Some may already understand the true benefit of working with an insurance broker, but based on what I've seen over the past few years, there is still some mystery surrounding our role in the insurance process. Understanding this simple fact could help you save money and time spent shopping your insurance policy around.
TheFreeDictionary.com defines broker as follows:
A Broker is defined One that acts as an agent for others, as in negotiating contracts, purchases, or sales in return for a fee or commission.
This is essentially what an insurance broker does for you when you purchase insurance for your car, home or anything else from them. Your insurance broker has a relationship with more than one insurance company, one of which will provide you with your insurance.
How Does it Work?
Your broker will take your information and generate a quote with each of the insurance companies they represent. They will then provide you with the lowest price insurance that they can find that meets your coverage needs.
If your insurance broker only has a relationship with one insurance company, they will not be able to compare, but if they have a relationship with 10 companies chances are that you are getting the best price you can get in Alberta.
Say you get a quote at one broker and decide to shop it around to another broker, if the next broker represents the same insurance companies as the first, you'll be getting the exact same price quote when quoting on the same coverages at either broker.
So How Do You Get the Best Price?
When shopping for insurance there are two things you should be concerned about. One of them, of course, is getting the best price. The other is making sure you have the best coverage you can get. These can both be achieved the same way.
Insurance is a complex product and to ensure that you have full coverage where you need it, you need to ensure that you are speaking with an experienced, licensed, professional insurance broker. Your broker should explain clearly what your coverages mean and what will happen if you have a claim. They will also have extensive knowledge about what the different insurance companies offer, so that they may make suggestions that will save you money.
The second factor in finding the best price is selection. If you go to an insurance broker that supplies insurance products for more companies, there is a much better chance of you finding a better price on the coverages you need.
This is why Armour Insurance Partners With 10 Different Insurance Companies
That's how we make sure that we supply our customers the best possible coverage at the best possible price.
So next time you looking at quoting insurance, take a look at the logos your insurance broker has at the bottom of their website. If they only represent a small number of insurance companies, you'd save yourself some time by quoting with a company like Armour Insurance first and getting a much wider variety on your prices and coverage types.
Find Out Your Price With One of Our 10 Insurance Companies!
