How to save money on Motor Trade Insurance
If you are looking to save money on your motor trade insurance, read our guide below.
It contains the quickest and most popular ways to save money on your traders insurance cover.
Money saving Tip #1
Limit the amount of drivers. If you can limit the amount of drivers or opt for a named driver’s only policy, premium discounts can be applied to your Motor Trade Insurance quotation. Fewer drivers is associated with lower risk.
Money saving Tip #2
Make sure the level of indemnity is suited to your requirements, a higher level of indemnity will mean a higher cost on your Motor Trade Insurance premium. Avoid insuring for a high level of indemnity that you do not require.
Money saving Tip #3
Use your private vehicle no claims discount. If you have a clean claims history on your private vehicle, in some cases, we can apply that to your motor trade insurance policy. It can also be mirrored subject to proof.
Money saving Tip #4
Be specific on your requirements, road risk only policies can have limits to what they can and can’t cover, this is however reflected in the price of your Motor Trade Insurance premium.
Money saving Tip #5
Install security devices and CCTV to your premises. If you have a premises, installing CCTV and security means your property is better protected lowering the level of risk associated with your motor trade insurance policy.
You can apply for motor traders insurance with Total Motor Trade Insurance. We will ask you the above questions to better help save you money!
Other Money Saving Tips for your Traders Insurance
In motor trading, like with any business, a great way to increase your profits is to keep your costs down – but this is sometimes easier said than done. So, to help bring your costs down and send your profits up, here’s three ways that you can save money as a motor trader, stating with where you do your buying.
1. Go local
Buying at local garages and dealerships can often save you more money than if you went for large, national chains. Often you will be able to strike up great relationships with local traders, which can help to save you money in both the short and long term.
2. Review your costs
Another great way to save money is by conducting a full scale review of your running costs, so that you can identify areas where you might be able to make some savings. Doing so also keeps all aspects of your business fresh, and ensures you operate at as high a level as possible. You’ll find costs you didn’t even know you had, or areas where you’re paying way over what you should be, which will enable you to save money and get your profits up.
3. Get a great deal on your motor trade insurance
Insurance is often one of the most costly aspects of running any business, especially in the motor trade. However, it doesn’t have to be this way. You can make a massive saving on your motor traders insurance if you just shop around and look for the best deals. Don’t take the first offer you see, and find a plan which matches your requirements and your budget.