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How to Get the Best Motor Trade Insurance Policies

The first objective that you have when purchasing motor trade insurance is to reduce the amount of premium that you pay. You need to start off with presenting your "no claims bonus" or NCD. This is a discount that is provided for drivers that have not claimed money on their insurance policies. If you have made a single claim in 5 years you could get a discount of up to 60%. Clean driving indicates to the insurance provider that you are not really a risk. Since motor trade insurance is all about pooling risks together then you are home and dry for the most part. This discount is a portable facility that you can carry with you regardless of the provider that you are working with. Other measures include the following:

1. Make use of your clean driving record under the company policy: If you have been given access to a company car, it is imperative that you maintain a clean driving record. First of all this saves you from paying penalties to the company. On the other hand you can use this period as part of your "no claims discount". Notify your new provider that you wish this period to be taken into consideration so that they can reduce the amount of money that you have to pay.
2. Ascertain whether there are discounts related to your motor trade activity: If you are undertaking certain activities within the motor industry, the provider might decide to decrease your premium. If you are part of repairs or servicing then the providers might reduce the amount you have to pay. However there are certain activities which are deemed to be hazardous and therefore the provider will increase your premium accordingly. Some of these activities include vehicle salvaging, recovery work and dismantling. Make sure that you are honest with the provider when you apply for a policy or else they might cancel the entire deal.
3. Try to restrict the number and type of people who drive your car: If you are part of a family, the temptation is to get teenagers on the policy. Their records will be either untested or appalling. The insurance companies take the easy route and give them motor trade insurance at very exorbitant rates. In some cases the providers have completely rejected applications from people below the age of 21 years. Before you put that excitable teenager on your insurance policy, it is worth considering the fact that they can add hundreds of dollars on your premium.
4. Try to maximize the voluntary excess that you are willing to offer: The voluntary excess is the amount of money that you will pay on a claim before the insurance company takes over. If you have a large voluntary excess then most motor trade insurance providers will give you a discount. There is a compulsory excess of about $400 which you will need to pay. These figures have to be balanced or else the insurance policy might turn out to be worthless for most small claims.
5. Use the internet to compare prices for your motor insurance: The old days of calling up the motor trade insurance provider for a quote are losing their luster. You should use the World Wide Web to find some ways of saving your money. Price comparison websites are good but often customers complain that they are biased in their recommendations.

There is no reason why you should pay costly motor trade insurance premiums when there are clear ways for you to make savings. Make it a New Year resolution to take off at least $500 from your current annual premium. You will be surprised by the positive results.

For details on motor trade insurance cover for traders with or without premises, please contact our business insurance team to discuss your requirements.