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Myth buster: The truth about working with an insurance broker


If you’ve never worked with an insurance broker, you may have questions about what they do and how they are unique in the market place. 

Learn how OTIP insurance brokers advocate for thousands of members like you ensuring they make the right choice for their auto and home insurance needs.

MYTH #1: Insurance brokers work for insurance companies

FACT: On the contrary, insurance brokers work for you, not the insurance company. Brokers act as independent professionals and their goal is to find you the right coverage at the best value. At OTIP, our brokers do not need to sell a certain number of policies from a specific carrier. They receive commissions for sales from OTIP, not from individual insurance companies. Their sole incentive is to help you find the best policy for your unique needs and provide exceptional service.

MYTH #2: Shopping for insurance on your own is easier and cheaper

FACT: Repeatedly getting quotes and submitting your personal information to different insurance providers can be time consuming. If you’re not an insurance expert, you may find it difficult to accurately compare the coverages provided by different policies. 

Some people think that an additional fee will be charged if they use a broker. However, there is no cost to you for using a broker and the rates are comparable. You may find a lower online insurance quote elsewhere but be wary – a super low rate could mean that the coverage or service is not as extensive or comparable.

An insurance broker will collect your information once and use it to compare quotes against multiple insurance providers to make sure you’re getting the best coverage for your dollar. As an insurance expert, a broker will also advise you on what coverages you need and help you understand the unique aspects of each policy. You’ll also have a personal insurance advisor on your side helping you each step of the way.

MYTH #3: Once you purchase your policy, the broker is out of the picture

A woman wearing a headset smiles as she works at her computer.FACT: Brokers are there to support you all year. They can answer questions about your policy, help you add or remove coverage and recommend beneficial changes. OTIP is unique in that we also process claims in-house through CURO Claims Services. We’re here for you through the entire process, from buying a policy to submitting your claim. 

MYTH #4: You can make any policy changes online or through email

FACT: Although you can make some policy changes online, if the change is not available as a self-service option you will have to call your broker. For OTIP policies, you can use the self-service forms on our website to update your billing information, update your contact information, add a vehicle or driver to your policy or change your address. If your change request is missing any information, a broker will follow up with you over the phone. Once the change is made, the broker will confirm the change is in effect via email or phone.

For other changes such as modifying your vehicle, renovating your home, using your car commercially or if you’ve had your driver’s license suspended, you should call your broker to adjust your policy.

MYTH #5: A broker automatically searches for the best deal when your policy renews

FACT: When your policy renews, you will receive renewal information for your current policy from your current provider.  This documentation will include the most update-to-date coverages, rates and discounts on your policy. Some adjustments are made by your carrier from year to year as rates and discount eligibility may change between policy terms.

If you would like an annual policy review to compare your carrier options and ensure you’re receiving all available discounts and have the appropriate coverage, simply contact your broker once you receive your renewal package and they will be happy to do this for you.  

If you want to learn more about the perks of using a broker, read our article “Benefits of Using an Insurance Broker.” 

To get a quote from an OTIP insurance broker today, call 1-866-561-5559. To review your current OTIP policy, call 1-800-267-6847.

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