How To Get Cheap Motor Trade Insurance

insuranceIf you are interested in saving money on motor trade insurance you need to thoroughly research and compare the different policies and deals available before signing any contracts.

Motor trade insurance premiums are generally a lot higher, however if you conduct analysis of both quality and quantity you may be able to reduce the price.  Although you are interested in finding the cheapest deal you can, you don’t want to compromise on the quality of the coverage.  In the following article we will look at some helpful hints and tips you can use to find a motor trade insurance policy that is both affordable and gives you an appropriate level of coverage.

No Claims On Previous Insurance Policies – Reduced Premiums On Future Policies

Most motor trade insurance companies will offer customers who have no previous claims much lower premiums.  This is because individuals who have not claimed on insurance policies in the past are considered as low risk and often insurers will offer discounts of 60% off.  Another thing to keep in mind is that this is an incremental premium reduction.  Therefore, the longer you have gone without filing an insurance claim, the greater a discount the insurance company is likely to offer you.

How Much You Are Discounted May Be Determined By The Type Of Business You Run

Insurers will also consider the activities your business is involved in when it comes to deciding how much of a discount you will receive on your motor trade insurance premium.  MOTs and body work are considered by most insurers to be low risk activities, thus if your business handles this type of work you could be entitled to a reasonable cheap premium for your policy.

If your business involves dismantling, vehicle salvaging and even breakdown recoveries you would be considered by most insurers as being a much riskier customer.  Most insurance companies do not offer these types of businesses discounts.  That is not to say that you should lie about the kind of operations and activities that your business is involved in to get a low insurance premium, as this may you’re your policy and would leave you with no protection whatsoever.

Other Factors That Could Affect Your Insurance Policy Premiums

Another factor that might mean that your business is deemed as being risky and could result in higher insurance quotes is if it involves anything to do with luxury cars.  The reason for this is that thieves often target luxury cars and that most insurance claims on luxury cars can be as high as £1000s.  In contrast though, company cars can be eligible for cheaper premiums particularly if they have been used for many years and have no previous claims taken out.

Another important factor that could ensure that you receive discounts on your motor trade insurance is that the people named on your documentation are the only ones who are authorized to drive those particular vehicles.  This is important to keep in mind because if an accident occurs when an unauthorized person is driving a vehicle, the insurance company has the right legally to cancel your policy there and then.

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