Car Insurance Brokers

Car insurance brokers and how to get the best insurance policy

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Searching for the best car insurance policy can be a challenging prospect. However, car insurance brokers work to make finding the right policy easier. Finding the best deals for you, brokers negotiate with insurance companies directly.

How car insurance brokers work

Brokers act as a middle man between the car insurance companies and you. They search for suitable policies for you based on the requirements you submit to them.

Firstly, you tell the broker exactly what you need from your car insurance, and the broker will in turn present a range of policies to you that they feel are most appropriate and affordable for you.

Crucially, car insurance brokers are independent. They are not tied to a particular insurance provider, and under BIBA (British Insurance Brokers Association) regulations, brokers are required to put your interests and needs first.

Additionally, once you have chosen an insurance policy through a broker, should you need to make a claim, your broker will guide you through the process and fight your corner at each stage.

Advantages of brokers

The simplicity of taking out car insurance using a broker is one major advantage in choosing this process. They do all the hard work for you, and due to their commitment and the regulations they operate under, you can rest assured you will be getting a good deal.

Understandably, you must pay commission for the privilege of simplicity. Often, this commission will be charged within your monthly premium amount.

Given a broker’s experience and expertise in the industry, they will be aware of the best ways to negotiate the most from an insurance provider whilst balancing the cost and level of cover included in the policy.

Thanks to the broker’s expertise and experience in the field, each will have built exclusive relationships with particular providers. While they will not be tied to a certain provider, they will be able to procure a better deal with some companies than you would by searching yourself.

Insurance policies

Brokers are particularly helpful when searching for specialist car insurance. For example, classic cars can prove difficult to obtain quotes for from a mainstream insurer.

Some brokers are experienced in less conventional car insurance and obtaining insurance for those with specific requirements.

Factors affecting car insurance policies include a range of different circumstances that can increase or decrease the premium. Age is a significant factor, where younger drivers aged between 17 and 25 face the highest premiums. Certain occupations also result in higher premiums. Drivers that spend a large amount of time on the road, work in high-risk places or carry expensive equipment will pay higher premiums.

When selecting car insurance, it is vital to consider coverage level. Third party insurance typically covers only injury and property damage liability. This means should there be an accident, your insurer will pay compensation to the third party in the event of an injury or car or property damage. However, injury to yourself and damages to your car are not covered.

With a comprehensive insurance policy, however, you will receive compensation for damage to your car from an accident, if your car is stolen or if you suffer an injury.

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