Car Insurance Broker
A car insurance broker is an unaffiliated, unbiased expert who specialises in meeting motorists’ insurance needs, regardless of the carrier through which those needs are met. You may not need an insurance broker to find you qualify cover at an affordable price, but consulting one might help steer you in the right direction, if nothing else. A broker is very familiar with the insurance market, trends and carriers themselves. A broker might use her professional contacts within the industry to secure on your behalf the most competitive deal available.
As are other financial service specialists and institutions, insurance brokers are regulated and monitored by the Financial Services Authority who ensures high standards in business practises. An authorised broker is a reputable and reliable expert who can weave through complexity to find legitimate and affordable cover for her clients, whether they are teen drivers, convicted drivers, sedan drivers or mature drivers. An insurance broker keeps client needs in mind, even for teens needing cover for a high-risk vehicle.
Role of an Auto Insurance Broker
An insurance agent focuses insurance searches to one or more specific, affiliated carriers. An insurance broker has much more freedom and scope to find you the best coverage, regardless of its issuer. A broker takes the time to discuss and fully identify your insurance needs, your history and your budget. It’s your need that motivates a broker, not an insurance company’s.
An insurance broker will take the time necessary to explain the various standard insurance policies on the market, taking care to ensure you fully understand the differences, advantages, disadvantages and limitations. Third-party cover complies with the statutory minimum required to drive legally in the UK. A third-party pays to others if you are at fault in an accident and covers their repair or replacement expenses and their medical expenses but only up to the coverage limitations in the policy. Third-party fire and theft provides slightly elevated coverage that provides the basic coverage plus pays for damage from fire, theft and a few limited events. It does not provide cover for your own vehicle in an auto accident, regardless of the guilty party.
Comprehensive cover is the only policy type that, in addition to all the benefits already outlined, will also pay for repair or replacement of your own vehicle. If you purchase a car through a loan, comprehensive cover through a broker’s efforts or your own may be compulsory. This cover provides the highest level of protection, offering native benefits that extend far beyond either third-party cover and adds significant extras as well. The features that are available at this coverage level add a tremendous value to the policy for very little cost. It provides liability coverage. It allows payment in the same events and fire and theft cover, and it provides repair or replacement expenses for your own vehicle – a very important aspect for lenders who must protect their investment in the loan. It will repair body damage, windscreen, mirror or window damage, and it may provide a high degree of protection for your personal belongings in a vehicle as well. Breakdown cover and personal injury protection are among the most popular optional features.
An insurance broker can be a valuable resource in finding the best car cover at a highly competitive price if you are a high-risk driver – one who is newly qualified, convicted or have a high number of accidents in your driving history. High-risk drivers often use brokers because of their familiarity with those speciality carriers who cater to the various high-risk groups, including high-risk, high-value cars. If finding a cheap policy has been difficult, you might seek assistance from a professional and authorised insurance broker. She’s there to help.
Fees and Charges
Any insurance broker should clearly and concisely outline both services and fees. Full understanding avoids nasty surprises after you consent to those services. Brokers do charge for their services, for they are expert consultants who provide an invaluable service to those clients who want or need it. However, the excellence of coverage and the low price they find may make concern over those fees disappear.
A professional insurance broker will ensure you completely understand the benefits of the recommended policy, the qualifying conditions and the restrictions and limitations of coverage. You will have an opportunity to review that information prior to purchasing any policy. You should also receive a copy of all information pertaining to it, including the full insurance policy. Do not hesitate to ask any question that comes to mind regarding fees, costs, benefits or options. An informed decision is the best decision.
Your vehicle is often one of the most important investments you can make. Protecting it properly and affordably is a prime concern. A reliable, trustworthy insurance broker can help you wade through all the policy options that are available to you to find the best insurance benefits at the lowest price possible. Their extensive knowledge and expertise is at your disposal as you make your car coverage decision.