Top Tips To Get The Right Motor Trade Insurance Policy
Looking for tips to get the right Motor Trade insurance policy at a price that works for your motor trade business? Read on.
Nobody likes paying for insurance, and this is certainly no different when it comes to paying for your motor trade insurance. However, if you go about things the right way and spend a little bit of time finding the right policy then you can reap the rewards. Check out our top tips below:
Provide The Correct Details
One of the most important things is to make sure that all of the details you give to your insurance provider are correct and up-to-date. You may think that it is a good idea not to disclose information just so that you get a slight reduction in your premium, but doing this can be costly. If you end up needing to make a claim and the insurance company find out that you have provided them with false information then your insurance could be invalidated and you could be left to foot the entire bill.
Use Your No Claims Bonus
Secondly, if you have got any No Claims Bonus on another insurance policy, whether it be on a private car or another motor trade policy, then you should be able to get a reduction in your premium. You may have thought that your private car insurance policy would not have any effect on a motor traders policy, but there is a good chance that your insurance provider may still be able to take it into account. It is therefore always advisable to check with your provider because you may be eligible.
Apply Driving Restrictions
The third piece of advice is to carefully consider who you allow to drive the vehicles within your business, and which vehicles they drive. If you take out Named Driver cover, allowing only specifically named people to drive your vehicles, then this will be cheaper than an Any Driver policy. Likewise, if you are able to limit your drivers to only those with a claim free history and clean driving record then this could benefit you too.
Pay Your Premium In One Go
Next, while it is not always a feasible option, if you can afford to pay for your insurance in one lump sum then it will usually work out cheaper. Most companies will offer you facilities to spread the payment, but there will be a cost associated with this, so if you don’t need to spread it and can afford to pay it off in one go, then this will save you money. Obviously this means forking out a large amount initially but doing this means that it is done, dusted, interest free and out of the way for the rest of the year.
Use A Specialist Broker
Finally, when you are looking for a motor trade insurance policy, it is always a good idea to try and find a specialist company to help you out. If you can find an insurance broker who specifically deals with motor traders then they are more likely to understand your requirements, but may also be likely to get you a better deal due to them having the knowledge of the market, the relationship with the specialist underwriters, and being able to tailor your policy to suit your needs.
Follow Our Guidelines and Save Money!
Obviously there are other factors to consider when looking for the right motor trade insurance policy but if you follow the guidelines above then you should find that you will end up with a much better deal all round.