When to use an insurance broker

An insurance broker is a regulated financial adviser who specialises in general insurance. They are experts who will help you decide what type of insurance and level of cover you need and recommend a suitable policy at a price you can afford. They are paid by commission, and their professional opinion can be valuable if your insurance needs are complicated.

If your circumstances are complex, out of the ordinary or you’re insuring something unusual, you might want to use a specialist insurance broker.

When you’re looking for a general insurance policy – such as travel, home or car insurance – your first port of call might be a comparison website.

While they’re a good place to scan the market quickly, they’re not always the best way to find the best insurance policy for you.

The policies you’ll be offered on a comparison website will be fairly generic, so if you want cover that meets your individual needs it might be better to use a broker.

There are several reasons why going to a broker for insurance might be the best choice.

Like comparison sites, they get paid commission by the insurance provider for selling their products. This means 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.

Insurers won’t always offer you every type of cover when you go directly to them, and comparison websites can sometimes be limited in the range of policies listed.

Brokers can talk you through the types of cover available from different insurance companies and help you work out what you need.

A broker will ask you about your personal circumstances to find you the right policy. They’ll also tell you if you’re already covered by your existing insurance policies, and they’ll often get you a good deal by comparing prices and product features. They can also be more flexible on price than comparison sites.

On comparison sites you might not find cover for things that need to be tailored to suit your needs.

You also won’t find specialist or bespoke cover on there. So if you want to insure something unique, such as a high-value antique or find travel insurance that will cover you even with a pre-existing condition, a broker will know where to go.

If you need to make a claim, your broker might speak to loss adjusters and claims departments. They’ll do as much as possible for you so you don’t have the hassle and worry. This will also reduce the chances of your claim being rejected.