Are you in need of an insurance policy? If so, you have a few options including dealing with the insurance company directly, using an insurance agent, or using an insurance broker. While all three have their pros and cons, there are some clear advantages to using an insurance broker in Toronto.

Here we’ll not only look at the many benefits of an insurance broker, but also look at why dealing with an insurance company directly can be a bad idea. By the end, you should have a clear idea of whether or not an insurance broker is right for you.

Advantages of Using an Insurance Broker in Toronto

Let’s start by looking at the main benefits of using an insurance broker in Toronto:

Impartial Advice – When using an insurance brokerage, you are working with an independent entity that can give you unbiased advice based on your needs and requirements. In each individual situation, the broker can find you the coverage you need and not the one insurance companies are trying to sell you.

Handling Claims – Toronto insurance brokers with many years of experience can manage your claims much faster in the event of insured losses. As an added layer of protection, they can ensure your claim is handled fairly and that your insurer remains accountable.

More Options – Working with insurance brokers can open up a whole new world of possibilities for the consumer. Because they won’t push the products of a particular insurance company, insurance brokers will present you with a broader range of options to choose from.

They leverage their client pool and existing partnerships with insurance companies to exert influence and ensure the client gets the best fit. This is why it can great idea to search for insurance broker near me rather than getting advice from anywhere else.

Certifiable Expertise – All insurance brokers in Toronto must be licensed by RIBO (Registered Insurance Brokers of Ontario).

As part of its regulation procedure, the RIBO requires brokers to partake in accredited annual education courses to remain up-to-date with insurance regulations, trends, and market demands. This means that when using an insurance broker Toronto, you can be confident you are getting sound advice.

Personal Relationships – While many insurance brokers offer services online, they all focus on building personal relationships with their clients. Besides assessing your needs and risk factors, a Toronto insurance broker puts emphasis on understanding each individual client so they can fight for the right policy for them.

Free Consult – Many insurance brokers offer free consults and advice on different forms of insurance to attract more clients. In most cases, when you choose to work with a specific broker, you won’t have to compensate them for their time, as they get their fee from the insurance provider.

You Can Save Money and Time – Insurance companies in Toronto often see customers who use insurance brokers as low-risk clients. They view them as an opportunity to save money, which means you’ll also save money. When using the best insurance broker in Toronto, your policies will cost less, and you’ll have access to further premium discounts.

While it’s crucial to shop around before you purchase an insurance policy, this can be time-consuming. Many clients get overwhelmed by the different choices, which makes them lose even more time figuring out what would fit their needs best.

Insurance brokers can compare coverage options and quotes from different insurance companies, saving you a lot of time. Additionally, if you have any questions or need to file a claim, your broker will save you from even more legwork. With just one email and phone call from you, they can get your claims process started.

Disadvantages of Dealing Directly with Insurers

After the many advantages of using insurance brokers, let’s see what you have to lose if you decide to work directly with an insurance company.

Insurance brokers serve as an intermediary between you and the insurance companies, allowing you to find a policy that best suits your needs. Therefore, they represent you and not your insurer. By not using them, you risk losing valuable assets that could benefit you and not your insurance company. For example, you might be unable to tailor your policy to provide adequate coverage.

Navigating insurance purchases can be challenging. While different insurance companies have varying degrees of customer service, they might not be able to help you make the right choice. Similarly, if you have questions about an existing policy, you might need to wait a considerable amount of time before getting an answer.

With an insurance broker as an intermediary, you won’t have this issue because they’ll make sure your inquiry or concern reaches the insurer as soon as possible. Lastly, some insurance companies in Toronto only sell their services through insurance brokers. You might miss out on a great deal if you don’t use a broker.

Final Thoughts

Using an insurance broker can make many aspects of buying and using an insurance policy in Toronto much easier. For starters, they can give you comprehensive yet objective advice on the type of coverage you need based on your risk profile. They take the time to get to know you so they can understand your needs.

Simply put, insurance brokers can find you the best deals on the market. If you’re looking for an insurance broker, then Marathon Insurance would be more than happy to take your call. Contact us today to see how we can help get the perfect insurance policies for you.