Today, you can buy policy through professional insurance brokers or online. If you need simple car insurance then it can be bought safely on your own. However, you will need to understand the options that matter like UM/UIM limits, and sufficient liability. Rental and collision car coverage – yes or no?
If you are planning to buy life or business or disability insurance or something unique then it is good to find good broker to help find right coverage. You can visit online portal that connects people with insurance agents near your residence.
You need to be familiar with two kinds of agents – Captive and Independent. The former will offer you single company’s insurance products. The latter will offer wide range of options from different insurance companies.
The policy bought from broker will involve commission charges ranging from 7% to 15% of total premium of the kind of policy purchased. If you hire an insurance broker then you will need to pay commission and a fee.
Quality matters in choosing an insurance product but is hard to shop around and compare the plethora of policies. However, it is worth to pay a professional reasonable commission or/and fee. They will locate the right insurance provider and policy as per your tailored needs. Make sure to clearly ask about the commission or/and fee they will charge.
Tips to pick good insurance broker
Friends, co-workers, family, neighbors are trusted sources of recommendations rather than depending on yellow pages or ads. Firsthand experience allows you to get an idea of how the potential broker works, communicates, and service level.
Social networking channels can help you assess quality and good service. Even if the social sites are useful, a face-to-face communication with the agent cannot be surpassed. It helps to figure out their responsiveness, care, and keenness to help you.
Every state has a department, which monitors insurance companies and agents operating in the state. You can use state insurance regulator to inquire about disciplinary actions or complaints, see how long they have been in business, etc.
Generally, brokers specialize in personal or commercial insurance field and not both. Therefore, find out if the potential agent has experience in the kind of coverage you require.
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