As a car trader, you need to invest in motor trade insurance if you want to trade legitimately. MTI is a legal requirement for any dealer that trades or sells vehicles, and your company falls into that bracket. But, you can’t just agree to the first deal that you find because you need to find the best possible policy. Bad policies will cost you money and leave you vulnerable, two things the business can’t afford in the long-term.
If you want to find a good policy, you need to know the basics of motor trade insurance. As soon as you understand the dynamic, you can simplify the issue and get into the crux of the problem. With that in mind, here are several tips that will come in handy when you renew your current deal. Hopefully, they will put you in a better position than before.
Check The Price
There is no doubt that you want cheap motor trade insurance instead of the expensive kind. Businesses don’t have money to waste, so the cheaper the better. All you need to find a cheap policy is a comparison website. The site will do all of the work for you, and find you the best deal on the web. Just make sure that you enter the right details so that they can find you a legitimate quote. If there are any false details, the insurance company won’t pay out should the occasion occur. In basic terms, you will waste good money on a policy that was never going to be your safety net. Never lie when it comes to insurance because the stakes are too high.
Sweat The Small Stuff
Insurance companies like to use the small print to their advantage. They fill it full of jargon so that it is almost impossible to understand and read. The result is that you don’t even bother trying to understand what the fine print says – you just accept it and agree to the policy. There is nothing worse than finding out that your coverage isn’t as comprehensive as you think which is why you need to check the fine print. Analyse it and see which areas leave you vulnerable. Then, you can add them in so that you have the best coverage possible.
Use Customer Testimonials
Investing in an insurance policy is not an easy job as you never know which company to trust. They all say ‘trust me’, yet they all seem a little untrustworthy. Until you have that trusting feeling, you aren’t going to feel comfortable. Luckily, you can use their previous customer testimonials to find out whether they practise what they preach. Customers don’t have an agenda – they just have a recollection of the service. As such, you can trust what they have to say as they have no reason to lie. Most people you speak to have an interest in building up their reputation, but customers are different. What you need to do is find a forum and post a question. The answers should put the insurance company into perspective.
Ask For Everything You Need
Lots of firms don’t like to list all of their requirements because it adds to the cost. Although it does make the policy more expensive, it will save you money in the long run. If your policy isn’t up to scratch, there is a good chance that you won’t have coverage. And, when that happens, you will have to pick up the tab. Instead of taking the risk, you need to pay the money now to save money in the future. List everything that makes your policy unique, and make sure that it ends up on the final policy. If it doesn’t, you will have to fork out your own money.
Play Them Against Each Other
It is important to remember that insurance companies are rivals. They want to take money off each other as much as anyone else because it increases their market shares. To do that, they will gladly poach customers. Now that you understand the dynamic, you can use it to your advantage. The trick is to go to a competitor and tell them about your cheapest quote. Any self-respecting rival will look to better the quote so that you choose their services. Even if the cost is the same, they might add a few extras that make the deal more appealing. You don’t have to go to the insurance companies – sometimes, they will come to you.
Thanks to these tips, car traders don’t have to worry about wasting money on the wrong insurance policy any longer.