If you’re looking to take out insurance in Germany, you’ll likely face the question: Should I use an insurance broker or an online comparison portal? Both options can help you find a policy, but there are important differences you should know. In this article, you’ll learn why personal advice from an insurance broker is often the better choice, and how brokers, comparison portals, and different types of insurance agents differ.
What Is an Online Comparison Portal?
Online comparison portals like Check24, Verivox, or Finanzcheck are popular tools for quickly comparing insurance rates and signing up for policies online. What many people don’t realize: Legally, an online comparison portal is also an insurance broker. This means the portal receives the same commission as a traditional broker and usually has access to the same rates.
The big difference: With an online comparison portal, you’re on your own. You have to compare offers yourself, understand the terms, and make the right decision without personal guidance. If you have questions or issues after signing up, customer service is often limited.
The Advantages of an Insurance Broker
An insurance broker is your personal advisor for all insurance matters. They take the time to understand your individual situation, analyze your needs, and search a wide range of providers to find the best offer for you. The consultation is completely free of charge – you only pay the insurance premium you would pay anyway. The broker’s compensation is paid by the insurance company.
Key advantages at a glance:
- Personal advice: Your broker takes time for you, answers all your questions, and supports you in case of a claim.
- Free and unrestricted: A broker is legally required to act solely in the interest of the client. They do not represent any particular insurance company, but rather your interests.
- Transparency: You receive an honest assessment of which insurance truly fits your needs.
- Long-term support: Even after you sign a contract, your broker remains your point of contact – for changes, claims, or questions about existing policies.
Insurance Agents: Tied Agents and Multiple Agents
In addition to brokers and comparison portals, there are also insurance agents. Here, it’s important to distinguish between two types:
- Tied insurance agents: They work exclusively for one insurance company, such as HUK Coburg, LVM, or Provinzial. They can only offer you products from that one company and are legally required to act in the interest of their employer.
- Multiple agents: They represent several insurance companies and can offer a wider range of policies. However, they are still legally aligned with the insurance companies they represent and are not fully neutral, as they must protect the interests of those companies.
In summary:
- Insurance broker: Free and unrestricted, acts solely in the client’s interest, access to many companies and rates.
- Online comparison portal: Legally a broker, but without personal advice; you are on your own.
- Tied insurance agent: Represents only one company, offers only their products.
- Multiple agent: Represents several companies, but is still legally aligned with the insurers.
Conclusion: Personal Advice Makes the Difference
An online comparison portal can be useful for a quick overview. However, if you value individual, free, and client-focused advice, an insurance broker is the better choice. You benefit from tailored solutions, advice that puts your interests first, and a personal contact who is there for you even after you sign your contract.
Tip: Get free and non-binding advice from an experienced insurance broker – you won’t pay a cent more, but you’ll receive full service and the confidence to make the best decision.
Do you have questions or want personal advice? Contact us – we’re here to help!
