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Quote Unquote – August 27, 2008

August 27, 2008

Q) What is the key difference between an Insurance Broker and an
Insurance Agent?

A)An Insurance Broker can represent several insurance companies
and can offer quotes from as many insurance companies as they do business with.
An Insurance Agent works directly for one specific company and can only sell
that company’s policies.

In last month’s article on avoiding insurance
scams, the Financial Services Commission of Ontario or FSCO (www.fsco.gov.on.ca) was listed as a key
resource for consumers to ensure the representative they are dealing with is
legally allowed to sell auto insurance. Special thanks to one of our readers,
who correctly identified that an equally important resource we should have
mentioned is the Registered Insurance Brokers Association of Ontario or RIBO (www.ribo.com).

Consumers should consult
both resources if they fear they may be victims of an insurance scam and to
learn more about the differences between Insurance Brokers and Insurance
Agents.

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Check this section of the InsuranceHotline.com Insider every month
where we answer the most common questions about insurance submitted by
consumers.