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 Posted: Thu Jul 16, 2009 3:45 am Post subject: why brokers?? |
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| Is there any extra advantages of using a broker to purchase insurance?? If yes then what are these?? please explain me.. |
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Tulip
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| Posted: Thu Jul 16, 2009 7:37 am Post subject: |
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| please see the post lower in the forum entitled "Agent or Broker" |
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darnardo1
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| Posted: Thu Jul 16, 2009 8:44 am Post subject: |
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If you compare between an independent agent and a broker then there aren't much differences between these two. Both would be able to shop around for better rates and coverage from different insurance companies.
However, agents who are engaged only to one insurer would be able to offer policies only from that particular company, which might or might not limit your scopes to look for better deals elsewhere. |
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kelvin
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| Posted: Thu Jul 16, 2009 11:51 am Post subject: |
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| Thanks Kelvin, it means that by using a broker to purchase insurance, the policyholder receives a higher level of personal service as the broker represent the client..?? |
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Tulip
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| Posted: Thu Jul 16, 2009 12:22 pm Post subject: |
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Yes, we'd need to remember that though both the agent and the broker are required to sit for the same exam for selling insurance, they differ at one point - one of them works on behalf of the carrier and the other represents his client.
Don't you think it's also beneficial for the insured to know how much the broker is earning as commission?
A broker should also get a written consent from the client regarding this. Roddick |
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roddick
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| Posted: Thu Jul 16, 2009 8:17 pm Post subject: |
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| An "independent agent" is working as a broker when he shops around for insurance for his client. |
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InsuranceExpert
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| Posted: Thu Jul 16, 2009 8:20 pm Post subject: |
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| Quote: | | Don't you think it's also beneficial for the insured to know how much the broker is earning as commission? |
Nope. It's irrelevant and the owner of the policy doesn't care.
When you buy a pizza, do you care how much money the pizza maker is going to earn or do you care about how much the pizza costs?
If you buy a new TV, do you care about how much the TV salesman makes or do you care about the cost of the TV? |
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InsuranceExpert
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| Posted: Fri Jul 17, 2009 2:21 am Post subject: |
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You get higher level of service but also your rates are little bit high as there is profit involved with broker
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In thats sense... a online quote would be much better
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Design, I combined your posts into one, please refrain from making multiple posts in a thread, back to back..minutes or seconds apart..let me know if you have any questions--lori
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"Be who you are and say what you feel because those who mind don't matter and those who matter don't mind" - Dr. Seuss
"Imagine an insurance company as a car, the president is driving, marketing has its foot on the gas, underwriting has its foot on the brakes, and the actuary is looking out the rear view mirror screaming directions." |
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DV360
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| Posted: Fri Jul 17, 2009 10:14 am Post subject: |
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Design360, please don't guess at answers and then post those answers without stating that you are guessing.
The level of service isn't any higher. The level of service is completely dependent on the agent/broker that is being used.
The rates aren't higher. The rates are identical regardless of whether the product is being sold by a broker or an agent.
An on-line quote is just that...a quote. Getting insurance on-line is not less expensive. A broker is still being used. The website either belongs to a broker or the website is used to sell leads to brokers. |
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InsuranceExpert
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