There are a few different ways to buy insurance, but most people either contact the insurance company directly or they work with an insurance broker or insurance agent Rockwall residents know and trust. If you’re looking for any type of coverage – car insurance, home insurance, life insurance, and more – then you may be wondering what the benefits are to going with an insurance broker or insurance agent. Are you going to get a cheaper policy? Is it going to make the process easier? Why is it that you would choose to work with a broker or agent instead of just contacting the company and telling them you need to buy a policy?
Understanding the system
One thing that is generally true is that working with an insurance broker or agent is a tactic that people use to save both time and money. This stems from the fact that the broker or agent understands the system in which they’re working, the policies that may work best for the customer, and things of this nature. They are often able to find specific policies or options that someone simply wouldn’t know about or wouldn’t discover on their own.
There is a difference between and insurance agent (our agency) and an insurance broker. An insurance broker may charge a fee although we do not. This broker fee is usually balanced out by the savings. For example, someone might think that they need an insurance policy that costs $3,000 a year. The insurance broker has a $100 fee, but they’re able to find a policy that is even better at addressing that customer’s specific needs, and it only costs $2,500 a year. The customer still saves $400 even after paying the broker fee, and they end up with better coverage than they would have had before. Plus, all this takes place quickly and with a minimum amount of headache and confusion.
Remember, people often buy policies that they don’t really need, or they don’t understand what they’ve purchased. For example, many people who have comprehensive car insurance think that they have collision insurance. They’re in for a rude awakening if they get in a car accident with just that policy. You can avoid issues like this when you have a broker or agent who knows the ins and outs of the system.
Bundling to save
Another way that an insurance broker or agent can sometimes help is by allowing you to bundle different policies together to get a better deal. Maybe you already have home insurance but you’re looking to add a car insurance policy. Is it cheaper to buy a brand new policy for both, bundling them together so that the total cost is less than if you just bought car insurance and home insurance separately?
But it isn’t just about saving. It’s also about considering different ways that insurance can help you. Most people know that homes and cars have to be insured, as noted above. But business owners may have different concerns. People may also be interested in insurance policies for floods or other natural events that aren’t generally covered under standard policies. Even within the realm of car insurance, it can help to bundle different types of policies together. Liability insurance is legally required, for instance, but you may want to add things like collision insurance or comprehensive insurance.
Working with multiple companies
Additionally, another benefit is that insurance brokers or agents have access to policies from multiple insurance companies. If you call the company directly and explain your needs, they’re going to assure you that the policy they sell is the best one. All of the different insurance companies will tell you this. That’s because their goal is to sell you a policy, not to figure out what you need.
A broker or agent, on the other hand, will be more dedicated to determining exactly which policy you need and from which company. They certainly want to help you find insurance and get paid through the broker fee or even through a commission, but they are not the company that is selling that coverage. This means you may end up with a policy that better fits your actual situation.
Building an insurance plan
By working with an insurance broker or insurance agent from Rockwall, you can build an entire insurance plan that addresses all the needs you have in your life. Maybe you need business insurance for a company you started, you need personal car insurance for a new vehicle, you need commercial car insurance for the business vehicles, and you’re looking for a life insurance policy to back all of this up so that your family is protected if something should happen to you. You’re not just looking for something simple. The package gets more complex, and a broker or agent can help you build a plan that works perfectly for you.
Here at Rockwall Insurance, we’ve been doing this for years and we would be happy to help you get started. Just get in touch with us today to discover all of the ways that we can help.
