Direct insurer, bank or broker: where should you buy car insurance in Belgium?

Direct insurer, bank or broker: what is the difference?

The difference comes down to how many contracts the person in front of you can offer. A broker compares several companies, a direct insurer sells only its own contracts, and a bank adviser distributes only its group's products. The final product can be identical; the advice, the price and the support when you claim are not.

In Belgium, these three channels have coexisted for a long time and the proportions barely move. According to Assuralia's 2024 figures, broking remains by far the leading non-life distributor with 61.2% of premiums, ahead of direct insurance at 18.4% — the second channel in the non-life market. Agents and bancassurers are gaining ground slowly and account for 28.6% of total life and non-life premium income, up 1.5 percentage points year on year.

In practice: AG Insurance, AXA and P&V distribute mainly through brokers and agents; Ethias, Yuzzu and Belfius Direct (formerly Corona Direct) sell direct; KBC, Belfius and BNP Paribas Fortis place their contracts at the counter and in their banking app. The same insurer can therefore be reached through several doors, with rates that are not always identical.

Does using a broker cost more?

No — at least not directly. The broker is paid through a commission from the insurer, in the region of 16 to 20% of the annual premium, and it is already included in the quoted rate. You pay no additional fee for the advice.

The reasoning still deserves a nuance. An insurer that maintains no network of intermediaries does not carry that distribution cost: it can build a lower rating grid from the start. That is exactly the model of fully online players. In other words, the broker does not mark up the contract they sell you, but contracts available outside the network can be structurally cheaper.

What does a Belgian broker legally owe you?

Far more than a quote. The Insurance Act of 4 April 2014 imposes a duty of advice on brokers: analyse your needs, compare market offers, justify the recommendation and act in your interest. Its article 263 also bars them from being tied by an exclusive agency agreement obliging them to place their production with a given insurer — that is the basis of their independence.

Three concrete safeguards follow for you. First, mandatory registration in the FSMA register of intermediaries, the Belgian supervisory authority: a broker must state their number on their documents, and the register is public. Second, the written recommendation: you can insist on knowing why this contract rather than another. Third, claims handling: the broker builds the file, chases the insurer and negotiates the settlement on your behalf.

Are direct insurers really cheaper?

Often, but not always. Insurers without intermediaries regularly show the lowest premiums on the Belgian market, especially for standard profiles and low-mileage drivers. Belfius Direct, the former Corona Direct, built its reputation on pay-per-kilometre cover and on a centralised cost structure with no branch network. Yuzzu — formerly Touring Assurances, a delegated underwriter acting for AXA Belgium — is particularly aggressive on low mileage, electric cars and vehicles fitted with driver assistance systems.

The maths flips for profiles that fall outside the box. Young driver, high malus, powerful car, professional use, recent claims: the automated rating engines of direct players penalise these cases heavily, when they do not simply decline the risk. A broker who knows the acceptance criteria of ten companies will sometimes find a solution several hundred euros cheaper — or the only solution available.

Should you buy car insurance from your bank?

It is the convenience channel, rarely the cheapest. Bancassurance offers simplicity — one contact, one online space — and "multi-contract" discounts when you bundle car, home and liability cover. KBC, Belfius and BNP Paribas Fortis all play this card.

The downside is structural: your adviser can only offer their own group's products. There is no market comparison, and no obligation to justify a choice between several insurers, since there is only one. Bancassurance in fact dominates individual life cover above all (46.1% of the market in 2024), far more than motor. The trap to avoid: accepting an above-market car premium to preserve a 5% bundle discount — redo the maths in euros, not percentages.

Which channel should you choose for your profile?

The right channel depends mostly on how simple your file is and on what you expect the day you claim. Standard file, ordinary car, favourable bonus-malus and a tight budget: the direct insurer is the rational choice. You save the cost of the network and handle the rare formalities yourself.

Conversely, as soon as your situation gets complicated, the intermediary regains the advantage. Young or malussed driver, several vehicles in the household, classic car, mixed private-professional use, or simply no appetite for calling a call centre after an accident: the broker then amply justifies their commission. One last useful marker: if you cannot say off the top of your head whether your contract covers theft and with what deductible, you probably need advice, not a rate. To frame your need in two minutes, take the personalised quiz, then move on to comparing the offers.

Verdict: where should you buy your car insurance?

To compare companies one by one — plans, deductibles, claims service — see our ranking of the best car insurers in Belgium. And before signing anything, take the time to compare the offers based on your vehicle, mileage and profile: that is where the real savings are, far more than in the choice of channel.