When it comes to renewing a personal car insurance policy, most drivers take the time to shop around for the best deal through an online comparison website or insurance broker. But when it comes to renewing a policy for a group of vehicles belonging to the motor trade, insurance policies which match the complexities of a business can be hard to find.
Often, this means that shopping around for a good deal is a time consuming headache – one which can easily be avoided by simply renewing an existing policy.
However, with premiums varying widely between insurers, renewing a policy might mean missing out on a better deal and if you know your business, shopping around needn’t be a hassle.
If you operate as a used car dealer, breakdown recovery service or mobile valeter, taking the time to compare quotes and find the right insurance package could save you hundreds of pounds.
Online brokers specialising in motor trade insurance such as Unicom are worth their weight in gold (or fuel) when it comes to tailoring an insurance package that just covers what you need. Before you apply for a quote for auto insurance with a broker, be prepared with the following:
Review your business before you renew, or apply for your insurance and work out what you actually need cover for. Taking stock means you won’t end up paying for vehicles or employees which are no longer part of your business.
Young drivers in particular will always inflate your premium, but if young employees have moved on, or passed their 25th birthday, make sure the insurer have taken this into account.
Review the value of any premises, tools and equipment used by your business because keeping on top of your present needs means you won’t end up paying for inadequate or unnecessary cover.
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Limit Your Risks
Insurance companies assess risk differently and this means premiums can vary on a grand scale, but all motor trade insurers reward businesses which take their security seriously.
If your premises are alarmed, gated, monitored by CCTV or guarded by employees or dogs then tell them about it. If they aren’t, then it’s time to upgrade your facilities.
Insurance will protect your balance sheet against losses but will do nothing to deter vandalism or theft and should never be relied upon as an alternative to quality security. The lower risk your business is, the more competitive your insurance quotes will be. There’s also the benefit of having peace of mind that comes with better security.
Choose a Specialist
If your business trades, or deals with imported or high performance vehicles then you need a specialist insurance firm which understands the risks without penalising you with higher premiums for them. By using a motor trade insurance broker, you’ll receive quotes from specialist insurers who will quote you a fair and competitive price.
Cheaper doesn’t mean better, and cutting the cost of your insurance should never be achieved by compromising on cover. Declining that extra protection for demonstrations, tools, or any other cover options might mean that you benefit from a cheaper premium now, but could find yourself on the fast-track to bankruptcy if you need to foot the bill for a claim which you aren’t insured for in the future.
Do not try to under insure your business to reduce costs as this could lead to bigger problems when it comes to claiming and could result in the insurers not paying out, if you have £50,000 of stock then you need to cover the amount in full
Once you’ve decided exactly what you need cover for, that hard part is done. Simply give your details to a broker, let them do the legwork of shopping around for the best deal for you and see how much you can save.