Many factors affect the cost of your road risk insurance. They include your occupation within the trade, where you live, your age, your driving record, claims history, the number of named drivers on the road risk insurance and their individual driving and claim records. The amount of cover in £’s you require per vehicle, types of vehicle you trade and number of years no claims bonus you have also affect your premium.
Ensure you’re the lowest risk possible
To reduce your road risk insurance premium you need to present the minimum possible risk to the insurance companies.
Obviously some factors are out of your control, for example the insurance rating for your postcode and your occupation within the motor trade. However there are factors you can affect. They are as follows:
- Set the right indemnity level
- Think about your drivers
- Keep your vehicles and keys safe
- Select the most appropriate cover
- Select the most appropriate excess
- Shop around with Plan
- Admit what your best premium is
Set the right indemnity level
Don’t over or under insure the maximum value of any one vehicle and the total value of all your vehicles.
If you set too high an indemnity amount you are over insuring yourself and effectively are giving money away to your insurance company. If you under insure and have to make a claim for a vehicle whose value exceeded the indemnity level you set, you will be out of pocket for the amount that the vehicle’s value exceeded your indemnity level.
This could add up to thousands of pounds. So think carefully when setting your indemnity level. If you are unsure ask your broker for advice.
Drivers
- Ensure drivers are over the age of 25
- Ensure drivers are claim and conviction free
- Only offer road risk use for your employees
There are a couple of points that are worth considering that might save you money in the long term. Young drivers pay higher premiums as they are far more likely to be involved in accidents. If they are a named driver on a policy and they have an accident, the policy holder’s No Claims Bonus will be affected.
Select the most appropriate main driver
The policy holder of a road risk insurance policy must be the proprietor of the business. Therefore, it is not possible to have a proposer who presents a lower risk in order to reduce the road risk premium. If a claim occurs and the policy holder is proven to not be involved in the running of the road risk business, the claim can be repudiated.
Select the most appropriate excess amount
An excess is how much you have to pay towards a claim against your own insurance policy. The higher this excess, the less you’ll pay for the policy as some insurers will significantly reduce road risk premiums if you set an excess of £500 or more.
However, if you have an accident you will have to pay out more towards the claim. Though, if the claim is not your fault Plan Assist will act on your behalf to seek reimbursement of your policy excess.
Having a higher excess makes little odds to many people who tend to settle small claims themselves in order to avoid the loss of their no-claims bonus and increases in the future cost of their insurance.
Shop around
Fortunately, Plan Insurance Brokers will do the time-consuming work for you. It makes sense to deal with a road risk insurance specialist who will search the leading road risk insurers’ premiums to save you both time and money. Call 0800 542 2741 for your quick low-cost road risk insurance quote.
Introductory discounts
If you have been driving a company car claim free but don’t have no claims bonus in your own name we have special deals for you. Insurance underwriters will allow ‘introductory discounts’ equivalent to no claims bonus where a letter is provided from your previous or existing company confirming claim free driving.
Admit what your best premium is
When asked what their best premium is a lot of proposers either make up an unrealistically low figure or refuse to admit what their best premium is.
Unlike most brokers, at Plan, our quick quote computer gives us instant quotes from an extensive panel of leading trade insurers. We know what the market rate is. We appreciated people will shop around to obtain the best premium. That’s why we’ll always give you our best rate straight away.
However, if the premium we’re up against is ridiculously low we know that the person on the other end of the phone is either making the price up or that the company they’ve been dealing with have made a mistake.
If they have made a mistake it will only become a bigger problem and more hassle for you further down the line. So we’ll be able to advise you where they’ve gone wrong.