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Myth Buster #1 – How does a broker help me?

June 19, 2015

Although more and more Australians are choosing to use a broker for insurances, home loans and other kinds of finance, there’s still a percentage of the population who don’t see the need.

That’s why we’ve decided to debunk some common myths about what an insurance broker really does, and how they can actually help you save more. These myths are the kinds of things we hear on the weekend, at dinner parties and BBQ’s, from people who have either not dealt with a broker before, or perhaps have, unfortunately, had a bad experience with one in the past.

Let the debunking begin!

Insurance brokers will rip you off

Broking is a highly regulated sector. In fact, some would argue brokers are bound by some of the most stringent regulations in the financial industry. A good broker works with you to discover an insurance solution that saves you more in the long term. They do this by comparing hundreds, and sometimes, even thousands, of different types of insurances. Then they hone in on the options that best align with your goals.

As a result, you get a more tailored and more competitive insurance solution.

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Going straight to the source is better

In most industries going straight to the supplier makes sense. Not insurance. This is simply because an insurance company or provider has a vested interest in selling their own particular product.
Plus, they’re limited by the number of options they can offer. A broker is independent of any insurance company, so they can review a greater pool of insurance products.  A good insurance broker is about finding the best possible deal for you. They want you to come back for your next insurance, and the one after that, and the one after that.

It’s in the insurance broker’s best interest to get competitive results for you.

Insurance brokers are dishonest

We are lucky that so much of our business comes from word of mouth referrals. People understand the kind of service we provide is backed by integrity, experience and an in-depth understanding of the many insurance options available. Yes, we’re sure there are dishonest insurance brokers in the world, but they’re not employed by us. We believe in building our business through solid, long-term relationships built on a foundation of trust. It’s how we’ve been doing business for more than 20 years.

There are no benefits to using an insurance broker

We’re going to bust this particular myth with a good old-fashioned list:

  • An insurance broker represents you, not an insurance company. So you get independent, objective advice based on your unique needs.
  • We have access to specialists from many different sectors like marine, home and business insurance.
  • A broker saves you time, by shopping around for a competitive insurance policy that aligns with your needs.
  • They also save you money, by comparing many different insurance policies and honing in on one that saves you more (and works for you too).
  • If a claim does need to be made, we can handle the entire process for you. If your insurer does dispute your claim, we can do our very best to resolve it as quickly as possible.
  • You also get a holistic approach to your insurances, as we can see what insurances you hold, and where you could improve or save more.
  • Age isn’t something we like to mention. But we have been around for a long time, and as a result, we have a thorough understanding of how the insurance process works.
  • If you can’t afford to pay all of your insurances at once, we can draw on our good relationships with insurers and do our best to organise a payment plan on your behalf.
  • While we can advise you on what kind of cover is ideal for you, we cannot make any decisions for you. You have the final say with regard to what policies you take out.
  • An insurance broker can also help you secure insurance that is typically hard to place. Of course, we can’t guarantee that we will find you cover, but we will draw on all of our resources for you.
  • While we can give you advice on the fine print of a policy, we cannot force you to read through it.
  • We can also assist you with understanding the requirements of your insurance policy. But we can’t stop the insurer from enforcing requirements, if they choose to.

Get more information from ASIC’s MoneySmart

ASIC (the Australian Security and Investment Commission), has excellent tips for finding a broker in Australia. ASIC offers financial guidance on behalf of the Australian Government. You can find their online resource here.

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Find out more about how an insurance broker can help you save on your cover. Contact Trident Insurance Group for more information.

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How to Save on Insurance with Low Interest Rates

June 5, 2015

You’re probably aware that interest rates in Australia are at record lows right now. As a result, there’s been a lot of buzz about saving big on home loans by refinancing with a more competitive lender.

Many people don’t realise that low interest rates offer an excellent opportunity for savings across the board, not just in the property sector. Insurance is one big example.

How to save more on your insurance

We admit that we are insurance brokers who are about to recommend that you see an insurance broker. By all accounts, the case for objectivity is not good. But please just hear us out. Your back pocket will thank you later.

How a broker helps

A good insurance broker compares many different kinds of cover, and then recommends one or more options in line with your personal or business goals. You save, because the insurance broker pinpoints the best options for a clients needs. They should also make sure the terms of your insurance policy align with your unique circumstances. The insurance cover you end up with should work harder for you, and be competitively priced.

Why do low interest rates matter?

Insurance companies can afford to lower the price of their products when interest rates are low. This makes it an ideal time to get your existing insurances reviewed by a broker.

If you do visit an insurance broker, you probably won’t be charged for the initial consultation, although you may have to pay a fee when the cover is put into place.

This fee is usually not large, and the amount you are likely to save on your insurance in the long-term will more than cover it.

How it works

  1. Phone an insurance broker and ask them if they will charge to review your insurances. If the answer is no and you feel they are reputable, book an appointment.
  2. Go to an insurance broker and bring all of your existing insurance paperwork with you.
  3. Ask them to review your insurances with the goal of finding more affordable providers. If your goals have changed, be sure to explain this to your broker, so they can take this into account when researching prospective policies.
  4. A good insurance broker will come back to you with a few different options. You will then be able to choose one that suits your best.

Insurance isn’t what it used to be

In the 1980’s when the broking industry got started in Australia, some brokers certainly received a bad wrap. And for good reason, the industry was not regulated and some unprofessional conduct occurred, without considering the needs of their clients.

The industry today is very different. For one thing, it is heavily regulated and consumers are protected by special rules and legislation. The majority of brokers are about finding you the best possible deal, and most get a kick out of helping their clients save.

If you’re unsure of whether a broker is reputable, we always recommend listening to what other people have to say about the company. Go online and head to Google+ for honest consumer feedback, or visit a forum and get an opinion from other people in the community.

If you’d like to know more about saving on your existing insurance policies, please contact Trident Insurance Group.

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