;

Issues That Determine the Premium That You Pay to the Motor Insurance Company

In offering motor trade insurance, the provider will be looking to make a profit by reducing the risks which are associated with the deal. The process is supposed to be transparent and objective. You need to watch out for these things which ultimately determine the amount of premium that you pay:

1. Have you shopped around for your policy? If you have not bothered to shop around then you will be taken to the cleaners. Do not accept the first policy that is dangled before your eyes. Give yourself enough time to get the most affordable deal.
2. Have you used the internet to get a quote? There are discounts for buyers who use the internet. One of the reasons for this is that the World Wide Web reduces the costs that the provider has to undertake in order to provide the policy. It also gives you the flexibility to select the best deals.
3. Have you considered the specialist providers? In most cases the standard provision will be higher than the specialist. Remember that the specialist provider has already assessed your bespoke risk. Standard insurance companies tend to be cautious and will therefore charge you the highest price that they can.
4. What have you done with your NCB? The "No Claims Bonus" or NCB has to be followed up if you wish to maximize your benefits. The provider will take your information at face value but they might undertake an investigation if you are trying to make a claim. Make sure that your facts are straight or you may end up losing everything.
5. Have you tried applying online as a new customer? Quite perversely many motor trade insurance providers will give new clients discounts that are over and above those that are offered to their loyal customers. Your aim is to get the best deal and therefore you can always change the provider if they do not value your loyalty. Make sure that you find out about the factors that they consider when offering discounts.
6. Is your voluntary excess reasonable? The friendly motor trade insurance representative on the other side of the phone will ask you whether you want to have a voluntary excess. By all means you need to answer positively. At the same time you need to ensure that the voluntary excess is not so big as to make the policy virtually worthless.
7. Have you settled your high performance vehicle status? The motor trade insurance providers are always wary of high performance cars. This is especially true if you are new to driving. If you go out and buy a $1 million Lamborghini just because daddy can pay, the provider will be skeptical about the risks that you present. There are no discounts for trust fund babies or oligarchs.
8. Why are you paying in installments? We are completely obsessed with credit. You should pay your motor trade insurance premium in one swoop. That way you will not have to worry about interest payments.

Above everything you need to ensure that you do not lie to the motor trade insurance provider. They will eventually catch you and you might end up in the slammer for all your dealing. The principle of "utmost faith" means that they are in a position to cancel the policy if there are any discrepancies. You can bet your last dollar that they will choose to cancel when you are submitting a claim. It is therefore prudent to ensure that everything is in good working order and that you have not told any white lies. The insurance providers are quite strict on this point.

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