Motor trade insurance is a necessity, but it doesn’t have to be prohibitively expensive. Here are some practical steps to help you get the right coverage at an affordable price.How to get cheap motor trade insurance

1. Assess Your Specific Business Needs

Start by determining the type of coverage your business genuinely needs. For instance, road risk insurance may be suitable for businesses that don’t store customer vehicles, while combined insurance could be better for companies that also handle repairs. Only pay for the coverage necessary for your operations.

2. Compare Multiple Quotes

Comparison shopping is one of the best ways to reduce your insurance costs. Review multiple quotes to see which insurers offer the most competitive rates for the coverage you need. Sometimes, contacting insurers directly can result in special deals or negotiable premiums.

3. Consider a Higher Excess

If you’re comfortable with a higher out-of-pocket cost in the event of a claim, consider raising your voluntary excess. A higher excess often leads to lower premiums, but ensure that the amount remains within your budget should an incident occur.

4. Opt for Limited Driver Coverage

Instead of selecting any-driver policies, limit your insurance to the specific drivers who will need coverage. Reducing the number of covered drivers, particularly if they have clean driving records, can lower your premium by reducing the perceived risk.

5. Upgrade Your Security Systems

Adding security measures, such as CCTV, alarms, or vehicle trackers, can decrease your premium. Insurers tend to offer discounts for businesses with additional security, as it minimizes the risk of theft and damage.

6. Ask About Flexible Payment Options

While monthly payment plans can be convenient, they often include additional fees. If your cash flow allows, paying for the entire policy upfront annually can reduce your premium. It also prevents you from incurring interest charges on monthly payments.

7. Maintain a Clean Claims History

Having a record free from claims can often result in lower premiums. Avoid making small claims where possible, and consider covering minor damages out of pocket to keep your claims history clear. Many insurers offer discounts for businesses with minimal or no claims.

8. Limit Your Mileage

If your business doesn’t require high mileage, ask about a limited mileage policy. Insurers may offer discounts for businesses with fewer miles, as it reduces the likelihood of accidents, translating to a lower risk profile.

9. Work with a Motor Trade Insurance Broker

Specialist brokers who understand the motor trade industry can help you find policies that meet your needs without unnecessary costs. Brokers often have access to exclusive deals and can help negotiate premiums, particularly for unique or specific coverage needs.

Conclusion

Finding affordable motor trade insurance is possible with the right approach. By customizing your policy, comparing quotes, and focusing on security and a clean claims record, you can reduce your premiums while maintaining essential coverage for your business. Consulting a broker and revisiting your policy annually will ensure your coverage evolves with your needs, keeping costs down over time.