Motor trade insurance can be a minefield if you don’t know what you’re buying, with even experienced purchasers falling foul of shoddy commission based salesmen. We’re going to list 5 great tips that can help you avoid any problems, and even get more cover for less.
1) Split Indemnity – What is split indemnity? This is where you can get more cover for the same cost! If you are a mechanic, a valeter, or anyone that needs to be able to drive customer’s cars, this can save you money. Split indemnity means that you can get say £10k worth of cover for yourself and your own vehicles, while getting £20k of cover on customer’s – for the same price! Insurance companies happily do this all day long and for the same price as giving £10k for yours and £10k for customer’s vehicles alike. Just ask your broker!
2) Demonstration Cover – Do you really need it? Does a valeter or a mechanic really need this option? Even salesmen may not really need it. Whilst some companies will give it for free, most will charge.
3) Pay in One – We all like to spread the cost of purchases, but be aware that insurance companies can charge up to 20% interest on instalments! Can you pay it off and save?
4) Ask for a discount – If you refer your friends and colleagues to a broker ask for a referral fee! They may offer to discount your renewal or give you future credits!
5) Excess – a larger excess can bring down your price – perfect for those who wouldn’t claim for small things!
I hope these tips can save you time and money! Remember – Motor Trade Insurance can be complicated – if in doubt always ask your broker to get you the policy you need. A good broker gives his advice for free and is happy to help.
Think Insurance – Quality, Service and Price