If you want to shop around for your insurance but don't have the time, a car insurance broker might be the right solution for you.
An insurance broker does a large amount of the work for you when it comes to sourcing car insurance; their job is to deal with insurance companies on your behalf in order to find you the best cover for your needs.
An insurance broker does a large amount of the work for you when it comes to sourcing car insurance; their job is to deal with insurance companies on your behalf in order to find you the best cover for your needs.
The difference between a car insurance broker and an insurance agent
An agent is a person (or business) who is contracted to an insurance company in order to sell insurance for them. Larger agencies may have contracts with multiple insurers, but you should always remember that agents are representatives of the insurance companies, and as such premium payments to the agent are equivalent to paying the company direct.
How motor insurance brokers work
A car insurance broker, on the other hand, refers to a person or company who researches the market on a customer's behalf. Brokers do not work for any insurance company, Brokers work for you instead.
A broker will first ascertain your needs as the customer, before submitting information to relevant insurance companies. This is another way in which agents and brokers differ: Agents can put policies live themselves, whereas a motor insurance broker can only introduce the client to the insurer for them to accept or reject.
A premium set up by a broker can be a little more expensive than one organised by an agent however, as the broker's fee is included in the premium. You should be entirely aware of how much the broker is charging before entering into setting up a car insurance policy with them.
Of course, an insurance broker is limited by the number of companies they have relationships with - here at moneysupermarket.com we compare over 100 insurers and brokers in order to help you find the best deal for your needs.
Our car insurance tools allow you to quickly enter your details and then compare quotes from a wide range of companies prepared to offer you a policy - saving you time as well as money spent on broker's fees.
A broker will first ascertain your needs as the customer, before submitting information to relevant insurance companies. This is another way in which agents and brokers differ: Agents can put policies live themselves, whereas a motor insurance broker can only introduce the client to the insurer for them to accept or reject.
A premium set up by a broker can be a little more expensive than one organised by an agent however, as the broker's fee is included in the premium. You should be entirely aware of how much the broker is charging before entering into setting up a car insurance policy with them.
Of course, an insurance broker is limited by the number of companies they have relationships with - here at moneysupermarket.com we compare over 100 insurers and brokers in order to help you find the best deal for your needs.
Our car insurance tools allow you to quickly enter your details and then compare quotes from a wide range of companies prepared to offer you a policy - saving you time as well as money spent on broker's fees.
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