Insurance for the motor trade is one of those things that you have to pay for but hope it doesn’t cost as much as it inevitably seems to. Sometimes, there isn’t anything you can do about this; other times, there is. Let’s look at five things you can do, all of which should help you to get the best insurance policy at the best price for your business.
1. Make sure your details are correct
Motor trade insurance providers rely on the information you give them to give you a price for your policy; therefore, they need this information to be accurate. If it is not accurate, they could charge you too much or too little. Remember that if you wilfully withhold information and make a claim, your policy could be invalidated and you would not be entitled to compensation.
2. Decide who will be driving the car
It is likely that not everyone who works for you will need to drive for business. While it might be tempting to take out an any named driver policy just in case, it is much cheaper to take out one that restricts your drivers to an agreed number of people.
3. Take advantage of any no claims bonus
If you have a no claims bonus with your personal car insurance, it is worth talking to your insurance provider to see whether this can be transferred across. Companies such as quotemetoday.co.uk may accept a personal no claims bonus, which could reduce your premium significantly.
4. Make a single premium payment
Most insurance providers offer the option to pay your premium in one go or in instalments. The latter is a good way to help manage your cash flow, as you can budget for a set amount each month; however, as you are likely to be charged interest by your insurance provider, it is also a more expensive option. It is therefore likely to be better to pay your premium in one go.
5. Ask for advice
One of the easiest ways to save money is to use a specialist broker to search all the available insurance deals available. They will find the best and most affordable deal for you, using their industry experience and their relationships with insurance companies to negotiate on your behalf.