Do you use a broker for insurance ? And why ?

Do you use a broker for insurance ?

  • Yes

  • No

  • Other


Results are only viewable after voting.

unobeat

Senior Member
Joined
Feb 6, 2014
Messages
793
Get broker if you have lots of stuff to insure, that is multiple cars, a few properties, expensive jewellery. Bundled stuff like that can get you good discounts with a great broker. Then the broker fee makes sense to me. Otherwise, I just reach out directly.
This makes sense.
Broker i had did minimal to rather no work at all even though he promised a lot.

When switching to my new insurance, I did all work myself.
 

CamiKaze

Honorary Master
Joined
May 19, 2010
Messages
14,542
When are we getting load shedding again? I need the insurance to look into a problem with my TV.
 

PsYTraNc3

Expert Member
Joined
Jan 4, 2012
Messages
3,420
I've gone through this process a few times and it has always been cheaper to get the exact same thing via a broker.

I've also claimed quite a few times including a flood damage claim recently and the broker always assisted to get my clam approved.
 

Magandroid

Expert Member
Joined
May 25, 2011
Messages
2,005
I heard quite alot about Naked and thought I'd give them a go with a quote. Current broker insurance premium still much better than what Naked can offer and I pay no excess on my car. The lowest I could go with Naked excess was R1500 but then the premium went up.
 

I.am.Sam

Honorary Master
Joined
Jun 14, 2011
Messages
89,358
my broker is very good...never ever got beaten by any other quote

and every year i ask for a new quote
 

Deandbn

Well-Known Member
Joined
Aug 6, 2019
Messages
286
Brokers always get a bulk buy policy discount deal from underwriters that you cannot get for a once off policy from the underwriter..
And besides, the underwriters don't really want the hassle of dealing with once off policies so they charge you more for the privilege..
 

the eskimo

Senior Member
Joined
Nov 5, 2007
Messages
505
I am an insurance professional and could manage my insurance myself easily.

However, I use a broker because the quote through the broker is comparable (if not significantly cheaper - yes I'm talking about you Discovery Insure) than all the direct quotes I get. I get direct quotes from all the direct insurers every couple of years.

Further, my broker helps me with completing claim forms, and to manage my policy I only need to send an email and not remember web site log in details or call a call centre which is a bonus.

Further, all brokers should have Professional Indemnity insurance which I could claim from if they have been negligent or made an error in placing my policy. Lastly, you are more likely to get a "grey area" claim paid if you are through a broker than direct.
 

notayoba

Senior Member
Joined
Feb 19, 2010
Messages
613
Lastly, you are more likely to get a "grey area" claim paid if you are through a broker than direct.
This too. I've claimed a laptop stolen from my office, but it was only insured for personal use. Apparently that's a no-no. The broker sorted it out.

These direct marketing insurance companies do a good job in convincing you that they are cheaper than going via a broker. But they are not.
 

Hemi300c

Honorary Master
Joined
Dec 15, 2009
Messages
23,589
The same old questions all the time.
Firstly a broker earns commission which is on standard policies 20% of fire and accident covers and 12.5% on motor covers.
THE ABOVE IS THE STANDARD COMMISSION THAT IS REGULATED BY THE ACT.

If a broker adds a fee to your personal policy you need to agree to it and to sign a separate authorization notice stating that you accept the fee. This applies to all personal policies and is law.

On commercial policies if your turnover or asset value exceeds R2 000 000 then the broker can simply add a fee on and it is up to the, what the FSCA sees a competent, insured to negotiate.
 

Carol35

Expert Member
Joined
Feb 3, 2012
Messages
1,742
Yes broker here too. Last year we adopted a dog from a rescue, she unexpectedly attacked a child on our premises…mauled him in his face, 33 stitches later. Called my broker and asked her is there anything in the 110 pages of our policy that covers this - personal liability - all doctors/ specialist surgeon bills paid. No uums and ahhhs, was paid within 3 days of submitting reports. Having a good broker is invaluable when you least expect it.
 

chrisc

Executive Member
Joined
Aug 14, 2008
Messages
9,642
Not any more. After two bugger-ups that cost me R32k, I changed to Alexander Forbes. Much better service

Read the policy Ts and Cs. Written in plain English
 

Supercarfan

Well-Known Member
Joined
Mar 15, 2019
Messages
205
Used to have one, he couldn’t match Naked’s price, even though it was also underwritten by Hollard. As much as I appreciate the fact that there was one go-to person, it wasn’t worth R500 pm extra for the maybe once a year I have to interact with my insurance.
 
Top