Compare the right market - why use a broker for your personal insurance?With ever increasing media time devoted to cheap online or direct insurance, why should I use a broker for arranging my insurance?

It seems that every time we turn on the TV we are inundated with so-called experts and advertisements telling us that the best way to insure our property is by opting for the cheapest possible deal available, but is this really always the best way of covering your most cherished possessions?

We are told the best place for cheap car insurance is online or over the phone, but once logged on to the price comparison website or whilst speaking to the call centre operative you may find that your personal circumstances do not quite fit the company’s criteria, leaving you in the situation where the end premium is more than you expected, or unable to obtain a quote at all.

Worse still, with little or no advice being offered, you may decide to take a chance by opting for a policy that saves you money but fails to satisfy all your needs, or cover you correctly, potentially leaving you out of pocket should you need to claim or, forcing you to become an expert claims negotiator when trying to find out if, how and when your property will be repaired, or replaced.

According to Chubb Insurance, specialists in high net worth insurance, there are a number of important reasons to work with a broker, if you own a higher value home:

Defining and simplifying your insurance A broker will determine what your needs are, match your cover accordingly and explain what is and isn’t covered by a policy. This helps prevent choosing an inadequate policy and under-insurance.

Brokers should undertake most of the paperwork and administration for you. Those with higher value homes and cars tend to have multiple policies, and often multiple insurers. A broker could simplify the process by placing all the insurance under one policy, with one premium and one renewal date.

Expertise and cover you can’t find going directBrokers offer access to more specialised policies than are usually available elsewhere. Whereas most price comparison sites and direct insurers typically offer standard package insurance products, brokers can tailor a policy to suit higher-value homes of non-standard size and structure. They can also arrange insurance for fine art, jewellery, wine and car collections.

The cost-benefit analysisBrokers typically work on commission. They provide personal service and expertise which you cannot receive from an online comparison site or a direct insurer. A broker will guide you through exactly what’s available, to ensure you have the right cover in place. This can help avoid very costly insurance errors such as inadequate cover and overlapping policies. You will only pay for what you need, and using one insurer could bring time and premium savings.

First port of call after a claimIf you need to make a claim, brokers can help remove stress from the situation by supporting you and liaising with the insurer to ensure a swift and satisfactory outcome.

Oval Private ClientsOval Private Clients

Performance personal insurancedesigned around you

May 2013

* Source: Chubb Insurance

At Oval Insurance Broking (Oval), whilst we realise that it is essential that you get value for money from any insurance policy, we take the view that correctly protecting your assets from the start is equally as important: failing to do so can be false economy, both financially and in terms of your precious time.

As we are all so readily encouraged to ‘compare’ insurance, you may wish to consider the following case which helps illustrate the point:

Case Study

‘A family has a main home in Worcestershire, a cottage in Devon, two main family cars and a car for their student daughter. These assets are under five different policies, each with differing renewal dates and insurers. The family had purchased all their covers online and had chosen the cheapest individual deals they could find for each policy.

The family also recently suffered a claim which was rather drawn out and not resolved to their full satisfaction, due to difficulties with the insurer’s chosen contractor.’*

* Source: Chubb Insurance

A broker could simplify the insurance needs of this family and would have supported the client throughout the claim to ensure it was resolved quickly.

Oval’s approach to this client would have started with a personal review where all the insurance requirements would have been taken into consideration. To maximise the economy of scale and provide wide levels of cover a portfolio policy that covers all assets together, under a single contract would have been recommended.

Our panel of specialist portfolio insurers would not have insisted on a particular contractor being used, giving the client the opportunity of using a suitable supplier/service provider of their choosing.

When choosing Oval, traditional broker service comes as standard with a dedicated Client Manager appointed to assist throughout the term of your policies. We pride ourselves on the ability to advise you on your best course of action, rather than simply arranging a number of quotations and leaving you to make an unassisted decision, hoping for the best. With offices across the UK, a skilled Oval specialist is never far away – so why not see how we could help you make the most of your personal insurances.

Oval Insurance Broking LimitedRegistered Office: 9 South Parade, Wakefield, WF1 1LRRegistered in England No: 01195184Authorised and regulated by the Financial Conduct Authority

www.theovalgroup.com

Would you like to talk?For more information on becoming an Oval Private Client please contact your local Oval office.

Alternatively call: 0800 612 6223

or email: ib-enquiries@theovalgroup.com.