FREQUENTLY ASKED QUESTIONS
Everything You Need to Know
WHY DO I NEED A BROKER?
Brokers possess unique knowledge of insurer products and provide comparisons to guide and simplify the process of choosing the right option for your specific needs. Furthermore a broker represents their client's interests during application, renewal, amendment and claims negotiation stages and will moderate insurer feedback.
HOW MUCH DO I PAY FOR THE SERVICES OF A BROKER?
Clients do not pay for the services of a broker at all. Brokers are paid by the insurance companies that they have partner agreements with, to recruit and service clients on their behalf. The fee paid to a broker by an insurance company normally appears on the policy schedule.
WHY IS MY INSURANCE PREMIUM SO HIGH?
When a prospective client's premium is calculated, many factors are taken into account by insurers:
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location, area, region
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age, age of driver's license, marital status
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previous payment and claims behaviour
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vehicle age, manufacturer, model
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security measures for property and vehicles
Data is fed to an algorithm that uses statistics and probability to calculate premiums. Brokers can suggest various underwriting options to reduce premiums for a client.