What do motor insurance brokers do? They take on the role of an intermediary between the client looking for motor insurance and the insurance company that provides it. From the client's point of view, it can be an especially useful and rewarding relationship since the broker's experience and knowledge of the motor insurance market ensures not only that the most appropriate type of insurance is found, but that it also represents the best value for money.
One of the most reassuring features of the insurance broker's role is that it is an entirely independent one. The independent insurance broker is not tied to a particular insurer or even a selected panel of insurers, but can genuinely – and independently – recommend to his or her clients. Because they are not agents tied in to any vested interest, such brokers can establish precisely the insurance needs of a particular client and trawl through a huge range of potential providers to find the perfect match – both in terms of the insurance cover provided and the price.
But finding the most appropriate insurer is just the beginning of the broker's job. There is an ongoing relationship between client and broker that enables the latter to:
Anticipate future insurance needs, such as scheduling renewals of the policy;
Offering specialist advice if the insurance needs are more complex – whether the complexities arise because of the driver's personal circumstances or because of the particular type of vehicle involved;
Advising on ways of mitigating some of the risks involved in motor insurance – for example, by installing security devices to protect the car from theft or by advising on the most appropriate level of excess for the client to take on, and so reduce the amount paid in insurance premiums;
Amending the current insurance policy – if you change your car or want a further vehicle added to the existing insurance, for example;
Providing advice in the event of an accident, or other loss or damage to the car, that gives rise for the need to make a claim under the policy;
Collecting the premiums due on the insurance policy.
In other words, there is a whole lot more to the insurance broker's role than simply selling the customer the motor insurance policy in the first place. With so many different providers of motor insurance, a broker can play an indispensable role in ensuring that his or her clients buy an essential product not only at a competitive price, but also in the comfort and knowledge that the insurance will perform exactly as intended if and when the time comes to make a claim.
The time for making a claim is often the moment when a particular insurance policy is really put to the test – when you can truly measure the value of what your premiums have been paying towards. Far better, then, to have had the motor insurance broker's input from the very outset, rather than discovering an unpleasant surprise when the cover you thought you had actually fails to live up to its promise.
David Thomson is Chief Executive of BestDealInsurance (http://www.bestdealinsurance.co.uk) an independent specialist broker dedicated to providing their clients with the best deal on their home, motor and life insurance.
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