How to Use an Insurance Broker
Insurance brokers offer insurance advice and can advise you on personalised coverage options. Find out how an insurance broker could help you choose a policy that’s suitable for you.
Contact a broker
First, you’ll need to contact an insurance broker. If you’re unsure of where to start, ask friends and family for recommendations, or have a search online for highly-recommended persons. Once you have a few brokers, give them a call or send an email. There are several ways you can decide on a broker; you could choose the one you gel best with, the one with the most years in the industry, or the one who seems to have the most experience in handling situations like your own.
Explain your situation and needs
Once you decide on the broker you wish to use, it’s time to explain your situation in detail to them. This can include your insurance requirements, and generally what you wish to get out of your insurance solution. Your insurance broker should be able to take note of what you need and find suitable options for your situation. Don’t be afraid to go into detail about what you require. Providing more information should help your broker make a clearer assessment of the type of solutions that would suit you.
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Choose from the selection presented to you (or pick another provider entirely)
After you provide your broker with information regarding your situation and requirements, they should come back with a selection of suitable options. Your broker will explain the insurance providers and policies they have chosen to present to you, and you’ll be able to ask any questions you may have and tap into their experience. Remember, your broker’s selection is simply a recommendation, and you’re not required to choose any of the solutions provided if you don’t like them.
How much do insurance brokers cost?
Generally, insurance brokers won’t cost you anything. Brokers tend to make their money from the insurance providers they work with, earning a commission from the insurance payments you make each month or year. This doesn’t cost the policyholder any additional money. Insurance brokers tend to generate their income solely from these commissions.
Did you know that Australia Post offers Home and Contents, and Car Insurance solutions? We’re delivering great value home and car insurance. Because we reckon affordable, quality cover is something every Australian deserves.
Australia Post home and motor insurance are issued and underwritten by QBE Insurance (Australia) Limited (ABN 78 003 191 035, AFSL 239545) (QBE). Australian Postal Corporation (ABN 28 864 970 579, AR No: 338646) is an authorised representative of Australia Post Services Pty Limited (ABN 67 002 599 340, AFSL 457551) which is acting (under its own AFSL) on behalf of QBE. Any advice provided is general only and has been prepared without taking into account your objectives, financial situation or needs and may not be right for you. To decide if this product is right for you, please read the relevant Combined Financial Services Guide and Product Disclosure Statement, and Target Market Determination for car and home insurance products. Any reference to value and competitiveness refers to an average market segment and may not include your specific circumstances.
