Broker gave me a quote but now Im thinking of going direct to the company.

[ubonr1971]

I had a quotation for building insurance from a broker. 

 

I was wondering that sort of margins they add on top?

 

If I were to go direct to the company maybe I would save a lot of money if I keep renewing every year. 

 

Thoughts? In the interests of full disclosure please advise if you are a broker when replying

thanks

[Crossy]

I'm not a broker, nor do I play one on TV AN.

 

Your broker can be useful when you actually have to claim, they know the processes and the pitfalls.

 

I've not had to claim on the house insurance but I did have a good experience with a health claim (which can be really fraught) going via my broker.

 

 

[Etaoin Shrdlu]

Brokers are typically paid a commission of about 15% of the gross premium. It can be a bit more for some lines of insurance, but for a construction policy this is probably pretty close.

 

You may or may not get any cost relief by going direct to an insurer. Insurers in Thailand can't directly discount premiums or rebate what would normally be paid as commission to a broker. They may be able to use a slightly lower rate, but that may not be the case in all circumstances due to Thailand's regulation of insurance rates.

 

Going direct to an insurer is kind of like being your own lawyer in a court of law. You can do it, but there are downsides, especially if you need help with a complex or controverted claim. A broker will also have market knowledge that the policyholder probably does not and can place the insurance with an insurer that has a good track record of paying claims and offering lower premiums.

 

 

[Bill97]

Great try to squeeze out the broker after using them.  Nice guy good ethics.  Another low class poster.

[Etaoin Shrdlu]

1 minute ago, Bill97 said:

Great try to squeeze out the broker after using them.  Nice guy good ethics.  Another low class poster.

Exactly!

 

Also, some insurers will refuse to work with a client who tries to go direct after getting a quote from a broker.

[ubonr1971]

2 hours ago, Bill97 said:

Great try to squeeze out the broker after using them.  Nice guy good ethics.  Another low class poster.

i think u r a lot of fun to be around at the pub

[topt]

17 hours ago, ubonr1971 said:

If I were to go direct to the company maybe I would save a lot of money if I keep renewing every year. 

From my experience with Car Insurance I would say definitely not. I doubt you would be successful with house insurance as well.

I do have house insurance but would never have found it without the broker and as it is relatively cheap I never even considered to try to nickel and dime..........

However this is using a large well known broker. If you are using a small one man "agent" then all bets are off.

[internationalism]

just go to many brokers, ask each for minimum 2 suitable plans for you.

I have come across online broker, who was offering discount premiums, but only for thai citizens.

I have even bought health insurance from them, which later was refunded and plan cancelled