Many people mistakenly believe that buying insurance through an agent is more expensive than purchasing directly from an insurer and this can be a costly mistake. Insurance agents are well aware of the financial pressures facing many of us and have become very good at getting the best prices for their customers. For a variety of reasons, insurance is cheaper with an agent!
Insurance agents know what company can insure you for the lowest price. Many insurance buyers are unaware that insurance companies come up with their prices based on many different factors. The same person could get a relatively low rate with one company and a relatively high rate with another just based on the items each take into consideration. Experienced insurance brokers can tell what company would provide the best rates for each customer and save you the time of comparing quotes.
Agents can advise you about how to save money. By understanding how the insurance prices work, an agent can tell you what options you have for saving money, like taking a defensive driver class. They can also make suggestions about splitting or combining policies to save money. Insurance agents know how important price is to their customers, and they should always be willing to help you save.
Insurance agents will become aware of money saving options as they become available and can advise you accordingly. Many insurance agencies, for example, will run competing quotes for their customers once a year. That way if a new company is able to save you money, they will let you know about it right away. Agents in the insurance industry are aware that customers will often change companies because of price without even contacting them. Because of this, agents are always trying to stay ahead of their customers by always making sure the price is as low as possible.
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Perhaps the most value provided by a local sales agent is the advice they provide to be sure you are not over, nor underinsured. Having the right coverage, no more or less, will make the difference when you need it. For example, a local insurance agent may be aware of overlapping coverage between someone’s health insurance and their auto or home insurance. In recognizing this, an agent can advise removing or lowering one of the coverages to save you money or afford additional coverage elsewhere. A call-center representative will not have the knowledge to make suggestions like that.
Insurance is very different than many consumer products that people buy online. Shoppers can save money buying many products online because they do not need to be shipped to or stored at a local establishment. Insurance does not have that constraint. The majority of the cost of an insurance policy is claim payouts, legal fees, and employee salaries, not insurance agency commissions. Don’t believe hype that says you can save money by cutting out the middleman. If the rates of an insurance policy came from agency costs, you would not be able to get the same rate from an agent that the company offers on their website, which is the case for nearly every major insurance carrier.
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