Trying to find the best motor trade insurance can seem like a difficult process. Calling up a number of different insurers to find a great deal may appear to be quite an arduous task.
Of course, you want to get the policy that is perfect for your business but also at a price that suits you.
When you take out motor trade insurance, a better policy isn’t always the cheapest. In fact, you will probably find that paying a little bit more for cover will be a better option for your business, due to the additional protection you receive.
However, that doesn’t stop businesses from wanting to find motor trade car insurance that is affordable. So what are the steps you should take to obtain quality cover at a price that is just right?
Are you a safe driver? Do you push the boundaries of speed limits or use your phone when driving?
Remember that motor trade insurers look upon safe drivers favourably. If you have never claimed on insurance in the past, and own a completely clean record without any points and convictions, you may receive a much better price for your policy.
If you run a business that requires multiple members of staff to drive your cars, be sure to ask them about their driving history too. By adding previous insurance claimants onto your motor trade policy, you might discover you end up paying over the odds for cover.
By staying safe for a number of years, you should continue to see the price of insurance fall. Five years or more no claims often leads to the best savings. With some insurers, you can even protect this record by paying a little bit extra. This could be beneficial, as the increased cost of returning to zero-years no claims following an accident or incident is likely to be more expensive than safeguarding the record you have already earned.
If you work on a specific business premises, you should also ensure it is kept safe. Not only does this apply to following strict health and safety guidelines and minimising workplace risks, it also means investing in an alarm system and limiting the amount of keys given to staff.
Accidents at the workplace or break-ins that could have been avoided could see the price of your next policy increase.
In addition to ensuring your drivers have decent driving records, you should make sure they aren’t too young either.
Motor trade insurance for under-25s often comes at a higher price than for people who are older. It’s an inescapable fact that younger people will generally get charged more for a policy, so be wary of that when you take on new staff or allocate drivers.
Unfortunately for those under the age of 25, if you want to start off in the motor trade business you’ll just have to accept the highercost insurance policies. But remember, a few years of no claims and increased experience in the industry will see your policy drop in years to come.
Location, location, location
Where is your business located? If it is based near floodplains or high crime areas you might find you pay more for insurance than you might expect.
There is a fine balancing act when it comes to picking a location and reducing the cost of an insurance policy. Areas closer to the city or town centre might be better for business, but worse for motor trade insurance prices. However, premises located in the middle of the countryside might not get as much business activity, despite the reduced cost of insurance.
It is important to weigh up the costs and benefits of a location, not just in terms of the customers you will receive on a daily basis, but also with regards to the price of a motor trade insurance policy.
Furthermore, if you are in a high-risk area for flooding, insurers might not be willing to give you lower cost insurance due to the much greater potential for damage.
Call a broker
Possibly the least stressful way to obtain a cheaper motor trade insurance policy is by calling a specialist broker.
By giving the experts the responsibility of finding you a great insurance policy that suits you, you can be sure they will find a reputable company that offers a great rate and top quality cover without you needing to call a number of different companies.
This means you can get on with the day-to-day running of your business without taking huge amounts of time calling various insurers.
Before calling a broker, you should prepare as much information about your business, staff and location as possible.
By giving them precise details about every aspect of your business, you will be more certain that nothing is missed when it comes to finally selecting and purchasing a policy.
Being more detailed when talking to a broker ensures you will not be paying over the odds for cover you don’t need, or too little and not receiving adequate protection.