As one of the leading names in motor trade insurance, Bollington is always looking to save you money by negotiating the best deals with insurers.
However, there’s a few ways you can cut back on the cost of insuring your motor trade business. Here’s some simple tips to keep the cost of insurance down:
1. No claims bonus
We might as well start with the obvious way of saving money! If you can go all year without claiming on your motor trade insurance, then you’ll build up a discount that can help save you money. However, for road risks policies, did you know that you can often transfer your no-claims bonus from a private car policy, or sometimes mirror your private car insurance policy’s no claims bonus so you can keep both your private car and motor trade no claims bonus intact? This might not work for everybody, but it could be worth discussing this with us to see if it’s worth considering.
2. Limit the number of vehicles you work with
The more vehicles you have coming and going through your business, the greater the risk might be to insurers, particularly where sales are concerned. We’re not suggesting you shouldn’t run a successful business, but equally any good business should be efficient, so make sure that whatever vehicles you are insuring are likely to make you money and – from an insurance point of view – keep your stock levels manageable. Just make sure you have enough cover for the vehicles you’re working with.
3. Limit the type of vehicles you work with
It stands to reason that buying and selling imported cars can be more expensive to insure than servicing Ford Fiestas. Likewise, if you specialise in high-performance sports cars, then there’s likely to be a greater risk to insurers than if you buy and sell family cars. Think carefully about the type of vehicles you buy and sell or service and repair. While Bollington can often cover a wide range of vehicles, some insurers might refuse cover or charge you more for dealing with ‘riskier’ vehicles.
4. Third party insurance could be more expensive
Working in the motor trade can make third-party only road risks insurance seem an attractive option, especially as you will often be able to save money on the cost of repairs by doing them yourself or getting somebody else in the trade to help you out. However, as with general car insurance, you may save money by taking out third-party fire and theft or even comprehensive insurance, as insurers will often believe you are more likely to look after vehicles if you take out additional cover.
5. Consider taking out more insurance
This might seem a bit crazy when it comes to saving money on motor trade insurance, but taking out additional cover such as excess protection can help to keep the initial cost of your policy down. Likewise, having additional cover such as engineering inspection cover could prove invaluable if there should be a claim against your business, ultimately saving you money in the long run.
We’ll continue to work with motor trade businesses of all sizes as we go into 2019 to make sure we offer the best motor trade insurance service in the industry. For more help in getting the right insurance to your meet your needs, you can call us on 01625 854443 for traders combined insurance or 01625 854458 for road risks insurance.