When it comes to buying insurance we all have our own method regarding how best to approach insurance companies. Whilst it is easy to automatically renew, having a browse and comparing your options doesn’t hurt anyone, after all why not make your broker work a bit harder for their money? Whilst your current price and policy may be adequate, you should regularly review your current cover to make sure you are getting the best deal. However, with certain types of insurance – especially with niche business covers such as Motor Trade – these methods could end up giving you fewer options.
Do Not Leave It Too Late
We all know that insurance isn’t always top of your list but leaving your renewal to the last minute can impact the price of your policy. The less time you give your broker to work on your case, the more limited the options become. I like to know your renewal date a few weeks prior to renewal so that I can get on the front foot for you. The more time you can give me, the better I can operate in finding you the most cost effective and appropriate deal. However, don’t float about on the market, the more brokers you get involved the less chance you have that an insurer will take you seriously enough to put time and effort into giving you a competitive quote.
Why is this?
Calculating your insurance premium can be complex. The insurers will look at many things to calculate the best insurance premium for you. This can include the elements of cover you need, sums insured required, your company’s risk profile, policy wordings, any previous claims etc. Insurers aim to offer cover at a price that‘s mutually beneficial to both you and them. This is great if you are approaching just one broker but if you get a quote from several brokers for the same thing, typically the same insurers are going to have requests for the same quote several times over; while you are using three or four different brokers, generally they will be approaching the same insurance markets. This is particularly true where you require niche insurance cover Motor Trade Combined for one, as there may only be a limited number of insurers providing the cover you need.
I approach your enquiry as a no obligation review with a view to trying to win the business. Let us do the hard work to allow you to run your day to day business with a peace of mind that the insurance policies are being taken care of by a trustworthy and reliable broker.
This is a new way of working with your broker and if you are interested to learn more and at the same time make savings for your business, then please call me on 0161 440 6778 to discuss how our strategy can work for you.
For more information on Motor Trade click here.