Find an Insurance Broker in Wellington
Find the right life and income protection policies with help from a local insurance broker
Updated 20 February 2020
Summary of Insurance Brokers
Our Wellington Insurance Broker guide covers:
- Insurance brokers work with insurance companies to provide appropriate cover specific for your personal situation and needs. Unlike an insurance company, they take the time to get to know you and properly consider what insurance you need. As their client, you can ask questions.
- If you have health issues or a unique family situation, insurance brokers can help to find exactly the right policy for your needs.
- There's no direct cost by dealing with an insurance broker - they get paid by the insurance company by way of a commission when they sell a policy. If you don't buy a policy, you won't be charged by the insurance broker.
- If you decide to buy, they will also help complete the paperwork.
- If you need to make a claim, insurance brokers fight in your corner and deal with the insurance company directly. This can save a lot of hassle and time during what's likely to already be a stressful time.
- The most important thing is to find an insurance broker you're comfortable with.
Our Wellington Insurance Broker guide covers:
Know This First: The Process of Working with an Insurance Broker
- Once you've decided to contact an insurance broker, you will have an initial meeting. You will share details about your family situation, employment and what you want to insure, and for how much. You'll also discuss any existing insurance policies you have.
- After that, the insurance broker will provide a comparison of the best-suited insurance policies based on your needs.
- Once you've considered the policies offered, you'll have the opportunity to ask questions. You can then decide to go ahead or not. If you do, the insurance broker will make an application on your behalf. You'll need to provide the information they ask.
- Once the application is submitted, the insurer will issue the policy (or ask for more details if a health condition needs further clarification).
- If you need to make a claim later on, the insurance broker will handle this for you.
How much does an insurance broker cost?
- There are no upfront or service fees.
- Insurance brokers make their money from commissions paid to them by the insurers you buy a policy from. You won't necessarily pay more for your insurance either by using an insurance broker. To explain further, insurance brokers work the same as travel agents who earn commissions from airlines and hotels etc.
- It is up to you to decide which policy and company you want to be insured with. Unlike the process of getting a mortgage, the insurer you select probably isn't as important as the bank you borrow from. Nonetheless, insurance brokers will be paid differently by each insurance company, so be sure you pick the right policy that meets all of your needs.
- Industry insiders suggest life insurance commission can be as high as 50%, or even up to 100% of the first year's policy, but we don't have any hard data. You won't know how much your insurance broker earns from your policy - New Zealand law does not require brokers to disclose commission payments.
What should I ask an insurance broker to make sure I get the best policy and service?
The expertise of an insurance broker can vary from one to another. To get the best results, ask two essential questions:
- How many insurers do you work with? The more insurers the broker has a relationship with, the higher the chances you'll get the most appropriate policy at the best price. A good answer is at least five insurers, but the more they cover, the better the options will be.
- What are your fees and commissions? You can ask that, even if they are not legally obliged to tell you. If they do, it will probably create trust and help you understand a little bit more about how insurance brokerage works.
Wellington Insurance Brokers - 6 Things to Know Upfront
- Getting expert insurance guidance does not cost you more: Insurance brokers are paid a commission by the insurance provider for selling their products. You won't pay for their time, and if you don't go ahead, there's no cost either.
- Insurance brokers are specialists: Insurance brokers sell insurance all day long, and bring specialist expertise no matter what your needs are. This is important when you're looking, for example, for life or income protection insurance and have a pre-existing health issue; brokers know which policies will be most suitable.
- You'll be made aware of suitable options: If you go directly to an insurance company, in most instances, they won't know specifically what you need. An insurance broker will sit down with you, ask questions and listen to your needs, and explain the types of cover available. Their process is to get you the 'right' insurance by covering you for your needs. Insurance brokers will be able to let you know if any existing insurance covers you to avoid overlap (and overpaying).
- There may be price flexibility: Insurers don't usually drop their prices if you go to them directly. However, insurance brokers are more flexible on price and can, in many instances, negotiate on policy costs.
- An insurance broker can tailor policies for income protection and critical illness protection: An insurance company will sell one-size-fits-all products, which might not be suitable for your needs. An insurance broker matches your situation with specific policies to ensure a 'best fit'.
- An insurance broker takes care of claims: This is one of the biggest benefits of using an insurance broker in the first place. If you do need to claim on your policy, you're likely to be going through a lot of stress without dealing with an insurance company on top of that. Your insurance broker will take the details and make a claim, and deal with any push back or issues. In essence, they fight in your corner and help you get the appropriate payout. If you buy insurance directly, you'll have to go back and forward with the insurance company directly, which can be daunting and cause a lot of hassle and worry.
5 Trusted Wellington Insurance Brokers Available Right Now
Our list below, which is no particular order, covers Wellington and the Hutt Valley. We have selected these insurance brokers based on their history of longstanding service within the Wellington region, location and data extracted from internet reviews on Google Business, Facebook, TradeMe Services, specific insurance forums and guides, and other sources.
Beyond standard insurance policies, the brokers below all have experience with non-standard and 'complicated' client requests such as health issues.
No insurance broker has paid to appear on this list, and MoneyHub.co.nz has no relationship with any company or professional listed below.
Know this: It's important to remember you don't need to go with the first broker you talk to. You’re in no way obliged to go buy a policy just because you met with an insurance broker.
Beyond standard insurance policies, the brokers below all have experience with non-standard and 'complicated' client requests such as health issues.
No insurance broker has paid to appear on this list, and MoneyHub.co.nz has no relationship with any company or professional listed below.
Know this: It's important to remember you don't need to go with the first broker you talk to. You’re in no way obliged to go buy a policy just because you met with an insurance broker.
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PlusFour Insurance Solutions (Personal Insurance Broker)PlusFour Insurance Solutions has a number of highly-rated brokers working with clients in and around Wellington.
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GYB Insurance Brokers (Business and Personal Insurance Brokers)GYB Insurance offers a complete range of insurance solutions for companies, organisations and individuals. Operating since 2012, GYB offers an experienced team who work with clients in Lower Hutt, Upper Hutt, Petone, Porirua, Wellington and the Kapiti Coast.
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Smart Insure (Personal Insurance Broker)Smart Insure is a boutique personal insurance brokerage owned by the Cranfield Group, a wealth management company.
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The Home Loan ShopThe Home Loan Shop has operated since 1999 in two locations (central Wellington and Lower Hutt) and brings a wealth of insurance policy experience to every client no matter what their needs may be.
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Meridian General (Business Insurance Brokers)Meridian General is a business insurance broker, serving companies and organisations around Wellington since 2007, with an award-winning team of six.
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Disclaimer: MoneyHub.co.nz has no relationship, financial or otherwise, with any of the Wellington insurance brokers listed on this page. Specific services will vary, as will final policy quotes. Our guide is for informational purposes only.
