Got my insurance sorted out the other week and I guess it must be new legislation or something as the broker had included a breakdown of the premium
and I cant see they volunteered it to be nice and friendly. The breakdown was.....
50% to pay for the actual insurance and a whacking 50% to the broker for arranging it 
So out of my £260 only £130 was used to give me what I needed and the broker with no risk got £130 for taking a phone call, tapping on a keyboard and
printing some docs to post to me.
SO!!! is there any way you can buy direct or do you have to put up with a broker robbing you?
Setup your own brokerage? 
quote:
Originally posted by tegwin
Setup your own brokerage?
If you use a company like Direct Line to insure a tin-top then you are dealing directly with the insurance company.
But if you are referring to kit car insurers then it is a specialist market with fewer providers, who as far as I know, use brokers such as Footman
James and Adrian Flux.
The £130 price you mentioned is effectively the trade price to the broker. Even if you find a direct insurer it is likey that you will be charger a
higher price as the retail customer.
As they say: phone around.
quote:
Originally posted by Mal
If you use a company like Direct Line to insure a tin-top then you are dealing directly with the insurance company.
But if you are referring to kit car insurers then it is a specialist market with fewer providers, who as far as I know, use brokers such as Footman James and Adrian Flux.
The £130 price you mentioned is effectively the trade price to the broker. Even if you find a direct insurer it is likey that you will be charger a higher price as the retail customer.
As they say: phone around.
whic company is the insurer?
quote:
Originally posted by blakep82
whic company is the insurer?
sureterm i think will be the policy administrators and arrangers, the actual underwritier is who you may want to track down. should be on your cert or schedule
50% is way over the industry standard for broker commissions on private motor - it's usually 10-12.5%, maybe 15-20% on specialist schemes.
In a scheme, the agent/intermediary/broker does most (or all) of the administration, taking that cost off the insurer - this can include the
underwriting/actuarial bits, stationery production, legal stuff, promotion, claims handling and payment, marketing and what have you; the final
portion is literally the money set aside in the pool to pay for actual damage.
A lot of intermediaries add on admin charges for their work, that might add quite a bit on.
At the end of the day, it doesn't matter who gets what money, the only thing to ask is can you get it anywhere else cheaper?*
*taking into account level of cover/service/etc provided 
quote:
Originally posted by RIE
50% is way over the industry standard for broker commissions on private motor - it's usually 10-12.5%, maybe 15-20% on specialist schemes.
In a scheme, the agent/intermediary/broker does most (or all) of the administration, taking that cost off the insurer - this can include the underwriting/actuarial bits, stationery production, legal stuff, promotion, claims handling and payment, marketing and what have you; the final portion is literally the money set aside in the pool to pay for actual damage.
A lot of intermediaries add on admin charges for their work, that might add quite a bit on.
At the end of the day, it doesn't matter who gets what money, the only thing to ask is can you get it anywhere else cheaper?*
*taking into account level of cover/service/etc provided
Sounds like a lot of room to work on for a discount, go back to them with a figure they can try and match. Im an insurance underwriter myself just wish i wrote car insurance business as i get a 50% company discount!