Insurance brokers and insurance agents are industry professionals that act as intermediaries between policyholders and insurance companies. The most important difference between insurance brokers and insurance agents is who they represent. The insurance broker represents the policyholder. The broker can help a driver find the best car insurance policy. The insurance agent represents one or more insurance companies. Insurance agents will try to sell policies from their companies to any potential customer.
Drivers who haven’t decided with whom to work should consider the following about insurance brokers and agents:
- Insurance broker. Brokers work for the customers and not the insurers. Brokers can help drivers to determine their own insurance needs and they can assist them when looking for a policy that can satisfy those needs. While some customers need brokers to find cheaper insurance policies, other customers have complex insurance needs and they require assistance. Brokers can recommend drivers insurance products that can help them save money on insurance. Drivers who got involved in an accident can get assistance from the broker when making a claim. Brokers can help drivers manage the claim, organize the documents, or handle the insurance company. Usually, brokers work for smaller companies that represent large insurance. companies
- Insurance agents. Usually, an insurance agent represents a single insurance company. An insurance agent serves as the link between policyholders and insurers. Some insurance companies have a business model that is based on bundling personal connections between insurance agents and customers and they are selling policies only through their insurance agents. Some insurance agents have the best interests and they will help drivers compare insurance plans and look for better deals. Other agents just want to sell policies that bring the largest commissions.
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