By Lara Chatterjee
The endless rows of insurance agencies in the phone book can be overwhelming.
When students are looking for insurance as first time users, it’s important to shop around for different policies, because they vary greatly and some can be more tailored to fit your needs than others.
If you aren’t sure about whether a company is right for you, there is always the option of going through an insurance broker. In short, the broker is the person who will do the work for you. An insurance broker acts as an intermediary between the company and the purchaser.
As they represent multiple insurance companies, brokers provide a broader choice of policies and price ranges. Sandra Shen of Cooperators Insurance explains Insurance companies mainly sell insurance packages that cover people’s property and provide services to protect them from complete financial loss if something were to happen to that property. Amy Mills is a broker and general manager of Toronto-based Christie Mills Insurance Brokers.
She says the advantage of consulting and purchasing insurance through a broker is the wide range of choices both in policies and price. “With a broker you have the option of different companies who can look at the best prices and coverage for you,” says Mills. She also says the insurance broker can act as an advocate for the consumer. They can provide guidance on issues that the consumer may not want to tell the insurance company about.
Brokers have in-depth knowledge of the insurance business and can be very helpful in offering advice to the consumer about what they should be looking for and also how to follow through with insurance claims. If students are looking to talk to an insurance broker, Mills suggests finding a local broker through the internet or phone book and making an appointment. The broker will ask you some basic questions about where you live, what you pay and what you are looking for.
They will then try to find the best policy and price that suits your needs.
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