Does Using A Travel Insurance Broker Cost Money?
You’ve decided that you want to go on a trip, which means that you are going to need travel insurance, but you don’t know the first thing about getting it. Luckily there is such a things as a travel insurance broker that can hold your hand throughout the whole process.
What is a Travel Insurance Broker?
Before getting too far ahead of ourselves, let’s take a quick look at what a travel insurance broker is, and what they can do for you. Think of a broker like a middleman between you and the insurance providers. Your broker is there to answer your questions, help find you the right travel insurance plan and provider, take care of the paperwork and processing of your applications, and assist in any claims you may need to put forth.
Is There a Cost Associated With Using a Broker?
There is no cost with using a broker for your travel insurance needs. But now you may be thinking, if you don’t have to pay for their services, then how do they make any money? Well, while obviously insurance brokers do not work for free, they do not collect money from their clients, but rather from the insurance providers themselves. When you decide on an insurance provider your broker makes commission from said provider.
But, don’t let that lead you to believe that they will pressure you into coverage that is more expensive than you need, just to make a bigger sale. Insurance brokers have a duty to abide by the system and put their clients best interests first. A broker must approach the sale in a far and unbiased way, or else risk being reported and losing their licence.
What are the Benefits of Using a Broker for Travel Insurance?
A broker’s job is to know the products available to you and help you understand the coverage decisions in front of you. Your broker is there to answer any questions that you may have and help you pick the proper coverage for your needs. When working with your travel broker it is important to be honest and upfront with your needs, travel plans, or any medical conditions, and alert them if something changes that may impact your coverage.
When it comes to your coverage, there are no stupid questions, your broker is there to help you, so do not hesitate to ask for clarification if there is something you do not understand. From questions regarding the type of coverage you’ll need, such as how to get coverage for a cruise, what to do if you have a pre existing medical condition, or what is the best option if you are a snowbird traveler. To inquiries about what paperwork you’ll need on vacation, what the number is to put forth a claim, and how payment can be made.
And, in the unfortunate event that you need to put forth a claim, your broker will be there for you every step of the way. This helps to ensure that you are taken care of properly during what is often a very stressful time.