Do You Know How To Choose An Insurance Broker?

Knowing how to choose a good broker can be difficult because so few of us understand the products they sell and what services we are paying for. Here are few suggestions to help you assess your insurance broker.

The first thing to look for in a broker is their understanding of their product. According to industry studies, one of the major complaints of policyholders today is claims that were not covered or insufficiently covered. Insurance brokers are supposed to understand their client’s needs and recommend an insurance company that provides the right product at the right price. Repudiated claims are often caused by a broker having insufficient knowledge about his clients. You can tell if your broker has a good working knowledge of his/her products if they can explain clearly to you what your policy covers.

Good brokers have good claims service. Claims service is what you are really paying for. When you are in an auto accident you want your claim to be processed quickly and efficiently. Your broker should return your phone calls promptly, be available and willing to assist you in the claims process. A broker who is available 24/7 is very convenient.

A competent broker will keep you updated about policy renewals. They deliver your renewals in a timely manner, give you accurate estimates of your renewal premiums at least 45 days prior to expiration and should advise you on alternative sources of insurance if appropriate. A vigilant broker will tell you if your deductible, exclusions or other policy provisions are changing.

Brokers should carry professional indemnity coverage. Although it is not required for them to have this coverage you want a broker who does. This policy will protect you in the event the broker was negligent in dealing with the insurer on your behalf. It doesn’t cost you anything and can save you legal hassles. Brokers are required to disclose to you if they have this coverage or not.

Good brokers have a good relationship with their insurance firms. If they do not it may affect the quality of the service the broker can provide to you.

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