It is hugely important as a business owner to save money and cut your cloth, to protect your interests as well as those of your employees. Whatever your company does, there are different ways to save cash, however if you’re in the motor trade, then taking a look at your motor trade renewal could be one of the major factors.
It’s something many people don’t give a second thought to – their motor trade insurance is in place, and it’s easier to just renew it than start the whole search up all over again. However, here we explain a few techniques to help make sure you keep the costs of your policy down:
Keep your details up to date
It is tempting to keep your details as they were when you first got your insurance policy, as you don’t want the cost to change.
However, this is not advisable, as an insurer has the right to refuse if you make a claim, and if they find out that you have been withholding updated information in order to try and keep your insurance premium down.
Don’t just renew your policy automatically
Although your insurer will send out an automatic renewal, if you phone them up straightaway and speak to them, there’s a likelihood your renewal could go down in cost due to the devaluation of your car over time – whereas by just automatically renewing, it will just remain the same.
You should also check the extras on your policy, as removing these unnecessary costs could also bring your premium down.
Try to be prepared ahead of your renewal date, so that when the time comes you don’t just rush into the first deal you find – but have time to shop around and find a cheaper deal at your leisure that you can properly turn over in your mind.
Check out other options
As insurers generally don’t reward loyalty with discounts, it’s a good idea to keep your options open and look around at what other deals are on offer. Unfortunately, many people find that their insurer usually treats new customers to offers and deals, and some even return to them as a new customer.
It’s a case of self-preservation when it comes to insurance deals, so you need to be sure you’re on the look-out for competitive offers, which an experienced insurance broker, such as those at Insure Motor Trade, will be best-placed to help you with.
Make sure your policy is relevant, not just cheap
Many people just look for the most basic policy on offer that is the cheapest, justifying omitting vital coverage with reasons such as: ‘oh that probably wouldn’t happen anyway’. However, you should be comparing insurance on a like for like basis, and trying to cover yourself with features that are relevant to your business interests.
June 18, 2014