Why you should always use a broker to buy your Insurance in Spain

Here are various reasons why we believe you should use use a broker to buy your Insurance in Spain.

1. An independent broker is not tied to one company. They can look at various alternatives for you. With ourselves, for example, we will always provide three alternative health insurance options for you to consider. (Unless because of your circumstances or location, it is not possible to do so).
   • If you go to an agent then you will only receive details of their own product. However, is that the best product for you? In the case of health insurance, where are the nearest doctors and hospitals for that provider? What are they like to deal with when you have a claim or need a treatment authorised? Are their premiums competitive?
   • Should you choose to buy your insurance through the bank then how will they help you if you need to make a claim or you have a query on your policy? Will the staff help you? Do they know the products? Will they just give you a phone number and ask you to get on with it?
   • An independent broker is trained to work on your behalf and try to find a solution for your needs. An Insurance Agent has a tight range of products that they can offer you but you may well have to compromise more than you would like to fit those products.
2. An independent broker should give you a choice of companies to select from. You may have to think about various factors before making a final decision. The cost of the premium may be just one of them. If we look at the example we previously used of health insurance companies. There may be some advantages with one company regarding the location of doctors but a higher premium. Another company would mean a slightly longer trip to visit a doctor but has a lower premium. Would the saving in premium outweigh the inconvenience? This is just one example.
3. The Dirección General de Seguros y Fondos de Pensiones regulates insurance brokers and the staff have to undergo continuous professional development each year. The broker has to have a complaints procedure and an obligation to register with the Data protection agency in most cases.
4. Having a broker at your side is also useful in the event of a claim, premium issue, or renewal query. In respect of an insurance claim, you can ask the broker to assist you. This might be particularly important if you are in a foreign country. You might need an authorisation for health treatment. This could mean you need some guidance on how to navigate the particular insurance company’s process. It could be that you have had a bad experience with the insurance company. As a result, you would like your broker to get involved to try and find a solution. Perhaps you are unhappy with the renewal premium. If you use an agent, they have their range of products. Let’s say your car insurance premium goes up. An agent won’t have another company they can go to see if they can find something more competitive. With a broker, they may be able to come up with a competitive alternative. There are new players in the market and product changes. Particular insurance companies may want to increase their market share of a type of insurance. This means they revise their conditions to make them more attractive than they were the year before.
5. An agent may have their targets set by the insurance company they work for. This could be based on their performance the previous year and the insurance company’s wishes for the coming year. As an independent broker, the business sets its own objective. It decides which insurance companies it wishes to work with. The independent broker can and will change those companies if they feel the product or service is no longer at a standard its clients would expect.

We believe that using a broker enables you to build a lasting relationship where several options are presented in most cases. Where the experience and knowledge of a regulated professional can help you come to the best decision for your circumstances.