Top Mistakes You Make When Seeking Motor Trade Insurance

What do you look for when buying motor trade insurance for your premises?  Excellent service, lower premiums, fast claim settlement and proper advice are just some of the priorities for most buyers. Many traders want these and more, but don’t have the guts to ask for them from their provider or broker. Let us look at some of the mistakes that you do when buying this type of insurance.

Overlooking the Importance of Motor Trade Insurance

If you are a company or business running a fleet of vehicles with workers that work on them, you are in danger of paying for damages out of your pocket. This can be expensive and might lead to lawsuits. Well, you MUST have motor trade insurance to take liability. Make sure you get the best cover for the employees and premises so that you can go about your business with peace of mind. I4MT offers a wide variety of options depending on your industry.

Not Shopping Around

This is the first mistake that many people do. This is attributed to apathy that comes with not bothering to move around to get the best seller especially when the current provider doesn’t perform a perfect job for them.

Most traders have been with a single insurance provider for so long that they don’t know what they are missing. This is understandable when the purchase process is deemed long and hard. However, by failing to know what other offers are available, you end up losing out on savings on your premiums.

The insurance industry is highly competitive. This means that you have the capacity to talk to other providers and get an insurance policy that is better than what you are used to. It won’t take you long, just a few minutes and you have the knowledge to make the right decision.

Not Knowing Your Level of Coverage

You need to know what you need for coverage. Understand the premises and employees and what insurance you need for them. Make sure you gauge your growth prospects and understand whether you are going to add more employees or premises in future or you will downsize.

Knowing what you have in terms of assets and what you need in terms of insurance helps you find the right provider and paying specifically for what you need. It also helps you perform the right comparison shopping.

Going for Cheap Insurance

Most buyers opt for the cheapest motor trade insurance only to regret when something happens. Finding the insurance you need shouldn’t come at the high cost of losing the fringe benefits you enjoy when you pay a better price. Some of the brokers have wetted down the features of the benefit to make it affordable.

Using Credit Finance

You need to try and avoid credit finance. Well, paying for insurance in one installment removes the charges that come with this finance. If you have the funds to sustain this expenditure, don’t hesitate to do it. If you are not in position to pay for the insurance at inception, you can use credit finance.

Not Controlling Motor Trade Insurance Online

Your time is too valuable to spend most of it navigating corridors or automated phone menus. Make sure to work with a motor trade insurance provider that allows you to purchase, manage and access your insurance from an online portal. This saves you time and gives you the best way to handle your premiums. Instead of filling out form after form, you can focus on building your business and managing your employees.

Not Using Referrals

One of the best ways to get the insurance you need for your motor trade workers is by ignoring referrals from friends, colleagues or experts. Most of these people have experience with a wide variety of providers, and will give you firsthand information regarding a certain provider. Don’t ignore this information. Instead, use it to understand what you need and how it can help you in the long run.

Final Words

Running a motor company or a business involves a range of issues that you need to handle. One such aspect that is vital to the survival and growth of your business is motor trade insurance. Make sure you get the right coverage for the vehicles and work with the right provider. Use credible referrals to make sure you base your decision on experience and facts.