How to Save Money on a Motor Trader Policy
Motor trader insurance is not a new concept. It has been around for a few years now, and yet it remains largely unknown to many. This is surprising considering motor trader insurance can offer substantial savings on motor trader liability cover. There are companies out there that specialise and so can offer some very competitive rates.
Motor traders are known to be risk-takers in business which, in turn, can make them more prone to accidents than the average person. This is a good reason to need a motor trade policy to have sufficient insurance to adequately protect against financial disasters.
There are a few things motor traders can do to make sure they are getting the best possible deal on their motor trader policy. These are:
Comparing Rates
When looking for motor trader insurance, it’s important to compare rates online. You can find the best rates and save a lot of money by doing a little bit of internet research. Take the time to compare policies and you’ll be sure to find the right coverage at a price you can afford. You will want to look for a like-for-like cover, or even ways that you had not thought about before, to save on some of the insurance expenses. Always stay as protected as you can, though.
You can compare rates by:
- Obtaining online quotes.
- Telephoning an insurer.
- Calling into an insurance office down the high street where that exists.
- Go through a broker who will do the shopping around for you.
Be aware that if you go through a broker, then motor trade insurance is something a bit specialised and so brokers will possibly find it no easier than you when it comes to finding the best price. You can simply shop on the internet yourself. The known providers should produce something competitive when you put in the relevant keywords to find them.
Choosing the Right Policy
There are different types of motor trader insurance policies available, so it’s important to choose the right one for your needs. If you’re a self-employed motor trader, then you’ll need to take out a policy that covers you for public and employers’ liability. If you’re employed by a motor trade company, then you’ll need to take out a policy that covers you for products liability.
Liability Insurance
It is only a legal requirement to have employer’s liability but it is not worth the risk perhaps to save by not paying for public liability. This is because public liability claims can be substantial enough to put even the largest company out of business. It does not seem a risk worth taking. It only takes a loose tile on a garage roof to slip off and cause injury to a customer or passer-by, or a piece of equipment to injure a customer discussing a price in the garage area.
Reducing Cover to Save Money
If a business’s vehicles are older, it can be worth reducing to just third-party cover on these and only insuring customer vehicles with comprehensive cover. It will be important that you have a customer’s vehicle covered unless a business is prepared to withstand that kind of loss. It only takes one large loss to equate to many years of paying insurance. This makes insurance cost-effective and something of an investment in financial security.
There is much more flexibility about who you can let into your garage when you know that you are insured against liability claims, should there be an accident in the company of a customer that happens to be standing in the wrong place at the wrong time.
When it comes to motor trader insurance, there are a few things you can do to get the best possible deal. By comparing rates online and choosing the right policy, you can save money while still getting the coverage you need.
