Tips for reducing your insurance premiums

Vehicle and goods-in-transit (GIT) insurance can be a big financial burden for goods vehicle operators, but there are ways to reduce the cost without compromising your cover significantly.

To begin with, make sure you get a quote from a specialised transport insurance broker – they will have more experience than general brokers and therefore tend to provide cheaper, more specific quotes.

Obviously, the policy should be specific to your type of vehicle. If you take out a generic policy that covers different vehicles, you could end up paying for cover on a temperature-controlled van when you actually operate a fleet of artics as a general haulier.

Likewise, make sure you read the small print of any policy. A commercial vehicle policy may automatically include extras that you just don’t need or may have covered elsewhere, like cover for outbuildings, workshops, food spoilage in freezers or legal costs. Certain extras, however, may prove invaluable – breakdown cover or glass replacement cover, for example, could be a worthwhile addition to your policy.

When asking for a quote, make sure you mention any no-claims bonus. With large fleets, particularly, this can make a big difference to cost. To help lower the premium, consider raising your voluntary excess. This is especially worthwhile if your accident or incident rate is low. With goods-in-transit cover, make sure the cover protects you against theft, loss, damage by accident or consequence during transit, and delays caused by an accident.

Choosing indemnity cover (where depreciation of goods is taken into account) rather than new-for-old cover can help keep the premium down.

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