The hardest thing you find in your industry is when that time of the year comes around when you need to review your motor trader insurance policy. Your policy is something you should review on a regular basis, look for ways to reduce your premium and ensure your cover is adequate and up to date.
It is suggested that you take the time every couple of months to review your quote. Often you may find that a staff member has left which you had on your road risks cover and were too busy to remove or that you have sold a certain vehicle and replaced it with another, but forgot to remove the vehicle you sold. There are so many ways that you can end up paying for cover that you really don’t need.
The best way to ensure this doesn’t happen is to estimate the years quote by reviewing your policy regularly. Bear in mind that your no claims as the years go by will help keep your premiums down and often the next years premium will be reduced, if there are no changes made to the policy.
First look at your building cover, check your tools cover and ensure your tools are adequately covered. If you have purchased new expensive tools such as diagnostic equipment, have you added it to the policy?
Go through the list of drivers you have added to your road risks. Are these drivers still working for you? Do they still have clean driving licenses? Have some of them got a no claims bonus that you can use to help reduce your premium?
What many businesses in your industry don’t realise is that there are many ways to help reduce your premiums and if you regularly review your policy, you may find the ways yourself. Firstly ensure your drivers are over twenty five, have clean driving licenses and no claims on their personal policies. It’s advisable if you are trying to reduce costs this year to only choose a select few staff members to add to the policy, the fewer drivers you have on the policy, the lower your premiums will be.
If you have any vehicles attached to the policy, ensure the information is up to date and that you don’t have any vehicles sitting on the policy which you no longer own. This is a fault that many car dealerships make when they are buying and selling cars on a regular basis. It’s very easy to get busy and forget to remove certain vehicles, money you are paying out which you really don’t need to.
Your motor trader insurance premium should be easy to predict for this year if you take the time to keep your policy updated. Reviewing it a few times a year can ensure that you don’t end up paying for vehicles and staff which are no longer with you.