Most people know that it is possible to get reductions in your premium for a private car policy the more no claims bonus you have. However, some people within the industry may not be aware that you can also get reduced costs for your motor trade insurance via the same means. Your discounts will work similarly whether you have a trade policy or a private policy – we have outlined some of the main points below.
If you are only just moving on to a traders policy then it is possible that you can add your no claims discount from your private policy. This can be applied without affecting your personal policy so it is always worthwhile looking into this as an option. In terms of the amount of discount, you can generally get up to 5 years no claims bonus but this may differ between insurance companies. The actual discount will obviously depend on the number of years bonus you have. It is possible to get large discounts if you have the full 5 year no claims, even as much as 65% could be taken off!
Similarly to a private policy, you can sometimes protect your no claims on a trade policy. However, if you make a claim and then switch insurance providers then the new company may not take the protection into account. If you don’t protect your bonus then in the event of a claim your no claims will either be stepped back a couple of years or reduced back to zero.
No matter whether your bonus has been accrued on a private or a traders policy, you should still usually be able to apply the discount to a motor trade insurance policy. With the potential to take a large chunk off the price of your premium, it is even more of an incentive to do all you can to make sure that you don’t end up making a claim.
Get in touch with a member of the Think Insurance team today for a traders policy tailored to your exact needs.
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