3 Reasons Why You Should Work With an Insurance Broker

3 Reasons Why You Should Work With an Insurance Broker

If you want the best coverage at the best rates for your needs, you need the assistance of a licensed insurance broker. Learn more about the difference between an insurance company representative vs. an insurance broker and why you should consider working with a broker instead.

Brokers Aren’t Tied to Specific Policies

There’s a big difference that you should be aware of when it comes to working with an insurance company directly vs. an insurance broker. The representative for the insurance company can only sell their own policies, not those offered by other insurers. So if there’s a plan out there with a better rate or terms, they will have no incentive to tell you about it. An insurance broker, on the other hand, is not tied to any specific company or insurance policy. They will have access to all the policies and plans offered by the top-rated insurance companies across all of Canada. This ensures that you get the best plan and rate for your specific needs, every time. 

There’s No Fee Involved

Did you know that there’s no cost for working with an insurance broker? That’s right! You don’t pay them for the work they do for you, the insurance company does. This means you get unbiased advice at no cost to you. You also don’t have to worry about the broker taking advantage of this situation. They are required by law to give full disclosure on commission rates and the effect this has on your premiums. Brokers must also declare any financial interest they have with a specific insurance company. This ensures that the agent is always working in your best interests, not theirs. Having this knowledge is powerful as it can help you to make the best decision when deciding on an insurance product.

They’re the Most Experienced In Their Field

Brokers must be licensed to operate legally in Canada. And to get a license through the Registered Insurance Brokers of Ontario (RIBO) they must go through rigorous training and testing to obtain their certificate. What does this mean for you? The agent you’re dealing with is a certified professional, not just someone who has gone through some basic training. Brokers will also be required to learn all the products and services from the major lenders to properly do their job. This gives them the upper hand over insurance company representatives who will only be trained on a few of their own products and won’t have the knowledge about other products that might be better for you.

Are you ready to get the best rate and insurance product for your specific needs? Our team at MLS Insurance is ready to serve you. Set up an appointment today!

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