Top Tips For Saving Money on Motor Trade Insurance Premiums

Unlock insider tips to lower motor trade insurance costs. From quote to comparison to policy bundling, explore savvy strategies for reducing premiums and saving money.

Introduction to Motor Trade Insurance Premiums

Getting the right motor trade insurance policy is crucial, but so is getting the right price. With costs on the rise and purse strings tightening across the board, it has arguably never been more important to get the best value for your policy.

At Prime Cover, we’re committed to helping our customers find value for money when it comes to their motor trade insurance premiums, so we’re here to give you our top six tips for reducing your insurance costs.

Car behind stacks of pound coins

 

Tip 1: Compare Multiple Quotes

Although not everyone knows how to compare motor trade insurance quotes, one of the best ways to save money on your insurance premiums is to shop around. Don’t worry, it’s easy: you will need to go directly to brokers as motor trade insurance cannot be purchased online, but each quote shouldn’t take more than 10-15 minutes to complete.

Make sure, however, that you give each broker the exact same information as failing to do so can flag potential fraud to an insurer which could lead to them refusing to quote. It’s also imperative that each insurer is providing you with quotes for the same level of cover, as the specifics of policies may differ from provider to provider and a small change can make a large difference to the premiums quoted.

Tip 2: Opt for a Higher Excess

You can also look to adjust the excess on your policy. Your decision whether to adjust your motor trade insurance excess should be based on your likelihood of making a claim. If you know you’re unlikely to need to make a claim, you can opt for a higher level of excess, which can bring down the cost of your insurance policy.

However, if, for example, you operate in a high crime area and you know you’re more likely to make a claim as a result, then this strategy may leave you with higher costs later on, so weigh up your options before offering to commit to a higher excess.

Tip 3: Maintain a Clean Claims History

The importance of maintaining a clean claims history for lower premiums cannot be understated. When insurers calculate the cost of your policy, they consider how likely you as an individual or business are to make a claim, and their best indicator is your claims history.

While in many cases this will be out of your hands, you should do your best to keep your history as clean as possible by only claiming when absolutely necessary, or, better yet, avoiding the need to claim in the first place by driving safely and keeping your property secure.

Save Money on Insurance Premiums With Prime Cover

At Prime Cover, we work directly with our customers to help build them a bespoke motor trade policy that balances their needs and risks with an affordable price. With us, you can be sure that not only is your business and your livelihood protected, but you’re also getting the best deal.

Talk to our friendly team today to discuss your needs and get your free motor trade quote.