You may be looking for a home & auto insurance quote. Perhaps you have heard of brokers and never really known how brokers operate. They are independent insurance agents. They work differently than insurance agents that are affiliated with one company.
An insurance broker works with many companies to provide you with many quotes. He then sells you the policy you prefer. It is his job to service that policy, just as if he worked for the company. In a way, he does because the company pays his commission.
The broker can sell you home and car insurance. He may also be able to sell you health, life, dental, and many other types of policies. His objective is to fulfill all your insurance needs.
There are advantages to working with insurance brokers.
- Insurance brokers do not have company loyalty. They may have preferences of which companies are easier to work with, but they do not have to push any company. They are not bound to any agreement that forces them to favor one company. This gives you more choice.
- You can get as many quotes as you want. The insurance broker will search the different companies. When he finds a company whose policy meets your needs, he will present it to you. You will get not one, but several quotes if you want them.
- You may have warning if a company is in poor financial condition. Your broker would not steer you to a company that is failing. It would be bad for you, of course. More importantly for the broker, it would be bad for him. If the company went under, he might not get his commission.
- Your broker can work with different types of policies. Even if you go with different companies for different policies, this is true. You can get a home & auto insurance quote by you broker from one company. On the other hand, he may find better deals by getting you policies with different carriers for each.
There are disadvantages to working with insurance brokers.
- Brokers may not be as interested in servicing your policy. They are not a part of an insurance company that prides itself on service in most cases. They are simply a go-between for insurance companies and consumers. They may feel that they do not want anything to do with you once they have sold you a policy.
- Insurance brokers may try to get you to switch policies often. Brokers get paid a lower commission for renewal contracts than for new policies. For this reason, they are more inclined to switch you to a different company. That way they will get a new policy commission every year or two.
An insurance broker can get you a good home & auto insurance quote. However, you should prepare yourself for problems that might come from poor servicing or constant switching of policies. If you do use a broker, you need to be aware of the disadvantages.
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