By John Healy of Healy Insurances

While commercial motor insurance premiums have reduced over the past 18 months there is still ample opportunity to save money.

Here are some tips to review when your commercial motor policy is due for renewal:

Occupation:

Review your policy before renewal date especially if you have changed occupation or business.

Drivers:

While open driving 25-years-old to 70-years-old is a convenient cover for business owners and tradesmen you should also get a quote to restrict driving to named drivers.

Vehicle cover:

For older vehicles ask about third party fire and theft cover but I would insist that windscreen is always included. Windscreen cover can be as low as €20 but a replacement windscreen can cost many hundreds to replace.

Paying in full:

Consider paying in full for your policy. All insurers charge for instalments and this can be up to 8% of your premium.

Value:

It is important to value your vehicle accurately, being cognisant that second hand vehicles are increasing in value at the present time.

Claims excess:

Some insurers will have a discount for increasing your claims excess.

Shopping around

While shopping around is advisable, it is important to understand that direct insurers only sell their own products. Covers such as bonus protection or windscreen may not be included in the standard quote.

Use a broker

As experts in insurance we know how to get the best rate for each of our customers and our software enables us to search the market of over 15 motor insurers, Irish and international. Aside from understanding the discounts that can be achieved using the correct data, we also achieve bulk discounts from insurers for certain risk profiles.