If you’re looking to lower the cost of your motor trade insurance, there are plenty of approaches to help you keep your premiums affordable. Here are some additional strategies to help you find the best deal.How to get cheap motor trade insurance

1. Choose a Limited Mileage Policy

If you know you won’t be covering high mileage in your motor trade activities, ask about a limited mileage policy. Some insurers offer discounts to businesses that don’t drive frequently, as they’re seen as lower risk.

2. Use Trade Plates for Testing or Delivery

Using trade plates when you test drive or deliver vehicles can reduce the need for extensive road risk coverage. Insurance providers may see trade plate use as a sign of professionalism, which can lead to discounted premiums.

3. Only Cover Necessary Drivers

If you only need a few specific people to be insured for your business, list only those drivers on your policy rather than opting for any driver cover. This can significantly lower your premiums, as adding more drivers often increases the perceived risk.

4. Opt for Third-Party Coverage When Possible

Consider choosing third-party coverage if it fits your needs. Comprehensive coverage offers more protection but can be significantly more expensive. If your business has less exposure to risk, third-party coverage might be a viable, budget-friendly choice.

5. Increase Security with Immobilizers and Trackers

The installation of immobilizers, vehicle trackers, and other anti-theft devices can signal lower risk to insurers, potentially resulting in lower premiums. Insurers may offer a discount when these security systems are in place since they reduce the risk of theft or unauthorized use.

6. Consider Fleet Insurance for Multiple Vehicles

If your motor trade business deals with multiple vehicles, look into fleet insurance. Instead of insuring each vehicle individually, a fleet policy can offer more affordable rates by covering all vehicles under one plan.

7. Implement a Safe Driving Policy for Employees

Training your employees on safe driving and implementing a strict driving policy can help you negotiate better premiums. A documented record of safe driving practices and training efforts can positively impact your premium rate.

8. Select Only the Essential Cover for Tools and Equipment

If your business handles tools and equipment, consider covering only the most essential items to avoid over-insuring. This can help cut costs, as unnecessary additional cover may increase the premium without adding much value.

9. Pay Annually Instead of Monthly

Although paying for insurance monthly may feel more manageable, paying the premium annually can sometimes result in discounts. Insurers often offer reduced rates for one-time annual payments, as it minimizes administrative costs for them.

10. Avoid Unnecessary Add-Ons

When reviewing your policy options, be cautious about additional features or add-ons you might not need, such as courtesy cars or legal assistance. These extras can increase the premium, so only select those that provide value to your business.

11. Join Trade Associations for Potential Discounts

Some insurance providers offer discounts to members of recognized motor trade associations. Joining a trade association relevant to your business may open up eligibility for discounted insurance premiums.

12. Work With a Reputable Insurance Broker

Brokers who specialize in motor trade insurance can access exclusive deals that aren’t available on the open market. They may find you a better rate tailored specifically to your business needs, potentially leading to further savings.

13. Improve Claims History

If possible, avoid making small claims and focus on building a positive claims history. Many insurers reward a low-claims record with lower premiums over time, as it reflects a lower-risk profile.

14. Limit Operating Hours to Reduce Risk

If your business doesn’t operate 24/7, mention your specific operating hours when getting quotes. Businesses with set hours are sometimes perceived as lower risk, as they’re not exposed to incidents during off-hours.

15. Increase Your Policy’s Risk Management Measures

Regularly review your risk management practices and make sure they align with the insurer’s best practices. Companies with active safety measures in place are often rewarded with discounted premiums, as they represent a proactive approach to minimizing risks.