Why Should I Use an Insurance Broker? – Part 2
In our previous post, we asked this question:
In Canada, what are the four avenues available to consumers to purchase insurance?
Answer:
In Canada, you may purchase insurance:
– Directly from a bank that has an insurance division eg. RBC or T-D
– Through an agent who represents one specific insurance company and that company’s products, eg. Belair or Statefarm
– Via an insurance broker, who is able to offer a variety of coverage choices from different insurance companies, eg. Aviva or Economical
Did you know the answer?
Now for this post’s question!
How many companies in Canada offer their own variety of insurance coverage?
Check back for the answer in our next post!
In our previous post, we began exploring the different reasons why it’s beneficial to consumers—to everyone, really—to use the services of an insurance broker when it comes to buying insurance and making claims.
Remember, an insurance broker’s services come at no extra cost to you! Brokers make their living through commissions earned off the insurance packages they provide for you, but the main principle of a broker’s job is to work for you—on your behalf, looking out for your best interests!
The moment that changes, you lose confidence and trust in us. That’s why we strive to offer the best service imaginable, seeking out the insurance policies that are just right for your needs, and dealing with sometimes-confusing insurance jargon on your behalf.
Let’s examine a few other benefits that come along with using an insurance broker.
4) How much do you really want to know about insurance?
Think about it this way: You probably have a lawyer, because being a lawyer isn’t something you’re interested in or have the time for. You have an accountant for the same reasons, maybe even a hairstylist because it’s not in your future plans to understand everything that goes into accounting or hairstyling.
It’s the same with insurance. There’s a lot more to insurance than most people realize at a surface glance—and the same can be said about almost any profession, when you really break it down. We allow professionals who are trained experts in their fields to do those jobs for us, and that’s what an insurance broker is here for too. We’re trained experts in insurance, so you don’t have to be! (And because you probably don’t want to be.)
5) What if I make a claim? Am I no longer insurable?
This world is one crazy place. It’s unpredictable, which is why we need insurance. We can live the best lives possible, but bad things still happen to good people—and never when it’s expected.
However, insurance companies use something called predictive analysis in their day-to-day operations. Predictive analysis shows that one accident is a strong indicator of the likelihood of another accident, which is why many companies are less eager to insure people who have made claims in the past.
In fact, some insurance companies maintain their competitive pricing structures with one simple, albeit frustrating for some potential consumers, method: They severely restrict access to potential clients who have a “profile” that would indicate a slightly higher chance of making a claim.
Whether you believe in luck or not, anyone can have an off day, week, or month. It’s not unheard of to have a run of “bad luck,” and when that happens, Direct Writers may tell you it’s time to cut the cord and turn you loose. A Direct Writer is not working for you, so they won’t have an alternative to offer. It’s a case of “bye, have a nice life!” and that’s the end.
But when you work with an insurance broker, it’s never the end. An insurance broker has access to many different companies and can approach them on your behalf. These companies each have a different “secret sauce recipe” with respect to what their ideal client is like, and we find that where one insurance company is very strict, another may be able to offer more leeway.
When life drags you down, we won’t kick you to the curb and abandon you. Insurance brokers offer options! We’re working for you—there’s no cutting loose, no excuse of “you no longer fit our customer profile, sorry!” We’ll find a solution that works.
Staebler has been providing brokerage services in Kitchener-Waterloo for over 140 years now, and that’s no accident! It’s because we’re dedicated to the clients we serve, and whether you choose to use a Staebler broker or someone else to get the best insurance possible on your behalf, know that we’re not just sitting in our offices waiting to sell you something. That’s the difference between us and a Direct Writer. We’re advocates on your behalf—which is something we’ll talk a little more about in the final instalment of this series on the benefits of working with an insurance broker.
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