So, the big assumption throughout the motor trade industry when one considers insurance is this; cheaper is better right? Well, actually it may well be.

Motor trade insurance is situational. Unfortunately, though a cheap policy may be the one for you, it isn’t always the case, the key is to browse around, find yourself the best deal… don’t be lazy!

Many people completely disregard insurance until the moment they need it, then when they find out their policy doesn’t cover the full value of their cars or stock, and that’s when panic sets in.

The main thing about motor trade insurance is that to be completely honest, it’s a bit of a pain to get; it’s a lot more comprehensive and generally has a lot more options and levels of cover available. To some extent it can be understandable why many simply buy the first policy from the first company they contact. After all, who would want to go through the hassle of personal details and complicated waffle used to upsell the insurance only to have to rinse and repeat the rather tedious process again and again?

The thing that you have to really be careful of is what the policy offers; you must consider whether the business has simply provided you with the cheapest quote that they can give, because that’s what people want right? Wrong. You may well be under-insured. The main tip here: do your research!

Do you need a road risks policy, or do you need a trader’s combined policy? Do you need a combination of the two? Don’t blindly hand over money to insurers for cover that won’t do the job, or similarly, cover that is too comprehensive. Instead, try and find a business that suits your needs. You are the paying customer and you should have the right to be happy with your purchase.

Finally, review your policy annually!

Many people fall victim to this. If you don’t search other avenues before renewing your policy, you may, and probably will be missing out on a huge saving. Especially if you are already under-insured. Don’t make the same mistakes time and again, even if you want to go back to your existing company because you are happy with their cover and their service is kind and friendly, speak to them first, see if they can improve your offer. Most companies will actually lower the price if asked when you annually renew your policy, but if you remain quiet then so do they.

So, the main question still resides; is cheaper better? It entirely depends on YOU! On your personal circumstances and on the business you own, but you won’t know if cheaper is better unless you make sure that you avoid blindly walking into a brokers expecting to get a policy tailored to your every needs for pennies, because quite frankly, that rarely ever happens.