Getting Car Insurance: Brokers vs. The Net
Car insurance is now compulsory by law and obviously a good idea if you want to protect yourself in case of an accident. Car insurance amazingly dates back all the way to’95, where the first insurance policy was drafted in the United Kingdom.
The car insurance industry has really expanded since the first policy was drafted. Car insurance has slowly joined other forms of insurance, including property, medical, and life insurance. Today, people are often overwhelmed with all the insurance premiums.
Your car is obviously worth a lot of money. However, the insurance is completely thrown out the door if you are not operating it in case of an accident. The coverage then turns into the new driver’s hands and his or her policy. If they do not have one, well then, you’re in a lot of deep trouble.
In the past, insurance companies answered the growing demand for car insurance by hiring brokers. These people were licensed and rich in knowledge of car insurance. They were also very friendly and open to meet with potential clients to discuss different policies.
Like any business, insurance companies only stay in business by making a profit. They are not overjoyed to discover their clients have either missed a payment or two, or are constantly late. So consequentially, they must demand full payment by the due date or an inactive insurance policy will result.
Insurance brokers really mean a lot to policy holders in the time of a crisis. Most people go throughout their life with no major accidents or only one or two. The insurance broker will handle the claim after the accident occurs. Brokers really need to meet the emotional needs of the policy holder during this time.
Usually they do, and consequently the policy holder forms a close bond with the broker. They continue to do business for the rest of their lives. The policy holder usually passes down the broker to his children and recommends the broker to others.
As I mentioned earlier, brokers are slowly losing their jobs to the digital age or are transferring to doing business online. More people are finding online insurance easier to get and compare. The polices are also usually cheaper, because consumers avoid paying broker fees. Statistics show that people save between ten to fifteen percent of their annual insurance premium by doing business online.
Graham McKenzie is the content Syndication Manager at Insurance123.co.za South Africans leading car insurance information portal
categories: Cars,Automobiles,Insurance,Money,Finance,Car Insurance
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