Lowering Your Motor Trade Insurance Policy Premiums
It can often be difficult to try and lower your motor trade insurance policy but
there are a number of areas that you can look to change to try and drive down the cost of your premiums. It is however important to understand the level of cover your motor trade policy supplies as many motor trade insurance policies can range quite dramatically in price and cover. It is important to strike the right middle ground that is suitable for you and your motor trade business.
If you use a personal car this can often be included on your motor trade insurance policy removing the need for you to have a standard car insurance policy. This is an easy saving that could return you hundreds of pounds if you were unaware, however it is always a good idea to consult your insurance broker first.
If you are new to motor trading and have yet to accumulate any no claims bonuses then there should not be need to worry. A large number of insurance brokers will be willing to offer you an introductory no claims discount however the size of the discount can depend on a number of other factor. If you are able to demonstrate evidence of previous no claims that you have acquired on other vehicles, you may be able to pass this across to your motor trade policy. Likewise if you have previous experience in the motor trade industry and you have been a named driver on an appropriate insurance policy then an insurance broker may be able to give you up to five years no claims discount.
Adding restrictions to the level of your cover can reduce the cost of your motor trade insurance premiums tremendously. However it is important to consider the potential risk that it carries and impact on your business by not being fully covered. Motor trade insurance within the United Kingdom generally follows the same cover levels of traditional car insurance with comprehensive being the highest coverage above third party fire and theft and third party only insurance.
Other restrictions to your cover can also be applied to reduce the cost of your premiums. Adding restrictions to the motor trade vehicles that you can use under your policy and their net value. You are usually required to state the maximum value of indemnity that is required when you are obtaining a quote for motor trade insurance within the United Kingdom. This is often based on segments by cost and this can vary between insurance brokers.