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How To Save Money On Your Motor Trade Insurance

Keeping costs down is the main aim for every business. Your motor trade insurance doesn’t have to be a costly affair, so here are some top tricks and tips which can save you money and give you cheaper motor trade insurance!

Choose drivers wisely

If you have drivers under 25 on your motor trade insurance policy, your premiums are likely to be high as younger drivers are seen as more likely to have an accident. Your motor trade insurance premium can also be cheaper if you have less drivers on your policy - as the more named drivers you have, the more expensive it usually is.
Be selective and only add named drivers who are necessary and have an excellent driving history (no previous driving convictions etc), as this will also help.

Analyse your motor trade business activities

Businesses are always changing (whether these are big or small changes), and taking a look at what aspects of your motor trade business have changed can have a big effect on your insurance premiums.
●     Vehicles - have the type of vehicles you work on changed? If you used to work on fixing lorries or sports supercars but don’t anymore, this will see a huge reduction in your insurance premium. Also consider the worth of your vehicle stock, as these depreciate as the years go on. Check that the insurer has the right value for each one.
●     Public Liability and Employers Liability Insurance - Motor Trade Liability Insurance is an essential cover, and will save you lots of money as it protects you against claims from your employees and public liability (if your customers have a fall on your premises etc).
●     Drivers - If you have a high staff turnover, make sure that you’re not continuing to insure an old employee. Or perhaps you’re insuring a family member where private car insurance would be better? This will help bring premiums down.

Pay upfront

Although it may seem cheaper at first, paying for your Motor Trade Insurance policy is actually cheaper when paid in full - with savings up to 10%. You can make your payment in full for your Road Risks, Liability and Premises motor trade insurance with us, and this payment isn’t due again until renewal. Having a no-claims bonus is also advantageous as this helps build insurer trust.

Ask Road Runner Insurance

As motor trade insurance brokers, we have the know-how and specialist motor trade knowledge. Please get in contact with us to find out the best ways on how you can save money on your motor trade insurance. We are always happy to help.

Road Runner is a trading name of Aston Scott Ltd. Authorised and regulated by the Financial Conduct Authority (Reg No. 308048). For your protection, telephone calls may be recorded or monitored.

Copyright © Aston Scott Ltd 2015. All rights reserved. Road Runner, 28 Dingwall Road, Croydon, CR0 2NH. Tel: 0330 822 0468

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