Do You Make These Mistakes When Buying Motor Trade Insurance?

For many businesses operating in the automotive industry the purchase of their business insurance is one of their most costly expenses. This article looks at some the mistakes businesses in the motor trade make when buying their motor trade insurance.

What do you really want when buying business insurance and specifically motor trade insurance? Low premiums, excellent service, advice and guidance, fast claims settlements when you have suffered a loss and friendly and helpful advice from people who know what they are talking about? So many motor traders want all of these things and more but make the mistake of not demanding it from their insurance broker or provider.

The first mistake many motor traders make is due to apathy and the fact they really cannot be bothered to shop around for an alternative insurance broker when their current broker does an ok job for them. This is perhaps understandable when the purchase of insurance is deemed as a long and arduous process. However, by failing to see what else is available, motor traders are in many cases losing out on making what could be substantial savings on their combined insurance premiums.

The insurance industry is no different to the auto industry in that it is highly competitive. For this reason insurance brokers are keen to get your business and in some cases can offer you extremely good deals compared to your current insurance broker. If your current insurance provider does not therefore provide you with all the benefits highlighted above, do not be put off by spending 10 minutes speaking with another broker as it really could be the best 10 minutes you spend this year.

And even motor traders who are prepared to shop around for the best price make a mistake by not disclosing their current premium. Motor traders and businesses in general believe that by disclosing their premium they will not get the best price. In reality the opposite is actually due as unless an insurance company has a price to beat, they will very rarely come up with their very best price. If you are therefore shopping around and someone asks you what your premium is, tell them as this will increase the chances of you saving money.

The final mistake businesses who buy and sell cars, service vehicles or carry out mots make when buying their combined motor trade insurance is to make their decision purely on price. This is especially so nowadays when every penny or cent counts. Therefore when shopping around for motor trade insurance you should ask not just what the premium is but what cover does the policy give you, what credit rating does your broker and insurance company have and what experience do they have in dealing with motor trade insurance. Find out these things and there is every chance that when your renewal is next due you could find the amount you pay fall considerably and some of the money you paid last year ends in up in your pocket and not the insurance companies.

Buy your motor trade insurance wisely and do not make the mistakes that so many other motor traders make. Do this and watch your motor trade insurance premiums fall.