The key to get the best value when shopping around for a Motor Trade insurance policy is to ensure you give your provider the right information. Being as clear as you can about what you need is a sure way to be confident you’re not paying for coverage you don’t need. However, this doesn’t mean you should be tempted to withhold information as this can have major implications if you ever need to claim. Here are nine steps to take to trim off extra costs associated with your policy.
- Disclose all the motor trade activities you undertake to be sure your business has all the protection it needs. Servicing, repairs, valeting, salvage – whatever it is you offer, if it’s not included on the policy, a claim would be void if an accident occured.
- Limiting the number of drivers on your policy can help reduce your insurance costs, and try to list only older, experienced drivers if possible. You don’t want to jeopardize your No Claims Bonus by adding unvetted or inexperienced drivers to your policy. Know exactly who you are adding to your policy and be aware that adding someone with penalty points may mean an increase in premium. Also, be sure to remove drivers from the policy when they leave your business – this can be done by a simple call to your broker.
- Regularly review your sums insured so that claims are paid for the right costs. It’s easy for stock to rise or fall over time so ensure your insurance is sufficient. Similarly, essential tools can be built up over a number of years making it difficult and expensive to replace in the event of loss.
- Check to see exactly what vehicles you are cleared to drive. Most motor trade policies have a gross vehicle weight limit between 7.5 and 10 tonnes. If you drive anything larger than that, you may not be covered. Similarly, vehicles with more than eight seats may not be included. So check with your insurer that you are covered if you come into contact with anything other than cars, vans and small to mid range commercial vehicles.
- In the event of a claim you might need to prove you are a genuine motor trader. This proof could take the form of receipts for spare parts purchased, records of vehicles bought and sold, copies of advertisements you have placed etc.
- Use an experienced broker to do the legwork for you! They will shop around for the best premiums across the insurers working in the motor trade industry. As well as saving you money it will save you time, as you won’t have to explain your requirements over and over with different insurance providers to get a quote. Britton Insurance is one of Ireland’s leading brokers offering Motor Trade insurance designed with you in mind.
- Increase your security measures. From the outset, try to choose a premises in a safe area, and install CCTV, security lighting and alarms.
- Can you combine policies to save money? Some insurers will include a spouse’s vehicle on the policy. Discounts may also be available if you take out a garage policy when with a road risk policy. Not only can this keep your costs lower than having individual policies, it also keeps your admin down to a minimum, too.
- Consider paying a higher excess. Discuss with your broker if it would be a good idea for you to opt for a higher excess. If you have rarely claimed in the past, paying a higher excess could see significant savings on your motor trade insurance.