4 Tips to Lower Your Motor Trade Insurance Premiums

In the modern economic climate, everyone is looking out for ways to save money, without compromising on the quality of service. This is a hard compromise, which is not usually easy to reconcile in business today. However, there are ways to reduce the costs of your tradesman insurance for those running car related businesses, such as vehicle servicing, a body shop or a car dealership. Here are four tips that will help you to lower your trade insurance premiums.

1. Always Compare Trade Insurance Quotes:

It’s very simple to compare different insurance quotes, and it’s a good idea to do this. If you’ve been using the same insurer for over three years without reviewing your costs and level of cover, you could be paying too much for your insurance. It only takes an hour or two to compare some online quotes and make a few calls. Many insurers will give you an insurance quote in minutes, and you could have a pleasant surprise when you see the annual premium.

2. The Price Should Not be the Only Consideration:

Always be aware that a cheap insurance quote may not be as cheap as it appears to be. There could be hidden charges and excesses that will make that insurance product a false economy. Always ask your insurance broker for advice and compare similar products that offer the cover you need before considering the price.

3. Get Your Business Insurance Reviewed:

The business landscape changes rapidly and the motor trade is no different. The number of vehicles you use, the drivers employed, turnover, business strategy and the amounts that need to be insured, are all subject to change. Your business may look very different today than it did two years ago when you arranged your insurance cover. This could have a great impact on the quality of your cover and the cost of your insurance premiums. A trade insurance expert can offer advice on the amount of cover you need and where you could make savings.

4. Pay Your Policy Premium in Advance:

When you pay your insurance by making monthly payments, it can cost more money. Many insurers will add a charge of at least 10% when the insurance is paid over the course of the year. If you can, set aside money over the year and pay for your insurance in full when the insurance is arranged or renewed. This will avoid a monthly surcharge and save a significant amount of money.

If you’re looking for an (Online) trade(s) insurance quote contact us here at GSK Insurance. We have rates for trade insurance, Perth business owners and managers will appreciate. We have a wide selection of products and services available, and we’re sure we can find the right solution for you. Our team members are standing by to offer advice and answer any remaining questions that you may have.

Andrew Harding is very passionate about journals; he is also a author who writes for Insurance Brokers to Avoid Common Claims.