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Understanding Your Insurance Broker

Getting insurance quotes can be daunting. In any industry you will find a whole new language of terms, phrases and words that come across as a foreign language to those who are not in the industry. This is completely normal and should not intimidate you when you are sitting in front of your insurance broker and they are discussing with you're the ins and outs of a package you are thinking of investing in.


If your broker is explaining everything in a way that makes you feel like you need a degree in insurance to understand it then stop them immediately. It is the brokers job to help you understand everything about your insurance and how you can make the most out of the options that are on offer. Everything should be explained to you in terms that the general public can understand. If working as an insurance broker is high school - then they need to explain it to you in junior school terms to make it fair. (not implying at all that you may be stupid, just implying that they need to be fair, you don't work with insurance terms every day so why should you be expected to know them by heart.)


The important thing to do is to ask questions and be very direct with your broker if they start answering a way that you don't understand. Don't just sign the document with your faith in their hands. Your LIFE in their hands. Ask questions. Hundreds of questions. Don't be shy. Make sure you are getting what you want in your insurance package.


Here are some questions you should find yourself asking:


1) What is my excess?
2) Is there excess on all my claims or only some of them?
3) What is the price difference between taking excess and no excess.
4) Do I get a courtesy car in the event of an accident
5) Does the insurance cover towing the car as well?
6) Do I have road side assistance with my motor vehicle insurance (and what does it include)
7) What does my insurance NOT cover (rather find out now and save yourself a nasty surprise later on!
8) Do I have personal belongings insurance included in the package and what does it cover (your handbag or briefcase etc)


If your broker carries on trying to explain to you in terms you don't understand then I only have one suggestion for you - get a new broker!

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