Before you spend hours searching for an insurance policy on the Internet or by calling around to different insurance companies, think about hiring an insurance broker. These insurance experts can help you find the right policy for you, no matter which insurance company it’s with. The best part? You usually don’t pay for the help of insurance brokers in New Zealand! They earn their money through insurance company commissions and only charge a small fee to you.

What is an Insurance Broker?

Essentially, an insurance broker is someone who is highly knowledgeable in the field of insurance and who acts as an intermediary between you and the insurance companies. When you work with one, they will take the time to find out what your needs are, what your background is, and why you’re getting insurance. Then, they will combine that information with what they know about insurance companies and policies to identify the policies that best meet your needs at the lowest price.

Insurance brokers typically earn their money by getting a commission from an insurance company for each policy they place with that company. Sometimes, a broker may require an additional broker’s fee that you’ll have to pay for their services, but this is rare and usually only occurs when the insurance policy is through a private entity that doesn’t pay commissions. Even if you do have to pay a fee, insurance brokers can save you money because they know how to get the best premiums for the policies they represent.

Who Needs an Insurance Broker?

Anyone can benefit from using an insurance broker to help them find the right policies for them at a decent cost. You probably don’t know about all the policies that are available to you, but a broker will, and if they don’t know about a policy, they will discover it when they’re researching which ones work best for you. Brokers do all the legwork for you and all you have to do is provide your broker with your information and choose the policy from the ones they find for you.

While you don’t have to work with a broker to get your insurance needs met, but if you don’t know a lot about insurance, have many policies that you need to obtain at one time, are looking for business insurance, or you simply don’t want to waste your own time looking for the right policy, an insurance broker just makes good sense. Your relationship with your broker won’t end when you sign your insurance policy papers, either. They’ll keep working with you to solve claims issues, review your insurance needs, and help you comparison shop as well.

Beware the Independent Agent

There is a difference between an insurance broker and an independent insurance agent. Insurance brokers do not work for individual insurance companies, so they will work hard to find the right policy for your needs. An independent insurance agent will be affiliated with an insurance company and as such, may not always have your best interests in mind when searching for an insurance policy for you.

Conclusion

There’s really no downside to working with an insurance broker, especially if you hate the rather mundane task of shopping for insurance policies. Get your time back and save some money as well by working with an insurance broker the next time you need a new policy or want to change policies.

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