What would be the best way to buy insurance policies? You might have come across this question quite a number of times. Well, there are three distinct ways to buy insurance: online, through a broker, and directly from the insurer. Millions of policies are purchased every year utilizing all of these delivery systems. In fact, sometimes, consumers utilize all the three ways. This article will help you decide which method is best for your specific situation.
Buy Insurance Online
Probably the easiest way to buy insurance is to buy it online. In this case, the one who is seeking to buy insurance will have to interact with less people throughout the buying process, compared to buying from the insurance company or from an insurance broker. But, that doesn’t mean you are getting a good deal. The good part about buying an insurance online is that you can view your options at your own pace, compare the plans that you think best fit your needs, and buy when you’re ready…whether that’s immediately or in a year.
Another good thing about buying an insurance online is that you can compare multiple policies at one go. One can download brochures and applications at their own pace, and have access to a dozen of different plan options. Also, you can also generate hundreds (maybe thousands?) of different rate possibilities since you can change deductibles and other policy features to your liking. And all of these can be done without having to talk to a live person. There will be a customer support executive to guide you through the buying process, but the one important thing that you will really fall short of here is expert advice.
Buy Insurance Directly Through a Broker
It is a good idea to buy insurance from an insurance broker, or an insurance agent, because the broker can help you in a number of ways. You can speak to an insurance broker on call, or you can converse with him face-to-face. The broker will assist you with the application process, even if you are applying online. The questions that cannot be answered through the online purchase mode, the broker can help interpret what information is needed and what is the best way to provide that information. If medical reports, driving record or other required documents are needed, the agent/broker has probably gone through the process many times already and can help you shorten the time frame it takes to gather that information.
In short, the broker will be an agent with like 20 years of experience and will be able to provide valuable and unbiased information that will be very helpful for you. And brokers should not and very rarely charge a fee.
Buy Insurance Directly From the Insurance Company
The best way to buy insurance is to buy it direct from the insurer. Though it might seem almost identical to buying it through a broker or a website, but the amount of information and choices you will get here is tenfold more than what you’ll get otherwise. Moreover, some insurance carriers may also charge a lower rate if you buy directly through them.
Perhaps the most important factor when buying insurance is to find a reputable experienced resource that you can trust. This person should be able to clearly understand your needs and make specific recommendations that are the best options for you and your family.