Insurance Brokers

[jrc77]

Has anyone used an insurance broker?
If so, do they do all your different forms of insurance?
Have you found it worthwhile using the broker rather than direct?

I currently have:

• Landlord insurance
• Building insurance
• Car insurance
• Professional indemnity and public liability for business
• Private health insurance
• Life insurance

and am wondering whether I could get benefits (better coverage, cheaper costs etc) by using a broker.

Regards,

Jason

 

[Colin Rice]

I refer my clients to an insurance broker and no complaints so far. She operates in a similar manner to a mortgage broker where she has the ability to shop around for the best deal. Bear in mind that policy is just as important (if not more) than the cheapest price. They will also go into bat for you if and when you need to make a claim.

It helps if they are good at what they do and the one I use is in her late thirties and has been doing it since she was 17

 

[Peter_Tersteeg]

Many years ago we went to iSelect for private health insurance. It was a complete joke with limited providers they worked with (none of whom were ideal for our needs) and they actually cost more than had we gone directly which we later did.

I do use an insurance broker for most of the other stuff. It's generally the same cost to me as going direct and for some of it they found a far more appropriate deal than I would have ever found on my own. I was particularly impressed with what he was able to find for my business PI insurance.

 

[Scott No Mates]

Hi Jason,

I find that using a broker gives you access to several other insurers who do not deal with the public (ie wholesale providers). Sure you may have to pay the brokerage charges but you have someone on tap who will handle all of your queries in English that you can understand not hiding behind their PDS.


SNM

 

[natmarie73]

I refer my clients to an insurance broker and no complaints so far. She operates in a similar manner to a mortgage broker where she has the ability to shop around for the best deal. Bear in mind that policy is just as important (if not more) than the cheapest price. They will also go into bat for you if and when you need to make a claim.

It helps if they are good at what they do and the one I use is in her late thirties and has been doing it since she was 17

Would love you to PM me her name if you don't mind. I'm after loan insurance and don't want to go direct with the bank.
Who pays the brokerage fees? Me or the insurance companies?

 

[Scott No Mates]

You pay the brokerage fee (usually quite small but it does vary widely depending upon the policy).

 

[Sean M]

Personally I have tried to but it really depends on your individual needs. Sometimes they can get better rates and better coverage compared to if you were doing it by yourself.

 

[stinadaze]

I have also been thinking about whether it is worthwhile using an insurance broker because of all the policies we hold.

If any of you are willing to recommend your broker please PM me. It would be hugely appreciated as so far my searches have not been successful!