Quote Unquote - August 27, 2008

By InsuranceHotline.com Team
Insurance policy paper-min.jpg

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.

Have a question you'd like answered?

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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.