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Find out what car insurance brokers are and how they work, then compare car insurance offers online.
Fact checked
When it comes to securing the right car insurance for your vehicle, navigating through the range of options available can be overwhelming. As an Australian driver, you may have come across the term “car insurance brokers” during your search for coverage, but what exactly are they and how can they help you secure an insurance policy?
In this comprehensive guide, you can explore the ins and outs of car insurance brokers in Australia, highlighting the benefits they offer and how they can simplify the insurance process for you.
Car insurance brokers are licensed professionals who act as intermediaries between insurance companies and customers like you. Their primary role is to assist you in finding the most suitable insurance coverage tailored to your specific needs and budget among their insurance partners.
Unlike insurance agents who work for specific insurance companies, brokers work independently and represent multiple insurance providers. This means they may have access to a wide range of insurance products from various companies, giving you more options to choose from.
Traditionally, car insurance brokers have operated out of offices and held face-to-face meetings with clients. However, in the age of technology and computers, many operate 100% online and simply act as a tool for you to compare partnered offers and complete the purchase of a particular car insurance product either via their website or your chosen insurer’s.
In many cases, you won’t have to pay a car insurance broker for their service. This is because most of their income will come from commissions paid by insurers for recommending their product, rather than being paid directly by you. Commission-based payment is the most common arrangement with online brokers.
However, there may be brokers who do charge fees to customers as compensation for their services and receive either a small or no commission, which may be the case with some in-person brokers. If they do charge fees, it’s important these are set out clearly for you so you understand what they are before buying the policy they prepare for you.
There are several factors to consider when choosing between traditional car insurance brokers. Keep the following in mind when determining who to go with:
Instead of going out and taking the time to survey the market yourself, your car insurance broker can do all the comparing and arrange the policy purchase for you.
In many cases, you won’t have to pay to use a car insurance broker, essentially providing you with a free comparison and advice service to help you lock in a better deal.
Because brokers are experts with industry connections, they may be able to negotiate a better deal with an insurer on your behalf than you’d be able to get on your own.
Although many don’t charge fees, some do, so it’s important to clearly understand what these are and how much they’ll set you back overall.
Visiting a broker in person and waiting for them to conduct their process for you may end up taking more time than comparing options yourself, such as with an online broker.
Brokers are partnered with a limited number of insurers, meaning even if their panel is wide and diverse, you won’t be seeing all the potential deals available to you.
Select your car make and find out how much it may cost to insure, read helpful guides and compare quotes.
Disclaimer:
Savvy (ABN 78 660 493 194, ACR 541 339) provides readers with a variety of car insurance policies to compare. Savvy earns a commission from our partnered insurers each time a customer buys a car insurance policy via our website. All purchases are conducted via our partners’ websites. The integrity of our comparison service is unaffected by our partnerships with those businesses and our effort remains to bring further brands that do not already use our comparison service onboard.
Savvy’s comparison service includes selected products from a panel of trusted insurers and does not compare all products in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy. We always recommend readers to consult the Product Disclosure Statement (PDS) of different policies before purchasing your car insurance.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.