Motor trade insurance is tailored around protecting people and businesses within the motor trade industry.
Basically it applies to anybody who enters and operates the cars of another party - this party could be a member of staff or even a customer.
Finding a cheap motor trade insurance policy requires a lot of effort and although the following steps can be carried out by yourself, it is always best to speak to a broker who has the training, experience and contacts to guarantee finding a cheap quote that covers you for all that your business requires.
One Lump Sum Many insurers offer a discount if you pay your entire quote price upfront.
The convenience of paying for monthly instalments is appealing but the overall price is usually inflated.
However, it is worth contacting an insurance broker who can try and negotiate the discounted quote and still provide the option of monthly instalments - giving you the best of both worlds.
Voluntary Excess Some insurers allow you to bump up your voluntary excess amount which in turn reduces the insurance quote.
This can be a risky move as if you're confronted with the need to make a claim, you could be paying out a lot in excess.
The Right Insurer Check internet forums, blogs and reviews to figure out which insurers tend to reduce quote prices year on year.
Some insurers have loyalty bonuses which can save you a lot of money in the long run as future quotes will be cut down.
Insurance brokers have these types of insurers at hand and if you dictate to them the exact policy you need, they will contact the bonus-offering insurers who have adequate cover to protect your business type.
No Claims Speak to a broker and find out which insurers allow you to carry your private car no claims bonus over into your trade car insurance policy.
Specialist Insurance If your business deals with vintage cars, superbikes or anything else 'out of the ordinary' state this to your broker who will find an insurer willing to cover these vehicles for the lowest price.
If you apply for cover which does not protect the vehicles your work with, the compensation paid out should damage or theft occur could cripple your budget.
Optional Extras Saying 'no' to all the optional extras offered by an insurer in order to obtain the cheapest quote could be costly in the long run.
Some extras can cover you for things like profit loss during reparation following damage to your premises - this is often overlooked but it could save your business from closure if you were unfortunate enough to sustain serious damage to your buildings.
Still, it is important to select the optional extras that apply to you and the ones which you can afford.
A broker can do this for you and sometimes negotiate further discounts for inclusion of several policy additions.