Top Tips for Saving Money on your Motor Trade Insurance
As a car trader you will no doubt be working on a tight budget depending on the size of your business. Even if that’s not the case, as a hard-working car trader you’ll be looking at ways you can save money so that you can increase profits. Like any other insurance policy holder, you’ll be looking at your Motor Trade insurance premium to see if savings can be made there. Below we have complied what we believe to be the top tips for saving money on your Car Dealer insurance, and also advice in case you get too into savings mode and steer away from offering a good car trader service.
Thoroughly Review Your Car Trader Business
If you have been operating as a car trader for many years, sticking with the same Car Dealer insurance policy you’ve always had may be why saving money on your insurance premium is your latest car trader task. Think about what type of service your car trader business has offered in the past and what type of service it currently offers. For example, if you previously offered a car delivery service for customers who don’t live locally, and no longer offer that service, you need to make your Car Sales insurance provider aware of this upon renewal so that your cover for delivering vehicles is no longer included in your policy.
Consider Making Changes to Your Business
There could be some aspects of your motor trade business that need changing in order for you to start saving money on your Car Sales insurance. For example, if your stock of vehicles is not kept locked securely away from thieves during out-of-operation hours you may be paying a premium for it, as well as having poor security. Or perhaps as part of your car trader service you allow customers to test drive your vehicles unattended as per the terms of your demonstration cover, and obviously this customer privilege costs you more on your insurance. If you’re looking at ways to save money you may want to accompany your clients when they want to take one of your cars for a test drive.
Shop Around for Your Motor Trade Insurance
For years you may have stuck with the same Car Sales insurance provider because the insurance premium is an acceptable price, which is probably why you are now suddenly interested in saving money on your insurance – you could have spent thousands on your insurance when you needn’t have. Every year, upon renewal, you should be looking at alternative Car Sales insurance providers for a quote, unless you have received outstanding service that is. It’s worth remembering that once you make a claim you’ll likely see your premium skyrocket upon renewal even if you’ve been insured with that company for several years, so don’t be afraid to shop around for comparisons.
Make Sure You Can Still Offer the Best Service
One of the easiest, but not recommended ways you can save money is by cutting corners when taking out your Car Sales insurance policy, and for some unscrupulous car traders this may actually involve lying to their Car Dealer insurance provider about certain aspects of their business, personal life or claims/insurance history. Such behaviour can and will lead to a policy being cancelled, which means you won’t be able to offer your customers the best service. Also, if you don’t get the right insurance for selling cars such as demo cover then you will also fall short when it comes to offering your customers a good service, because you focused too much on saving money on your insurance premium.
Now you’ve read these top tips for motor traders looking to save money on their Motor Trade insurance, you will be better equipped to negotiate a better price for your insurance renewal. However, remember to thoroughly look at both what your car trader business needs to have insured and what it doesn’t need to have covered, and only cut cover for the things your business absolutely doesn’t need cover for. However, if you start cutting corners when it comes to taking out insurance for selling you could find yourself seriously out of pocket further down the line, and all because you wanted to save money on your Car Sales insurance premium.