For those in the motor trade industry, insurance is an essential cost, but it doesn’t have to be a burden. Here are some tips for securing affordable motor trade insurance without sacrificing the coverage you need.How to get cheap motor trade insurance
1. Determine Your Exact Coverage Needs
Motor trade businesses vary widely, so it’s essential to assess your exact requirements. Some businesses only need road risk insurance to cover customer test drives, while others require combined policies that include liability, property, and tools. Opt for a policy that fits your specific operations and eliminates unnecessary coverage.
2. Compare Policies Across Providers
Use online comparison tools to evaluate policies from different insurers. Reviewing several options allows you to find the best value and sometimes reveals special offers or deals available for your type of business.
3. Increase Your Voluntary Excess
One effective way to lower your premium is by raising your voluntary excess. This amount, which you agree to pay out of pocket in case of a claim, can significantly reduce premiums. Just ensure that the amount remains manageable in the event of an incident.
4. Bundle Additional Coverage Needs
If you need liability insurance or employer’s liability alongside motor trade insurance, look into bundling these policies. Many insurers offer multi-policy discounts, which can reduce your total premium without cutting essential protection.
5. Restrict the Number of Named Drivers
Limit your policy to only necessary drivers rather than choosing any-driver coverage. By listing fewer individuals—particularly those with clean driving records—you can reduce your premium significantly, as insurers often associate fewer drivers with lower risk.
6. Invest in Security Measures
Installing security systems, such as CCTV, alarms, and immobilizers, can reduce the likelihood of theft and damage. Insurers usually offer discounts for businesses that invest in security, as these measures reduce the overall risk profile of the insured.
7. Ask About Available Discounts
Many insurers provide discounts for a variety of factors, from new customer offers to safety incentives. When reviewing quotes, ask about potential discounts. Taking advantage of these offers can reduce your premium further.
8. Consider Paying Annually
Many insurers charge extra fees for monthly payments, which makes annual payment plans a money-saving option. If you’re able to pay the full premium upfront, this may save you a significant amount over the course of the year.
9. Consult a Specialist Insurance Broker
Brokers who specialize in motor trade insurance can help you navigate options and find exclusive deals that aren’t available directly to customers. They can also negotiate on your behalf and help tailor a policy that best fits your needs and budget.
Final Thoughts
Reducing motor trade insurance costs is achievable through careful planning and negotiation. By determining the right coverage, comparing quotes, and taking advantage of available discounts, you can secure affordable insurance that provides the essential protection your business needs.