
It seems everyone wants to sell me insurance – What is the difference between them, and what choice is best for me.
1-800 call centres, banks, agents, and most solely internet-based providers only sell products from one insurance company.
Brokers are different, and here is why.
The Broker Difference
- More Options –It is not uncommon for an insurance broker to have access to 10 or more insurance companies for car, home, or commercial insurance coverage. Insurance brokers are not tied to any one insurance company, they are free to recommend the best insurer and coverage for you. Luckily, your M&R Broker has access to over 15 insurance companies for car insurance alone! – which one is best for you?
Advantage to you – More choice, and often a lower price
- Broad Knowledge of the Insurance Industry – Brokers are specialists at solving problems and finding solutions. Most insurance companies have a one policy fits all mentality. Through the combination of knowledge and choice, a broker can always find a solution for your needs.
Advantage to you – One stop for all of your needs
- Building Relationships – Most brokers live in the same communities as you do. When you call your local broker, you should be able to speak to the same person for all your insurance needs. This means less time on the phone, on the internet, or doing your research. Your local broker knows you, and is part of your community. You may even see them at the local arena, at the grocery store, or supporting a local charity or cause. 1-800 call centres, bank insurance, and faceless internet sales do not add value to your community. In fact, one can argue they take value and employment out of your community.
Advantage to you – Brokers Interests are similar to yours. Brokers are part of your community they build value.
- Advocacy – Brokers can advocate for their customers in the event of a claim. When a claims experience goes poorly, or life throws you a curve ball – brokers are in a unique position to offer unbiased and meaningful assistance.
Advantage to you – Since brokers don’t work for an insurance company, they have more leverage to support you, when you need it most.
- Education and Training – Brokers must pass rigorous licensing exams and register with an official provincial governing body (Registered Insurance Brokers of Ontario). Mandatory continuing education is an annual requirement. Brokers must continually update their knowledge and skills.
Advantage to you – the advice you get from your broker is always current.
The next time you ask yourself “who should I buy my insurance from?” the choice is yours.