When you’re buying motor trade insurance, what do you really want? An excellent service, low premiums, guidance, advice and a fast settlement of your claims in the event that you suffer a loss? So many people often make the mistake of not demanding all of this from their provider or insurance broker.
The first mistake people often make in regards to motor trade insurance is not shopping around. If their current provider does an OK job they generally can’t be bothered to shop around for alternative providers. This can be understandable, though, due to the purchase of insurance being deemed as a long and tedious process. Failing to shop around though can mean you are losing out on a huge saving on your premiums.
The insurance industry isn’t different to any other industry in the sense that it is highly competitive. This means that insurance brokers and providers are incredibly keen for you to take out your coverage with them and will offer you extremely good deals in comparison to your current insurance provider. If your current provider doesn’t provide you with all the benefits we listed above, consider taking 10 minutes out of your day to speak to another provider or broker as it could be the best 10 minutes you spend all year!
Even people who do shop around for the best deals on their motor trade insurance make mistakes though. Many people make the mistake of not disclosing their current premiums. People generally believe that if you disclose your premium you will not get the best price. In reality it works out the total opposite because if an insurance company doesn’t have a price that they have to beat, they will not give you their best price. So if you’re shopping around and someone asks what your current premium is, tell them!
Another mistake people make when shopping around for motor trade insurance is that they base their decision solely on price. This is especially true at the moment as every penny counts. When shopping for traders insurance (link), you should not only ask what the premium is, but what the policy also covers, what credit rating does the provider or broker have and also how much experience do they have in providing and dealing with motor trade insurance.
Follow these tips and you should find that sorting out your next insurance policy is a more pleasant experience and also a less costly one!