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- As opposed to a captive insurance agent who can only offer you the policies sold by his company, insurance brokers can offer a variety of options. They can search the policies offered by all the companies they represent to find the right coverage that meets your needs and present you with a wider selection of coverage options. They also have the ability to provide you with multiple quotes from different companies, which gives you a better chance of locating inexpensive coverage.
- A good practice when shopping for insurance is to obtain quotes from several insurance companies to find the lowest possible price. It can be time consuming to contact several companies individually. Even if you rely on a website that provides quotes from several carriers, it still takes time to closely examine each quote. An insurance broker can do all of the legwork for you and can use her professional expertise to assess each quote and make the proper recommendations.
- Because an agent who represents one company has a limited inventory of policies, he may need to make a stronger sales pitch in an attempt to illustrate how a policy meets your needs, even if it really does not. On the other hand, because a broker has a larger number of policies to choose from, he is able to take more of a needs-based sales approach by demonstrating why a particular policy is the right choice for you.
- An insurance agent is trained only on the policies and practices of her company and is taught that her company's products are better than those of the competition. As a result, her overall knowledge of the industry may be limited. The broker must be well versed in a large number of policies and insurance company practices, so she can offer a wider range of knowledge to her clients due to her broader perspective.
Multiple Options
Saving Time
Sales Approach
Scope of Knowledge
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