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Using an insurance broker is not always cheaper in terms of premium — broker commissions are included in the price. However, brokers often access wholesale rates, negotiate better terms, and reduce the risk of underinsurance or gaps in cover that can be far more costly than any premium saving. The value is in coverage quality and claims outcomes, not just upfront price.
Brokers save money in multiple ways: by accessing markets with lower rates for your specific risk profile, by negotiating premium reductions for risk management improvements, by ensuring you are not overinsured (paying for cover you don't need), and by achieving faster, fuller claims settlements. A broker who secures a 15% better claims outcome on a $50,000 claim has delivered more value than any annual premium saving.
For simple, low-value personal insurance products — basic renters contents cover, straightforward travel insurance, a standard car policy for a common vehicle — direct online purchase is often fast, cost-effective, and sufficient. The more complex, high-value, or specialised your insurance need, the more the equation shifts in favour of using a broker. Business insurance, specialty vehicles, and liability-heavy risks almost always benefit from broker involvement.
CoverMy connects you with licensed Australian insurance brokers who compete for your business.
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