Finding and Working with an Insurance Agent or Broker
These days, you can buy any type of insurance without going through a professional. But is that the best approach? If you’re a savvy consumer with time on your hands, buying insurance on your own may not be a bad idea. However, if you’re like most people, you’ll benefit from the services of a qualified professional.
Why work with a professional?
Insurance has grown increasingly complex over the years. There are literally thousands of insurance companies and policies to choose from, and new products are entering the market all the time. Plus, policies are often filled with disclaimers and insurance jargon that can frighten the average consumer. A variety of specialized types of coverage, discounts, and surcharges may further muddy the waters. How do you make sense of it all?
This is where a good insurance agent or broker can come in very handy. Among other things, one of these professionals can help you:
- Determine your insurance needs in a particular area (e.g., the types and amounts of auto insurance coverage you need)
- Find insurance companies and policies in your price range that can meet those needs
- Choose the particular policy that best meets your needs at the lowest possible price
- Add riders or endorsements to tailor the policy to your unique circumstances
- Resolve any questions or complaints you might have, both before and after the sale
- File claims and receive payment in a timely, hassle-free manner
- Stay abreast of your changing insurance needs, and make any necessary changes to your coverage
- Switch companies or policies if you’re not happy
Some of this can be done on your own using the Internet and other resources, but there’s no substitute for a good client-advisor relationship. Choose the right person, and you’ll be rewarded many times over. Hopefully, as the relationship builds, you’ll gain increasing confidence that the person acts in your best interest and knows what he or she is doing. That peace of mind may be well worth any commission or fee you have to pay. Finally, using an agent or broker can simplify your life if you’re able to buy more than one type of insurance from that same person (e.g., less record keeping). Read more here...