If you're asked to sign an Agent of Record letter, it is important that you understand what it means. Also known as an AOR, Letter of Authority (LOA), or Letter of Authorization, this letter is used by a new brokers for several reasons: Secure the client relationship; Block any competing benefits brokers from being engaged by the client; Direct any commissions to be paid to the broker; and, most importantly, Ensure that an insurance company is forbidden from providing a quote to any other broker. When you sign an AOR/LOA, the insurance broker would immediately send it to the insurance company so that they can arrange for commissions to be paid, as well as quotes to be released to that broker, and no other brokers. If you're asked to sign an AOR, always ask the new broker: What is the commission you will be paid in this case? Is that built into my premiums? So if your commission increases, will my premiums increase? What will you be doing with this letter? Does this terminate my existing broker relationship? Also, ask your current broker: Does signing an AOR with a new broker jeopardize my existing relationship(s) with any of my insurance carrier(s)? Does this put me at risk in any way? Would you be able to provide or match the services of the new broker? If you have any questions on this or other insurance forms and inquiries, do not hesitate to contact us at contact@eddiechui.com .

What is a Deductible? An insurance deductible is the amount you are responsible to pay for a claim before your insurance policy kicks in to cover the rest. If you pick a lower deductible you’ll be paying more in premium, but be required to pay less in the event of a claim. On the other hand, if you choose a higher deductible you’ll pay less in premium, but more if you were to have a claim. Insurance advisors can help you understand the right deductible for you and explain the balancing act between making sure you have the right coverage, while getting you the lowest price. How Can I reduce My Insurance Premiums? Maintaining a safe driving record is key to getting lower car insurance rates. The more careful you are as a driver, the more you will avoid accidents or moving violations – all events that increase your insurance rates. Insurers also reward safe drivers by giving discounts of between 10-30%, dependent on driving record. Other ways to lower insurance premiums include: Obtaining discounts/and bulk rates by insuring several vehicles and drivers with the same insurer Bundle other insurance policies, such as your home, business, and life, with the same insurance company Taking an approved Driver’s Training course with a newly licensed driver. Most insurers will credit two years of driving experience.