Choosing an insurance broker in Calgary is a smart move for anyone looking for great rates and a service guarantee that always protects your best interests. There are many benefits to using a broker, but these can often be overshadowed by a few common misconceptions.
Misconception #1: Brokers Work for the Insurance Companies
In fact, brokers work specifically on behalf of their customers. They are not employed by insurance companies; rather, they are independent professionals that act as agents, connecting clients with the insurance products they need to protect their homes, vehicles, businesses, property and interests.
Misconception #2: Brokers Must Sell Certain Policies
Brokers actually have access to a number of policies from numerous providers, and they are not obligated to sell any one of them in greater numbers than another. Brokers obtain quotes from multiple providers and offer unbiased comparisons of the terms and conditions related to various options and policies. When you go directly to an insurance provider your choice are far fewer, and chances are they actually have been directed to push one policy more than another.
Misconception #3: Brokers Never Work With Their Clients
Some think that brokers just procure customers for insurance companies, and as soon as you sign on the dotted line they are out of the picture. This is simply not true. We are available at all times to answer your questions, help you through the claims process and advocate on your behalf. Working with a broker is especially advantageous during home and auto insurance renewal time, as we can assist you in going through your policy offer carefully and determining any changes that should be made.
Misconception #4: Brokers Charge Their Clients
An insurance broker’s services are free. We actually act a lot like a retail storefront. We have a number of products and policies available, and when one is “sold” the majority of the profit goes to the insurance company, with a small percentage going to the brokerage for having literally “brokered” the deal.
Misconception #5: Brokers are Not Insurance Experts
As a matter of fact, brokers are experts in risk assessment. We can:
- Identify specific risk factors and give advice to clients on steps they can take to reduce their risk before requesting a quote or buying a policy
- Correctly value risk factors, then shop around accordingly; some insurance companies place a premium on certain risk factors, and brokers know how to navigate the insurance industry’s complex landscape
- Recommend policies and products designed to close coverage gaps
- Submit updates that could change your risk profile and help you qualify for lower premiums
Misconception #6 Brokers Are Not Trained
Insurance brokers are highly trained and must complete a licensing exam before receiving their accreditation. Alberta has three levels of licensing available through the Independent Insurance Brokers Association of Alberta (IIBAA).
About Lane’s Insurance Brokers of Calgary
Purchasing your coverage through a broker rather than directly from a provider buffers you against the risks and pitfalls that arise from not knowing enough about your insurance products. Lane’s Insurance is a customer oriented, matter-of-fact insurance brokerage that believes customer service is still important to people. As proud members of the IIBAA we work with numerous carriers to meet your insurance needs while maintaining competitive pricing.
Whether you prefer the convenience of online service or the ease of face to face interaction, Lane’s promises to make your insurance experience a pleasurable one. In a world of 1-800 numbers and automated phone systems, we continue to provide dedicated broker services, so for as long as Lane’s is your Insurance brokerage you’ll know your broker and more importantly we’ll know you.