When to use an insurance broker

If your circumstances are complex or out of the ordinary or you’re insuring something unusual, you might want to consider using an insurance broker. They’re experts in the insurance market and can often find you better cover at a great price. They can also help you with any claims you have to make. 

What is 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.

Comparison sites are not always the best way to buy insurance

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.

Advantages of using an insurance broker

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

Getting expert guidance doesn’t cost you more

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.

Know your options

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.

Find the right product for you

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.

Find a specialist provider

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.

Your claims are taken care of

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.

Where to find an insurance broker

Using a regulated broker means that you can go to the Financial Ombudsman Service if you have a complaint, and you’re protected by the Financial Services Compensation Scheme

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MoneyHelper is the new, easy way to get clear, free,
impartial help for all your money and pension choices.
Whatever your circumstances or plans, move forward with MoneyHelper.

Continue to website
Looking for us? Now, we’re MoneyHelper

MoneyHelper is the new, easy way to get clear, free,
impartial help for all your money and pension choices.
Whatever your circumstances or plans, move forward with MoneyHelper.

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