Meeting with an insurance broker may seem overwhelming, especially if you’re unsure about the type of coverage you need or what questions to ask. Whether you’re shopping for insurance, reviewing an existing policy, or evaluating your options, being well-prepared can help you make informed decisions and find the right coverage for your needs. Here’s a comprehensive guide to ensure you get the most out of your time with an insurance broker.
 

1. Understand your needs

Before scheduling a meeting, take a moment to figure out your insurance needs. Different insurance products serve various purposes, and knowing which aligns with your circumstances will help facilitate a more productive conversation. Some common types of insurance to consider include:
 

• Auto Insurance: Do you have a vehicle that requires protection in case of an accident?
• Home and Property Insurance: Are you protecting your home and belongings in case of theft, loss, or damage?
• Leisure Products Insurance: Do you own a motorcycle, recreational vehicle, or boat that requires coverage?
• Life Insurance: Are you looking to provide financial security for your family?
• Retiree Health, Dental, and Travel Insurance: Are you planning to retire in the next few years?

By prioritizing your insurance needs, you’ll set the stage for a more focused discussion during your meeting.
 

2. Gather your information

Insurance brokers typically require a detailed and accurate explanation of your circumstances so they can provide informed recommendations that meet your needs. Find a convenient time during your day when you can focus without distractions and be prepared to share:

Personal Information:

• Full name
• Birth date
• Marital status
• Address
• For auto insurance, your driver's licence number.

Asset Information:

• For auto insurance, your vehicle's make, model, year, and vehicle identification number (VIN).
• For home insurance, details about your home, including the year it was built, its square footage, the number and type of rooms, and any improvements made (e.g., roof replacement or updates to electrical and plumbing systems).

Financial Information:

• For life insurance, your income, medical history, and a list of your assets and liabilities.

3. Stay informed

While your insurance broker is there to provide expert advice, you should have a general understanding of your insurance options. This knowledge will help you engage in a more meaningful conversation. It’s also a good idea to keep yourself updated on insurance trends and changes that could impact your coverage.
 

4. Ask questions

When choosing the best insurance for your needs, it’s important to come prepared with questions for your insurance broker. Here are some key questions to consider asking:
 

• What’s covered in the policy?
• What’s excluded from the policy?
• Are there any additional optional coverages that I should consider?
• What’s the claims process if I need to make a claim?
• What’s my deductible?
• Do I qualify for any discounts?

Don’t hesitate to ask for clarification on anything you don’t understand. Insurance jargon can be complicated, and your insurance broker is there to help you.
 

5. Review your coverage

As your life evolves, so do your insurance needs. Set aside some time each year or every six months to meet with your insurance broker and review your policies. This will help ensure you have adequate coverage. Major life changes such as marriage, divorce, moving into a new home, becoming a parent, or having a teen driver are all reasons to reassess your insurance coverage.
 

6. Trust their expertise

Remember, an insurance broker will work with you, for you, to find the best coverage that fits your lifestyle. They offer personalized support and can advise you on important coverage options. By following these steps, you can maximize the benefits of working with your insurance broker.

If you're a current OTIP policyholder, contact us at 1-833-494-0090 to review your existing auto or home insurance policy. If you're not insured with OTIP and are shopping for auto or home insurance, call us at 1-888-892-4935 to get a quote and receive a $20 gift card of your choice!

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