When to use an insurance broker

Money Advice Service

If you’re thinking of buying an insurance policy for something you don’t know much about or insuring something fairly unusual, you might want to think about using an insurance broker. They’re experts in the market and – even with run-of-the-mill insurance – they can often find you better cover at a great price.

Comparison sites are not always the best way to buy insurance

Many people turn to comparison sites to look for the cheapest insurance, but that’s not always the best way.

The policies you’ll be offered are fairly generic so if you want a policy that meets your individual circumstances it might be better to use a broker.

Advantages of using an insurance broker

“There are more than 2,000 registered insurance brokerages in the UK”

Source: British Insurance Brokers’ Association

Here are a few reasons why going to a broker for insurance might be the best choice:

  • Getting expert guidance does not cost you more: like comparison sites, they get paid commission by the insurance provider for selling their products so you don’t pay them a fee for shopping around to get you a good deal. Unlike comparison sites they have specialist expertise and can give you guidance on the products that best suit your needs.
  • Know your options: insurers won’t always offer you every type of cover when you go directly to them. Brokers can help point out the types of cover available for the insurers they cover and help you work out what you need.
  • Find the right product for you: a broker will ask you about your personal circumstances to find you the right policy. They’ll also be able to tell you if you’re already covered by your existing insurance policies so you don’t overlap, and they will often get you a good deal by comparing prices and product features. They can also be more flexible on price than comparison sites.
  • Find a specialist provider: on comparison sites you might not find cover for things – like income protection or critical illness – that need to be tailored to suit your needs. You also won’t find special or bespoke cover on there, so if you want to insure something unique like a high-value antique or a collection, a broker will know where to go.
  • Your claims are taken care of: if you need to make a claim, your broker might speak to loss adjusters and claims departments and do as much as possible for you so you don’t have the hassle and worry.
Find a local insurance broker by using the BIBA Find a Broker service.

This article is provided by the Money Advice Service.

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