Why Use an Insurance Broker When Comparison Sites Are So Easy? Here Are 6 Excellent Reasons

Buying insurance is no one's idea of an exciting time, but one of the many benefits of the web is the way it makes shopping for such uninspiring products easy and quick. Insurance comparison sites let you fill in one simple form and then provide you with a list of suitable policies from which to make your choice. When doing this is so easy and quick, why would you still want to use the services of an insurance broker? Here are six compelling reasons:

A Full Range of Insurers and Policies

Nearly all comparison sites only show results for insurance companies they have a deal with. This is because they make their profit by taking a cut of any policy you end up buying through them. For this reason, you can't be sure you'll be shown all of the deals available; many insurance companies don't make their best-value products available to comparison sites, preferring to keep them as exclusive deals on their own branded websites.

While it's true that insurance brokers also make part of their living through commissions, they have access to the entire insurance market and must present you with the best policy for your circumstances, not just the one that makes them the most money.

One Size Doesn't Fit All

Online comparison services usually base their recommended products based on a typical customer profile, with only some of your specific circumstances being taken into account. In contrast, a broker can take a much more detailed look at your situation, and often find a policy that more closely meets your individual needs, giving you better coverage at a more attractive price.

Spotting Complications

In the same way, not all insurance policies are available for all circumstances. Many policies have restrictions in their small print, such as refusing standard household insurance if your property is in a flood risk area. A comparison site will probably ignore most of these potential gotchas, while an experienced broker will spot them before you waste time applying for a policy you won't be approved for.

More Than Just the Money

Comparison sites usually return their results in order of cost. However, the cheapest option isn't necessarily the best one, especially with something so complex as insurance. Rather than simply going on price, an insurance broker can help you recognize the situations when low cost doesn't necessarily mean good value.

Niche Policies

Comparison sites become profitable by earning a large number of small commissions. This means they often only deal with the types of insurance that cover a large market. If your own needs are a little more specialist, then you'll probably find more and better options in your niche by using a broker who has the time to do personalized research for you.

Truly Impartial Advice

Lastly, an insurance broker is by law required to be impartial in the advice they give you, rather than show preference for any particular company's products. While reputable comparison websites will also be somewhat impartial, the international and relatively unregulated nature of the web means you can't always rely on being given the best guidance or the most suitable options.

None of this is to say that insurance comparison websites are a bad thing; they fill a gap quite well, particularly for simple, mass-market insurance types. However, if your needs are beyond the ordinary, and you value accurate, high-quality service over simple price, then an insurance broker should be your first port of call.

Contact a company like National Corporate Broking Pty Ltd for more information and assistance.