As with any part of your business, when it comes to expenses you want to save as much money as possible in order to increase profit margins. That being said cutting corners is not the way to go, but tailoring your motor trade insurance quote can save you lots of money in the long run.
These types of policies are usually generic and are related to your specific industry – the broker might not care if you sell cars or if you repair them, they will hopefully offer you a policy that covers just about everything and then some.
Before you even contact a broker, it’s advisable to know exactly what you need from your policy. You need to know if you are going to allow staff members to drive customer vehicles or if you are going to take that responsibility on your own.
Once you have determined exactly what you need and what you expect from your policy, you can start contacting brokers and getting quotes. Tell them exactly what you need and when you receive the quotes double check them.
Often if you are going to be selling cars you won’t need some of the cover offered to mechanics and vice versa. A mechanic will definitely not need demonstration cover unless he intends selling cars and as a car dealer you need to ensure that they have included demonstration cover (an optional extra on most policies) on the policy.
If you have decided to include staff members to the policy to drive customer vehicles to see what work needs doing and then again to confirm the work has been carried out successfully, it’s important to follow a couple of guidelines that will help you keep down your costs.
Firstly the drivers you choose should be over twenty five years old, under this age is considered high risk as the majority of accidents in the UK are caused by younger drivers. You also need to ensure that your staff have clean driving licences and limited convictions against them. They should also not have any criminal convictions against them. Any driving experience they have may help.
The same applies to you, when taking out this cover make sure the broker is aware that you have no criminal convictions, a cleanish licence, you are over twenty five and how long you have had a no claims bonus for! These all go towards reducing your premium and saving you money – this is why tailoring your motor trade insurance quote can save you money.