Insurance Brokers - Brisbane

[MarkVS]

Anybody had experience with, and willing to recommend, an Insurance Broker in Brisbane for personal insurances ?

I've decided I send too much on policies, without the ability to get some type of brokered discount outside of the normal policy setup.

Recommendations appreciated.


MarkVS

PS..reason for Brisbane is, when it comes to money, I would prefer to have someone I can sit across the desk from....ie..eye to eye.

[Coiled]

www.needabroker.com.au

www.steadfast.com.au

I would probably look for a steadfast broker if it is personal lines only and ensure it is a brokerage that is genuinely interested in your insurance as the income for a broker from placing your personal insurance only is realistically quite low unless you are a high net worth individual. You are almost certain to get a very high level of coverage though.

[ldsparrow]

we use these guys, seem to know their stuff and will come to you.

http://www.beachyhead.com.au/

[krisandkev]

I have just gone through a broker for the first time for our property (hobby farm).   One thing I was not aware of was that some a broker does not have access to all insurance companies.  But I was still very happy with the broker and he saved us $400 on our new policy and the funny thing is this was with the same company we were with?  The other thing is just the next day we got hit with a storm that damaged our shed and tore down some trees, so we had to make a claim. I also was not aware that the broker also took care of our claim.  Kevin

[Ynot]

So do you pay the broker direct or do they get a cut from the insurance company, or both?


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[prado2004]

I am a finance broker and know some good business insurance brokers but not a personal one I would recommend sorry

But if anyone needs assistance with obtaining better rates with lower fees we have some excellent options out there currently.

Have one bank which is not a major but a large bank offering varriable rates of 4.79 for under 80% lends with no fees for the life of the loan and no setup fees. Comparison rate is 4.79% and it is with a package and free credit card with all the bells and whistles etc.

PM me if anyone is interested.

Good luck with the insurance broker!

[krisandkev]

So do you pay the broker direct or do they get a cut from the insurance company, or both?

With my broker I pay the insurance company direct and the broker gets a fee from them.  So in other words the exercise cost me nothing and I got a better policy for a cheaper premium.  But perhaps that means that not all brokers would be totally independent?   Also we had a conversation about car insurance and how some companies do not provide cover for contaminated diesel fuel.  I said I am with AAMI who do provide the cover and that was one company he does not deal with.  So I don’t think I would use the broker for my car insurance.    Kevin

[hempo]

Hi everyone,

I will give you a very brief run down on brokers.  Mark I have sent you a PM also.

Firstly Brokers do get paid a commission.  For example your Invoice is $1,000 including charges.  You pay the Broker $1,000.  The Broker retains their commision say $150 and then pays the Insurer $850 within credit terms.

On personal insurance the broker must disclose to you their commission.  Some brokers disclose commission on every single policy.

Home, Contents, Landlords and Car insurance via broker will generally be more expensive than going direct.  As others noted the coverage is often better and the broker will assist with claims.  Brokers policies have higher sublimits for the likes of jewellery and some cover your contents worldwide up to 120 days.  Great for gear in campers, caravans, cars etc

Brokers only deal with about 5% of the personal lines market in Aus.  i.e. Home and private car.   The big 2 cluster groups are AIMS (Austbrokers and IBNA) or Steadfast.  Steadfast recently floated and Austbrokers have been public for some time now.  Remember the policy you buy direct is not the same as the policy you buy from a broker even if it is the same company. prices and coverage vary.  Likewise Steadfast, Austbrokers, CQIB etc all have their own policy wordings and pricing.

Insurance companies in Aus dominated by the big 4 (much like the banks) with Zurich coming in 5th (pretty good considering they only deal in commercial and via brokers)

1. IAG - brands such as NRMA, CGU, Swan, SUU and as of last year they bought Westfarmers with the WFI, Lumley brands.  Brokers only deal with the CGU brand and Lumley (not for much longer as all Lumley will be branded CGU soon). 

2. Suncorp - brands such as AAMI, APIA, Shannons, Insure my Ride, CIL, Terri Scheer, Vero (broker brand)

3. Allianz - brands including Global Transport and Club Marine

4. QBE - brands including UAA, CHU, Elders

5. Zurich - only deal with brokers, no longer do home, landlords or personal motor.

Not sure whether this bordering on the Trading section however if anyone wants to discuss please send me a PM.

PS - I am a broker and part of the Austbrokers network
Cheers
Brett

[krisandkev]

Good info Brett, thanks for that.  Kevin

[Mik01]

Any of you guys want to pm me your details as I need a quote on business insurance - public liability etc. cheers, mike

[Artie01]

When you say 'personal insurances' do you mean life insurance, income protection etc? The replies Ive seen so far are dealing with General Insurances and not Personal Insurances.

A broker helping you place Personal Insurances will always disclose how he/she is paid in a Statement of Advice (SOA) document BEFORE you decide to sign on the dotted line. This SOA will fully disclose costs to you, benefits to you and how the broker is remunerated... and just as importantly, this document will provide alternative quotes and strategy's considered.

How do I know this??? Im a financial adviser and a broker....

[hempo]

Hi Artie,

Yes, to clarify we are discussing General Insurance only and the question was pertaining to Retail Products.  Home and Car Insurance predominantly.  As you noted not to be confused with Income Protection, Life Insurance etc where someone would need to talk to yourself.

I do not do any Life or Financial planning. 

Mik01 PM sent.

Cheers