How to Start Saving Money on Your Motor Trade Insurance Policy

Motor trade insurance is just like any other; if you are seen to be more low risk and therefore less likely to make a claim, an insurer is more likely to be able to offer you a lower deal. Therefore, anything you can do in order to lower your insurance payments is preferable, and will make you more of an appealing asset to any insurance company.

Restricted driving

You can reduce your premium by limiting the number of people and hours you drive vehicles to move them around, as the driving history of those in charge of driving the vehicles may also increase your motor trade insurance plus having a large number of named drivers on the policy. So strip it right back to someone who has a good record and also only those who really need to be on the policy.

Lock it down

The area of your business location is very likely to be a factor in pushing up your motor trade insurance policy – however, no matter where you are based, security is always an important aspect of insurance. So either keep your vehicles in a garage or off the street, and take precautions to put security measures in place to show the insurer that you are locked down and also deter any potential threats through your increased security.

Keep a clean slate

Your driving record, but also your employees’ will also make a huge difference to what you are being charged, so it goes without saying that trying to keep a good account of yourself by driving safely and responsibly is important for your general safety on the roads. But encouraging your employees to do the same and making this something you check when employing someone within your business should be a priority too – as it might reduce your premium.

Set the right indemnity level

Be careful not to over or under insure – as either could prove costly for you in the long run. You don’t want to be just giving away money on your motor trade insurance policy to your insurer, but at the same time you don’t want to find out at a stressful time that you weren’t covered significantly either. Therefore think carefully before setting your indemnity level or…

Seek the advice of your broker

That’s what they’re there for, so make sure to take advantage of their extensive knowledge within this very specialised field and ask them how you can save money on your policy or if they have any insight into any obvious risks your business might pose to an insurer. Asking the right questions from the outset means that you are less likely to find out later on that you could have been covered for various things.

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