How To Get Cheaper Motor Trade Insurance

As with most types of insurance there are some proactive steps you can take to help lower the costs and while cheap may seem like a good option it does not necessarily give you sufficient cover.

Never assume that all types of vehicles, such as motor bikes or high performance cars are included on the policy. You need to make it very clear to insurance companies that you need a policy which covers all types of vehicles.

You could save money by applying online for motor trade insurance as a new customer. It is also worth considering using this method with your existing insurance company as many will offer discounts if they think they could lose your valued custom.

Consider offering to increase the amount of voluntary excess on your policy. This means that you will have to pay more if you have to make a claim before the insurance company pick up the rest, but if you rarely make a claim it is worth considering or discussing with insurance companies.

No claims discounts continue to give the largest savings. Some insurance companies will allow you to transfer no claims discounts earned on a private car policy to a motor trade policy.

Although paying one instalment for your policy may seem expensive, paying by monthly instalments will cost you more in the long run, so it is worth giving consideration to just one payment when you purchase the policy.

Having premises, equipment, public and employers liability cover all provided by the same motor trade insurance company can also help you save money as well as additional savings in your own administration costs.

Having the Correct Motor Trade Insurance For Your Business

Public Liability insurance cover is needed if anyone in the motor trade business invites a member of the public onto their premises. This includes business such as:

* Buying and selling of any type of motor vehicle from showrooms or forecourts.
* Garages and workshops which repair vehicles for payment or reward, including business who restore vintage vehicles.
* Driving any kind of vehicle on a public road, this includes motor trade businesses who run on trade plates.
*Breakers or scrap yards.

Basically anyone who operates a motor trade business and allows members of the public onto their premises, forecourt or any part of their land or property needs to ensure they have appropriate public liability cover included on their insurance policy.

Additionally if you have employees you will also need to Employer’s Liability cover as this is a legal requirement in the UK irrespective of how many employees you have.

A recent TV advertising campaign featuring Sir Allen Sugar shows a motor trade business which has an ‘apprentice’ learning one of the many motor trade professions, as such businesses who have apprentices working on government training schemes will also have to ensure they have appropriate cover before they can take advantage of these schemes. If you are unsure of the type of insurance apprentices need you can find out either from the training company delivering the training or from the Learning Skills Council.

Check with companies who specialise in motor trade insurance to ensure your business is meeting legal requirements and that you don’t get caught out if an employee or member of the public harms or injurers themselves whilst they are on your premises.

Shopping Online For Motor Trade Insurance Can save You Money

Shopping online for motor insurance can save you time and money. However, when using the search engines on your pc you have to know or be aware of keywords which will enable the search engines to come up with the best listings.

Spelling errors is a common mistake which ahs of course been used as a successful TV advertising campaign for ComparetheMarket.com where they use a ‘meerkat’ to highlight this common spelling error!

You will also need to narrow your searches to specific details of motor trade insurance you are looking for, such as they type of insurance which include vehicles in different categories.

This may sound all very logical and simple, however, the world of insurance is vast and highly competitive, as such the time you could potentially save actually ends up becoming very frustrating and time consuming.

You could always use an insurance broker who specialises in motor trade insurance and let them carry out the searches on your behalf, but you should be aware that many insurance companies are not affiliated or work in partnership with brokers – these may be the companies offering the most competitive deals. As such it’s a good idea to use a broker as well as carrying out your own researches.

It is also worth realising that cheap does not always mean the best. Many online insurance companies may sound very tempting until you read the small print and see what is actually included on the quote they are providing.

Shopping around for motor trade insurance is an effective way to save money just as long as you are sure what is being offered actually suits your insurance needs!