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Everything you ever wanted to know about car insurance brokers

May 28, 2008

What are they? What can they do for you? And, questions you need to ask them.

Have you ever asked yourself, what’s the difference between an insurance broker and an insurance agent? Probably not, but there is a distinction you should know about, especially if you are shopping around for insurance.

What is an insurance broker?

According to the Financial Services Commission of Ontario (FSCO), the folks who regulate insurance in Ontario:

Insurance agents and brokers are licensed to negotiate insurance contracts and to service policyholders. Insurance agents usually represent one insurance company or related groups of insurance companies, while insurance brokers typically represent several insurance companies.

Pretty dry stuff, but important to note: An insurance broker typically represents several insurance companies. This is ideal when you’re shopping around for car insurance, as they’ll check all the companies they represent to see who can provide you the best price.

What can an auto insurance broker do for you?

Have you ever asked yourself, what can my auto insurance broker or agent do for me? Again, probably not, but it’s good to know nonetheless. FSCO’s website states that:

Insurance agents and brokers provide services such as:

Questions to ask your car insurance broker

If you have any questions about auto insurance, your car insurance broker is the one to ask. After all, that’s what he or she is there for. The following are common questions you should make sure are addressed when speaking to your car insurance broker:

Last, but not least, if there is anything you do not understand about your car insurance coverage, or you’re not sure what a specific term means, ask for clarification.

Get quotes from car insurance brokers today

Now that you know almost everything you likely ever wanted to know about car insurance brokers, if you are shopping for car insurance, can help. Simply complete a quick insurance questionnaire, and we'll connect you with an average of 3 insurance brokers who will provide you with personalized quotes tailored to meet your insurance needs.

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