Pit falls to watch with an insurance Broker ? Never used an insurance broker, what's the story ?
#1
Posted 27 November 2011 - 02:10 PM
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#2
Posted 27 November 2011 - 02:22 PM
O, on 27 November 2011 - 02:10 PM, said:
I don't think brokers are the best option in this instance, there's only 4 providers at present, ring them all and take the cheapest policy that gives you the cover you need. You'll find the companies listed in this thread
The only time I've used a broker was to insure a classic car - they got me cover with a specialist company that I'd never heard of before. The company in question only sells insurance through brokers, so it worked out well for me. There was no additional cost charged to me (i.e. any broker charges were included in my premium)
Best of luck trying to save a few bob.
#3
Posted 27 November 2011 - 05:18 PM
Now in saying that if you are a nervous type and don't like talking to these insurance guys, I don't either, brokers are the way to go. They have to be up front about all charges and these charges normally are paid by the insurance company. I would suggest that if you have other insurance, like home insurance/car insurance give the broker all of them. They won't all fall due at the one time, so tell him you'll get it all of him if he keeps the price down.
Good luck with it all mate.
Shins
#4
Posted 27 November 2011 - 09:43 PM
If you make changes during your policy with a broker, your subject again to an Administration fee.
Adelaide are brokers for bike insurance - the Administration fee I think is €40. They still came out cheaper (for me) than the competition with that fee attached.
Bear in mind also (again in my experience) that breakdown cover might be restricted. Certainly with adelaide - bikes over 10 years old were not covered. But you get the option to remove that and reduce the price.
Similar experience with 123.ie for the car.
Good luck with it mate.
#5
Posted 27 November 2011 - 09:56 PM
Have you looked at any of the price comparison websites for car, house, health insurance cover? They can be very useful.
#6
Posted 27 November 2011 - 10:37 PM
1 You pay your premium and the broker gets around 12% of this in commission. This money is meant to pay them to look after you during the life of the policy. When they charge you an "admin fee" to do a bike change etc etc they are having a laugh. Its like ryanair charging you for a seat to sit on.
2 Are they cheaper / dearer ? It really depends on the amount of business they give the companies. Big brokers will get discounts to pass on to you but some keep it. On my personal policies I use brokers & direct insurers to get the right mix.
#7
Posted 28 November 2011 - 02:36 AM
Shins
#8
Posted 28 November 2011 - 10:24 AM
I use a broker for all my insurance apart from the bikes. He says that I can get it cheaper than he can.
#9
Posted 29 November 2011 - 11:43 AM
This post has been edited by O'Leprosy: 29 November 2011 - 11:44 AM
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