The insurance broker
If you are looking for the right insurance broker for you, then you have to choose between different options. Because not all insurance intermediaries are the same. An insurance agent is not an insurance broker. The latter could be the perfect solution for you. You will find out why in the following articlel or directly in the video.
Quick overview of the article
How exactly does an insurance broker work?
Before you decide on an insurance broker, you should first know how exactly they actually work. Below I have listed the most important facts about the working methods and legal status of an insurance broker.
- The insurance broker is legally on the side of the customer – you – and not on the side of the insurer
- An insurance broker is therefore not obliged to any insurance company and always acts on your behalf (Section 59, Paragraph 3 VVG). He is the customer’s trustee
- he can offer you the broadest insurance portfolio because he acts independently and not only works for an insurance company such as the insurance agent
- he only earns money if he was able to provide you as a customer with the insurance cover you want
“The insurance broker is regularly commissioned by the policyholder and viewed as his intermediary or even an intermediary. As a confidante and advisor to the policyholder, he has to obtain individual insurance cover that is appropriate for the property in question … “
Federal Court of Justice (BGH)
Insurance Broker Or Insurance Agent – The Differences
Often in Germany the insurance agent and the insurance broker are treated equally, or an insurance broker is referred to as an insurance agent and vice versa. However, this is completely wrong and can ultimately lead to “limited” insurance advice for the ignorant customer.
The insurance agent is obliged to the insurance company
Unlike the insurance broker (see above), the insurance agent is bound by instructions and represents (as the name suggests) the interests of the insurance company. He is legally on the side of the insurer (§ 84 HGB – commercial agent). This makes a huge difference to insurance brokers and should be understood by every customer. Further key points about the insurance agent:
- he can only offer products from a single insurance company
- is obliged to the insurer, not the customer
- is bound by instructions to the insurer
How much does the consultation cost?
The great thing for the customer is that advice from an insurance broker is free of charge. There are no fees or consulting fees for the customer. The consultation is therefore really not associated with any consultation costs for you.
The argument is often made that an insurance broker would only ever offer the tariffs and insurance policies, where in the end he would get the most commission. This may well happen with some “black sheep” who do not have many customers and have to get the maximum out of each customer in order to be able to survive, but it is not the rule. Therefore, when choosing your insurance broker, you should make sure that he has enough customers / customer inquiries and is therefore simply not in this moral dilemma.
How do you find a good broker?
At the end of the day, you might be wondering how you can find a really good insurance broker now. There are different options:
- through a recommendation (e.g. a friend recommends his advisor)
- many positive reviews on the Internet (e.g. Google reviews)
- Decision whether you want to be advised “online” or digitally or “offline”
Now I would be a really bad insurance broker and contractor if I weren’t at our place free online advice would indicate. So if you want to be advised by me or my team, you can here after free dates watch.
As the greatest YouTube channel in Germany on the subject of insurance, education award winners, over 180 positive reviews on Google and completely digital advice (via online advice and Customer app ) we offer our customers a first class service.