When searching for insurance, people typically have a list of things that are important to them when looking for insurance. These typically go in the following order.
4, Peace of mind on coverage
Here, we have broken these down and analysed exactly what is best for you as an applicant.
Cost of the insurance is by far the biggest worry (for my own insurance included) and for this reason, people will typically look to go direct or use an aggregator in fear of the broker adding their percentage.
Now, insurance brokers don’t work for free, so there is their percentage on top. However, the broker also has access to a multitude or premiums that are at much lower rates than any of us can get by going direct. The premiums a broker has access to are often so much lower, that by the time the broker has added their cut, the premium they offer is still cheaper then you would get direct. By using the broker, they also do the shopping around for you and you benefit with their knowledge or your risks.
Where do the aggregators come into it I hear you ask? Aggregators are often cheap correct, but read the small print on the policy, I bet you won’t be covered for that accident you have. You can’t compete on cost and keep full cover on an aggregator site.
No one really likes to handle or deal with their insurance, on this basis, why go direct to insurers where you have to do all the leg work?
However, studies have shown that, going direct (once you had chosen the insurer you like) was as easy as going through a broker, this was only short lived. It was often found that as the cycle of the policy went on, the brokers really shone through always being on hand to help and making changes if the policy changed. There was also a level of good personal service often communicating via email to resolve or make required changes.
This was often balanced and even at the stage or quotation to policy start.
Much like ease though, mid term changes were often handled by large call centres with very little insurance knowledge. As such, later in the policy, speed slowed down whereas the brokers would be there to offer helpful advice and sort anything out that was needed which consumers found extremely useful.
Peace of Mind
There were few surprises here. Brokers were largely far more efficient at cross checking policies than consumers and explaining the pros and cons of each policy type.
The direct process or aggregators place to much emphasis on the consumer doing the work and cross referencing each policy. The broker will typically know his policies and as such will be able to advise you on anything quickly and efficiently.
Aggregators and direct services often don’t cater for above the norm insurance. As such, policies bought through these will often lack the cover you require.
At every step and stage, we found the broker came out on top. Although they are the middle man, they are a middle man well worth having. As well as this, we frequently found that the cost of the middle man was no cost at all.
By using a broker, you know that you are covered for any incidents or accidents you may have but also, should you need to change the policy in anyway, it can be done quickly and efficiently without you having to do it or worry about it.
Who are Total Insurance Compare and what do we do?
We are an insurance intermediary. We are a completely free service that simply narrows down the brokers for you. The broker finds the best insurer and we find the best broker for you for free. We place high emphasis on the satisfaction of our applicants.