The role of brokers in many domains has become more recognized in recent years. Unfortunately, we still have work to do before using this free service becomes second nature for the general public.
This is especially apparent with regard to travel insurance. People are familiar with a few large insurance companies and automatically use their services without taking the time to explore all their options. Without even knowing it, clients lose out, often enormously.
Here are some of the advantages of choosing an insurance broker for your next travel insurance purchase.
While insurance companies, offer only their own range of products, a broker offers travel insurance packages from a number of insurers. Brokers can find the best policy for your needs. Because an insurance company has only a limited range of products, it will try to sell you its product at any price, even if it’s not the right package for you.
2- Support in claims cases
Travel insurance brokers offer considerable support during a claims case. Unfortunately, it’s usually only during a difficult situation that we realize the usefulness of such a service.
Because brokers know the laws and insurance policies, they are well-prepared for discussions with your insurer and hospitals to obtain a fair and reasonable settlement. This is practical for Francophones who are ill-at-ease in English—we often act intermediaries.
Travel insurance products are designed so that certain policies are more advantageous for some clients, while being less relevant to others. No insurer offers a “one size fits all” solution, i.e., a standard product that works for everyone. Moreover, it’s quite common for a broker to offer two policies from two different insurance companies to a couple to offer the best coverage at the best price for each person.
Brokers know each insurance policy like the back of their hand, and can offer you the least costly. By having more choices, they can always find the best solution for your specific needs.
Your time is valuable, and a broker will save you a considerable amount of it. By using a broker, you avoid having to shop around and make numerous phone calls to compare various insurers. When you contact insurers directly, you have to repeat the same information every time you have a conversation.
With a broker, you do so only once. In one phone call or website submission, you can look at many insurance quotes and easily compare them. You will also save time when you make your purchase because the broker saves your information.
5- Impartial and informed advice
Because they’re working for you, brokers will be completely transparent when one product is far more advantageous than another, and will take the time to explain why they recommend that product.
To be honest, we aren’t all travel insurance specialists, and paying attention to details is essential. When we know less, we tend to compare prices without taking other criteria into consideration. Anyone can compare the cost of policies. However, a more informed choice can be made if we understand that the price difference sometimes represents a far superior coverage.
To save you money, a broker may, for example, recommend that you shorten your trip by a few days for major savings on additional premiums. The choice is always yours. The broker’s job is to explain these details so that you can make the right decision.
What’s great about working with a broker is that in addition to making the consumer their priority, their services are free. The insurance company pays a commission to the broker, as it would to an employee who makes a sale.
To sell insurance in a Canadian province, a permit must be acquired from the province’s financial authority. In Quebec, this is the Autorité des marchés financiers (AMF). In Ontario, it is the Ontario Financing Authority. Holding one of these permits is a guarantee that the broker respects industry rules and standards. Its agents are trained and monitored to ensure they can keep their permits and above all to ensure you receive outstanding service.
Some travellers have very specific needs, and finding an insurance company willing to cover them is not always easy. Whether you enjoy extreme sports, have some health issues, or are going to work in a country with certain risks, a broker can easily find and recommend appropriate insurance policies.
The next time you start dreaming of a trip, contact us for a travel insurance quote. You could really benefit!
Ask us for a travel insurance quote today!