For those working in the motor trade industry, insurance can be a significant expense. However, with the right approach, you can lower your costs. Here’s a guide to obtaining affordable motor trade insurance.How to get cheap motor trade insurance
1. Identify Essential Coverage
Start by determining what coverage is absolutely necessary. Only pay for the areas that truly apply to your business, like road risk or combined motor trade insurance, based on the services you offer. Customizing your coverage in this way can save a lot in premium costs.
2. Get Multiple Quotes
To secure a lower premium, compare quotes from various providers. Many comparison websites make this process easier, giving you a quick view of your options. Make sure you examine the value of coverage in addition to the cost.
3. Consider Your Industry Experience
Insurance companies often look favorably upon experienced traders with a solid background. Providing proof of your industry experience can sometimes lead to lower rates, as insurers see you as a lower risk.
4. Opt for a Higher Voluntary Excess
One way to decrease your premium is to increase your voluntary excess—the amount you would pay before your insurance kicks in during a claim. However, it’s important to choose a figure you’re comfortable paying should a claim arise.
5. Bundle Insurance Policies
If your business requires additional types of insurance, like liability or commercial property insurance, look for opportunities to bundle these policies. Many insurers offer discounted rates for policy bundles, which can provide overall savings.
6. Maintain an Accident-Free Driving Record
A clean driving history can work in your favor. The fewer accidents and traffic violations, the more you’re likely to save, as insurers may lower premiums for safer drivers within the motor trade.
7. Inquire About Discounts
Insurance companies often have promotional discounts for new customers or loyalty discounts for those who’ve been with them long-term. It’s always worth asking about available discounts when discussing quotes.
8. Install Security Systems
If you enhance security for vehicles or property, such as adding CCTV or vehicle trackers, you may qualify for discounts. Security measures demonstrate reduced risk to insurers, which can lead to lower rates.
9. Evaluate Your Policy Annually
As your business evolves, your insurance needs may also change. By reviewing your policy each year, you can make adjustments to coverage as needed, ensuring you’re not overpaying for unnecessary protections.
10. Consult a Specialist Broker
Insurance brokers who specialize in motor trade insurance have industry knowledge and can help you find better deals. Their expertise may uncover lower-cost options and specialized policies that you might miss on your own.
Final Thoughts
Affordable motor trade insurance is achievable with the right tactics. By adjusting your policy specifics, exploring discounts, and keeping a clean driving record, you can manage your costs effectively. Periodic reviews of your coverage will keep your policy in line with your business’s needs, helping you find the perfect balance between cost savings and essential protection.
