If you are in the motor trade industry (either full-time or part-time), then you will need to protect your business through a motor trade insurance policy. However, the issue with motor trade insurance, is that is can often be quite costly. Don’t let this put you off though, as you need this insurance to help protect your business. Without it, you might get into a lot of trouble.
First things first though, is you are planning on getting insurance, then the best thing that you can do is shop around before you get a motor traders insurance policy sorted. You want to make sure that you get the best deal for you. Don’t just go with the first one that you find. For more tips on how to save money when it comes to your motor trade insurance, keep on reading…
No Claims Bonus
This is probably the obvious way that you can save money when it comes to your insurance. If you can make it a year without making a claim, then your motor insurance might decrease. The longer you can go without making a claim, the better it is for you. In an ideal world you won’t have to make a claim, but obviously this isn’t something which you can plan for.
If an accident is going to happen then it will. If someone wants to steal your cars, then they will. You can’t predict stuff like that. However, you can help yourself by selling cheaper cars, instead of big, flashy cars that people are more likely to be stolen. You’ll also find that the sportier a car is, the harder it is to fix (meaning that things will be more expensive), so that is something that you will also have to consider.
Limit the Types of Vehicles you Work With
If you work with all kinds of vehicles, then your insurance will be more expensive. However, if you can limit yourself to a particular type of vehicle then this will help save you money. If you decide that your business will just deal with your standard run of the mill car, then your insurance will be cheaper because they are less likely to be stolen and if they are damaged then they are easy to fix.
It’s important to note though that if you are planning on buying and selling imported cars then your insurance will be more expensive. The same thing can be said for sporty cars. The reason behind this, is because there is a higher risk factor involved (and this is how your insurance is worked out). Obviously, the better the car, the better the profit is for you. However, you need to think about whether it is worth it, considering that there are other expenses involved.
One easy way to save money is to just pay for your insurance annually. If you can pay it all in one go, then insurers might actually prefer this. If you normally pay on a monthly basis, then you might have to pay interest on that, meaning that in the long run you will actually be spending more. You might also find that if some insurers see that you are willing to give one large lump sum at the beginning, that they lower the price for you.
These are only just a few things that you can do to help you save money when it comes to your insurance. Obviously, there are a few other things that you can do, such as getting a more secure premises and being selective with your employees. These are all things that you can go over with your insurance company though, and you might find that there is something which you prefer doing anyway. If you would like more information on how you can save money for your business, then check out this article here about saving money by using vehicle tracking software.