Is an insurance agent and an insurance broker the same thing?
The answer is NO.
So what is the difference?
INSURANCE AGENT,
works for an individual insurance company like state farm or allstate. There job is to provide you with the lowest possible rate their company has to offer. You will not get a rate from any other company except from the company they work for.
INSURANCE BROKER,
are independent, they do not work for any company. They find you the lowest possible rate regardless of what company it may be. Their job is to place you with the company that provides you the lowest rate.
An INSURANCE BROKER will provide you with rates from many companies but usually are unable to provide you with rates from INSURANCE AGENCIES. These rates are usually exclusive for INSURANCE AGENTS only.
It is always wise to get rates from both AGENTS and BROKERS to help you find the lowest rate possible.
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