Why Would I Need An Insurance Broker?
When it comes to finding an insurance policy in the 21st century, it is all too easy to just boot up the laptop, go online, and find a meerkat. After all, those companies that spend a small fortune on constant TV advertising are pretty good, and they give you the policy that you need at the best possible price.
So why would you need an insurance broker to do the same thing? For that matter, why are there so many insurance brokers around when all you need to do is go online and get it sorted in ten minutes?
Well, there are a number of different answers to both those questions, but if you stop to think about the second one, there has to be a reason why so many people still use an insurance broker. And there is.
It is because an insurance broker can not only get you the cheapest policy for your needs, but he, or she, can also get you the policy that covers you for everything that you need to be covered for.
There are dozens and dozens of insurance companies in the UK. In fact, in 2018 there were 434 insurance companies on the domestic market employing no fewer than 94,000 staff between them (https://www.statista.com/statistics/817377/number-of-companies-operating-in-uk-insurance-market/).
But what you may not know is that your friendly meerkat doesn’t deal with all of them. These online comparison sites only work with certain companies, and they can certainly point you in the direction of the cheapest one of them for the policy that you are looking for, but only the ones that they deal with. There may be a far better / cheaper policy for your needs out there, but it isn’t on their list!
But there is something that is far, far more important than getting the cheapest insurance policy, and that is getting the policy that covers all your needs. All of them. Yes, you may get a cheap policy, but what happens if you have to make a claim only to find that it isn’t covered even though you thought it was?
All those 434 insurance companies don’t just sell one policy. They have dozens and dozens covering all different types of insurance. And they also specialise in different areas. So you will have life insurance companies such as Standard Life for instance. If you want a contents policy, they don’t do those.
Furthermore, all of those insurance policies have pages and pages of terms and conditions and exclusions, and it is absolutely vital that the policy you choose covers you for everything for which you need cover, rather than finding out too late when you come to make a claim, and discover that there is an exclusion clause.
And this is why we have insurance brokers. Our job is to search the market and find you the policy that covers everything that you need to be covered for. That is the most important fact. The second point is that it needs to be at the lowest cost, but that is very much the second point. What is important is that you are covered.
Furthermore, even as insurance brokers we can’t know everything about everything and that is why many of us specialise in particular areas. At The Insurance Broker we can find you cover for many things, but our particular area of expertise is finding you a transit insurance quote. So, if you want to ship goods abroad, or are moving home and need to insure your belongings, we are specialists in that. We have connections with the insurance companies that provide that sort of cover so that means that we can narrow down the search and find you the correct transit insurance quote that will fully cover everything that you need.
And that is why you need an insurance broker as opposed to a meerkat.