Search | Car Forums | Gallery | Articles | Helper | AF 350Z | IgorSushko.com | Corporate |
| Latest | 0 Rplys |
|
Show Printable Version | Email this Page | Subscribe to this Thread |
|
Thread Tools |
08-09-2007, 07:28 AM | #1 | |
AF Newbie
Join Date: Aug 2007
Location: Madurai
Posts: 5
Thanks: 0
Thanked 0 Times in 0 Posts
|
Insurance company Vs Insurance Broker
An Insurance Company is the actual insurer where as the Insurance Broker is the company representing you with the insurance company. An insurance broker does not pay your claims. The insurance broker will have a customer service representative available to answer your questions regarding your policy and your coverage. When working with a broker you usually get more personal service. Large insurance company's have a hard time competing with the family feeling that smaller companies have. Know your agents name and number and when you need their help, they will remember you too.
Last edited by fredjacksonsan; 08-09-2007 at 02:27 PM. |
|
08-09-2007, 02:28 PM | #2 | |
Caution: Monkeys bite!
|
Re: Insurance company Vs Insurance Broker
Don't forget that in most cases the insurance broker sells insurance for many different companies in order to help find the best fit.
__________________
Ours: 2020 Jeep Wrangler 2.0, 53k 2013 Toyota FJ Cruiser, 84k Kids: 2005 Honda CRV, 228k |
|
01-23-2008, 07:19 PM | #3 | ||
AF Newbie
Join Date: Jan 2008
Location: Hacienda Heights, California
Posts: 3
Thanks: 0
Thanked 0 Times in 0 Posts
|
Re: Insurance company Vs Insurance Broker
Quote:
Ask questions. Like which company do you like best? Why do you like them? How long has your company represented them? (Longer the better) What are the top two companies you have. What are their advantages and dis-advantages. Since I haven't had any accidents in ____ years, what is the premium? Are there any discounts because I'm over 50 etc. etc. What would lower my premium? Is there any additional coverage I can buy? You are trying to find a broker/agent who is NOT an order taker. You want a knowledgable advocate who can offer you the best VALUE. Coverage vs Cost. Then check the "A.M. Best Rating" of the Insurance company that the agent is promoting. Ask "What's the Best's rating for that company?" If the agent doesn't know the answer instantly, he's a newbie or just not that well informed. For good companies offering insurance for personal vehicles with the owner having an average driving record, the answer should normally be A-, A, or A+. For some insurers willing to take on tough commercial vehicles or personal vehicles driven by insured's with poor driving records, a B+ company might be OK. Companies below B+ or that are NOT rated are not advised. A "Best's Rating" is purely a financial rating and has nothing to do with the reputation of any company as to how well it pays claims. Then you can check your best deal with some of the direct players such as Geico or Progressive or Allstate. My experience is that the local agent with the Insurance Banner shouting "Starting at $16.95!!!! is NOT your best deal. As a matter of fact I've seen these "We'll finance you" deals with dozens of sheets of paper to sign end up costing ill advised consumers twice as much as normal, for half the limit, bare bones coverage, and many add-on fees. These observations apply to US Insurance and also Mexican Auto Insurance. So buyer beware. You want an insurer who provides good value with a good reputation for paying claims. If you have any questions , let me know. |
||
01-23-2008, 10:57 PM | #4 | |
AF Moderator
Join Date: Sep 2004
Location: syracuse, New York
Posts: 11,311
Thanks: 3
Thanked 11 Times in 10 Posts
|
Re: Insurance company Vs Insurance Broker
Please check the last posting date in the thread and avoid posting in those over 90 days since the last post date.
__________________
Thought for the Day… Alcohol does not make you fat - It makes you lean... against tables, chairs, floors, walls and ugly people. If a prostitute here in America loses her job to a prostitute in India , is that considered "outwhoring"??-Jay Leno |
|
|
POST REPLY TO THIS THREAD |
|
|