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Why Do I Hate My Motor Trade Insurance Broker?

If you really hate your motor trade insurance broker, then you can rest assured that you are not on your own. They will try to look for deals that will give them maximum commission. Some of them are nothing more than glorified insurance representatives. In order to get round their (quite legal) tricks you need to ensure that these things have happened:

1. Take them through their paces concerning the policy: Do not be afraid to ask questions. They are supposed to represent you and you are actually paying them. If you are not happy with anything you need to call it quits unless they respond. There is no familial loyalty with your motor trade insurance broker. Do not behave as if you are about to have a divorce. It is all about simple mathematics. They are supposed to get you the most effective but affordable policy on the market.
2. Make sure that your split indemnity has been sorted: Under the split indemnity arrangement you get better cover for lower costs. Your broker will know all about it but they will say nothing until you prod them. This arrangement allows you to get extra benefits for more people whilst paying the same price. It is often hidden in the small print. You can become a good busybody by reading every single line of the agreement.
3. Ask your broker about demonstration cover: If you are running a motor business, it is logical for you to get some demonstration cover under your motor trade insurance policy. The additional fees are minimal compared to the costs of repairing that car when the provider starts to wring their hands. It pays to ensure that this particular item is written in the policy document.
4. Do not let your broker convince you to pay in installments: Quite shockingly there are motor trade insurance providers that insist on encouraging you to pay in installments. It is your "human right" to pay in one step. The installments are untidy and they end up increasing your premium through interest rates. There have been incidents where they charge 20% in interest rates. This is clearly a very bad deal for you. Pay to save if you are wise enough.
5. Make sure that you are getting all the discounts that you are entitled to: That cheeky insurance broker will not tell you about discounts unless they think that you are in danger of changing the deal. Make sure that you ask for discounts. They can reduce your policy by hundreds of dollars. Your obscure Saturday motoring club membership might finally begin to pay if you discover that it gives you access to a discount.
6. You need to maintain a professional distance from your broker: The motor trade insurance broker is not your brother or sister. They are just doing their thing in order to earn a living. You need to be very serious about the things that you want. There are times for laughing and there are times for finding a quote on your motor trade insurance policy.

It is not really good to hate your broker. They are there to help you. If you do the things above, the business relationship will be very smooth. You might even end up liking them in the long run. If they have given you an excellent deal then there is no reason why you should not return the favor by recommending your friends. Likewise if they have given you a rotten deal then you can go on one of the numerous consumer blogs and have your say. It is a "dog eats dog" world out there.

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