When searching for SR22 insurance, you can either choose to go through a broker or approach an insurer directly. If you’re confused about what the difference is between the two then you wouldn’t be alone. However, there are a few significant differences you need to be aware of.
The role of the broker vs the insurer
An insurance broker is not the same as an actual insurer. They are a company that basically act just like a comparison website. You fill in your details and the broker searches the market to find you the best deal. Sounds great doesn’t it? However, what you need to know is this service isn’t free. You will typically be required to pay an initial fee which will vary significantly between brokers. Once you’ve paid that fee, you aren’t always guaranteed to be accepted for the insurers you are recommended to. They work as a third party to get you a good SR22 insurance deal.
The insurer on the other hand is a company you deal with directly. There is no initial fee to pay out and you know straight away whether you will be accepted or not.
Which one should you choose?
It may seem like a pretty straight forward decision when you discover a broker charges a fee to find you an SR22 policy. However, there are some advantages that come with opting to work with a broker rather than an insurer. A good, reliable broker will be able to offer you unique discounts due to their relationship with the different insurers. So after the initial fee, the actual cover you are offered could be a lot lower than it would be if you went through the insurer directly.
Overall there are advantages and disadvantages of choosing either option. SR22 insurance can be extremely expensive so it is worth doing as much research as you can to see which option would save you the most money.