Who can you truly trust when it comes to insurance? Is it your insurance agent? In a previous post, I wrote about the differences between an insurance broker vs an insurance agent. Now, I’d like to share the specific advantages of working with an insurance broker. It’s crucial that you have a professional you can confide in to help you make the best financial decisions for you and your family.
There are benefits to working with an insurance broker that you may not even realize. That’s why I’m sharing my top 6 advantages to working with an insurance broker.
1. An Insurance Broker is Your Trusted Advisor
The first advantage is that an insurance broker is your trusted advisor. A trusted advisor is someone that understands your needs and has your best interests at heart. To clarify, it’s not someone that is trying to make money off of every interaction with you. With an insurance broker, you have a confidant by your side. Not a salesman. So, any issue or question can be discussed with your best financial interest in mind. Above all, an insurance broker is on your side, and not the insurance company’s side.
2. Get Proper Guidance After a Car Accident
I can’t stress enough how important it is to work with a broker if you’re involved in a car accident. This is especially true if you’re involved in an accident with no injuries. In this case, I recommend you call your broker immediately. A broker can provide crucial and time-sensitive guidance to ensure a stress-free claims process, if necessary. Unlike speaking to your insurance carrier, reporting an accident does not mean a claim must be filed.
So what happens if the other party admits fault? In this case, I recommend you have the other party call their insurance company on the spot to admit fault and file a claim. This is because the odds of them lying in front of you are slim. Don’t wait for them to call on their own.
3. Parking Lot Laws Don’t Exist
Did you know that the laws of the road do not apply in a parking lot? You read that right. Parking lots don’t have the same laws as public roads! A parking lot, like the one at your local mall, is typically privately owned. This means that public road laws don’t apply. For insurance purposes, there is no at-fault or not-at-fault determination.
In a parking lot, it doesn’t matter if someone else causes damage to your car. If you call your insurance carrier to report damage done to your vehicle, you would be considered at fault. Luckily, insurance brokers are not required to file a claim for every reported accident. But if you were to call your insurance carrier for damage caused to your vehicle, it would automatically be considered an at-fault accident. However, if you are the victim of a parking lot collision, I recommend you call your broker as soon as possible.
4. An Insurance Broker Removes Speeding Tickets
In North Carolina, a speeding ticket will increase your insurance premium anywhere from 30% to 80%. Rather than dealing with the hassle, you might be tempted to pay for the ticket and move on with your day. But keeping a speeding violation off your record will save you hundreds of dollars.
While I don’t recommend speeding, I can refer you to legal help that will help you get out of a speeding ticket. This is at no additional cost to you. However, you’ll likely pay the same court fees you would pay if you were to fight it on your own. The catch? There is no catch. I don’t receive any kickbacks or referral fees.
5. Determine if an Accident Was Your Fault
Have you ever assumed it was your fault for causing a minor car accident? For instance, you change lanes next to a car that is also changing lanes. You’re not alone. Recently, my client changed lanes without realizing a car in the next lane over was changing lanes as well. Both cars were changing into the same lane! Consequently, they collided. My client assumed it was their fault. However, additional details about the accident led me to make a different determination.
I determined that both parties should be at equal fault. In other words, we averted a rate increase. It’s all about saving you money. By avoiding at-fault accidents you can save money on your insurance premiums. Don’t admit fault without a discussion with your broker.
6. An Insurance Broker Saves You Money on Homeowners Insurance
Last but not least, your Homeowner’s insurance is not like your car insurance. First, you never want to file a claim for minor damages. This is because only catastrophic events qualify for homeowners’ insurance. A catastrophic event is a tree falling onto your home, or a severe hail storm that damages your roof, for example.
Secondly, you almost always want a higher home deductable. A higher home deductible means you will pay a lower premium. That’s money you get to keep in your pocket. Subsequently, when you have a higher home deductible it will force you to think twice before filing a claim. This is important to know because you cannot undo a claim. I want you to avoid small claims to ensure you continue to be insurable and at a good rate.
Moreover, even two small claims could prevent you from being insurable or result in high premiums. If you do find yourself with high homeowner’s insurance rates, we’ll do the hard work of finding you a better one.
To sum up, Red Beard Insurance will always be your trusted advisor for all of your insurance needs. Life can be difficult to navigate. Dealing with your insurance shouldn’t be. Call us today so that we may help you with your unique questions or predicaments. The Beard’s Got You Covered!