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How do I cut the cost of my Motor Trade Insurance Policy?


How do I cut the cost of my Motor Trade Insurance Policy?

All motor trade businesses are unique, how do you make sure you have the correct insurance policy for your business and also save money? Read on for our tips to cut the cost and maintain an insurance cover as unique as your business.

Tips to help you cut the cost of your Motor Trade Insurance Policy:

  • When your Motor Trade Policy comes up for renewal, the best way to bring down the cost of your policy is to seek alternative quotes. If you don’t then you may end up paying more. Higos will save you time and search the market for you
  • Think about improving your security – take advice from your Insurance Adviser on risk management – a better quality business is a cheaper one to insure
  • Pay your premium in one, this can save you the interest charged for credit which can be a lot of money. Don’t just take the credit offered, check the cost!
  • Check whether you have unnecessary add-ons – discuss your cover with an insurance professional to make sure you only pay for the cover you need
  • As per the above, only include high-performance, classic and HGV cover if you are dealing with these – insurers will charge extra for these covers
  • Reduce the number of vehicles (legally) on the MID list - as this may well lower your premiums. If it is not taxed don’t put it on the MID
  • Consider increasing your excess but beware if you make a claim - the higher cost can be painful
  • Consider employing drivers with “clean” records - those without any criminal convictions or higher points on their license. Also remember that drivers under 25 will cost you!

Manage Your Risks

Your business is exposed to numerous special risks. A complete appraisal of what you face and a bespoke policy will help protect your business and ensure future profitability.

Contact Higos Insurance Services Ltd today on 01458 270 428 for more information on crafting a robust motor trade insurance policy.

For more information on how we can help protect your business, visit our Motor Trade page or complete our online quote request form.
Our previous blogs regarding your Motor Trade business may also be helpful:

Posted by: Higos Insurance Services Ltd