Insurance
is a significant financial investment. You wouldn’t just hand over
$2,000 for a car without doing your homework. Why would you buy
insurance without doing your homework?
Here are some of the things you may need to know or think about:
There are 3 ways you can buy insurance:
- from a broker who deals with a number of companies and tries to find
you the best deal; or
- from an agent who sells insurance for just one company; or
- directly from an insurance company, through a call centre and/or website
(companies that sell insurance this way are called “direct
writers”).
How to Find a Broker,
Agent or Direct Writer
- To
find a direct writer you can contact the trade association for direct writers.
- To find an agent you can ask for a referral from a trusted relative, friend or business associate.
- To find a broker you can ask for a referral
from a trusted relative, friend or business associate; or contact
the insurance brokers’ association in your province or the
Insurance Brokers
If you want to find a broker who sells insurance for a particular company,
contact that company directly or visit their website. They will be able
to direct you to an appropriate broker.
What to Look For When Choosing an Agent or Broker
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Your agent or broker should be:
- willing to take the time with you to understand your insurance needs and recommend the appropriate policy options;
- willing and able to explain your policy and coverage in clear, precise language; and
- appropriately licensed in your province.
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Note: Every province has its own licensing bodies for brokers and
agents. To verify whether an insurance agent or broker is licensed to
sell insurance in your province, contact the appropriate licensing body
for your province.