If you business is part of the motor trade then getting the best possible insurance at the best possible price is essential. The lower the premium the most profit you make but you also need to make sure this policy covers all your requirements. Domestic customers who bemoan their ever increasing insurance costs have no idea what it’s like for businesses, so here are 5 of our top tips as to how you can cut your quote for motor trade insurance.
Get Cheap Motor Trade Insurance by Paying It All At Once
If you possibly can pay your insurance all in one go rather than spread the cost over the year. This is something that applies to all insurances, both domestic and commercial, and many don’t realise just how much extra they are laying out for the privilege of paying monthly. The estimated increase in cost is 15% but depending on the type and value of the insurance it could actually be a lot more than that.
Fleet Training for lower priced Motor Trade Insurance
If your drivers have undergone fleet training it can make a big difference to your insurance premiums. This is demonstrating that the people getting behind the wheels of your trade vehicles are a step up from your ordinary driver. While this can seem costly it is well worth it the amount of money you will save down the line in insurance premiums.
Choosing deductibles of a higher value can also bring you a big saving when it comes to trade auto insurance. Choose these wisely however and make sure that you can afford to cover them should the worst case scenario occur. Look through these carefully and see where you can make changes. Some of the ones you currently have may not even be relevant any more so by swapping these for ones of a higher value may see your premium drop significantly.
Review Payment Methods and Cut Trade Insurance Costs
If you already pay your trade motor insurance in one lump then check how you pay it. Those using a company credit card can save a hefty chunk of cash by changing their payment method to debit card or bank transfer. Even if you pay off the credit card before any interest is added you might be charged for actually paying this way, so check out your options.
See What Else Is Out There
If you are a company who has been dealing with the same insurance company for years as they gave you a great deal to start with it might be a good idea to shop around a bit. Any bonuses or discounts you were initially entitled to may well have expired by now so by staying loyal to the same company may be actually costing you. It doesn’t take very long at all to do a price comparison thanks to the amount of websites now dedicated to this, and you could well find that you can get a like for like policy for a lot less than you are paying now, and all it has cost you is a few minutes of your time.
Contact us if you need help with your traders insurance.