How to reduce the cost of wedding car insurance

As ethical insurers, we are committed to transparency when it comes to our pricing and customer service. To help you save, we are revealing some of the key areas taken into consideration when calculating the price of our wedding car insurance policies.

Mileage of vehicle

We offer per vehicle mileage restrictions or group restrictions covering a number of cars. Naturally, the more mileage you do, the greater the risk resulting in an increased premium. Checking a vehicle’s MOT history online is a handy way to keep track of your mileage. Cross-referencing this with your record of business will give you a solid foundation to forecast your mileage at renewal.

If you’re a new wedding car business, then consider how your vehicles will be used. If they are purely used for weddings, a policy with 3,000 miles per annum will give you in the region of 60 miles per week for 50 weeks of the year.

If at renewal, you didn’t reach your mileage restriction, consider reducing it so long as you are expecting to use the same amount of mileage for the forthcoming year. If you are reaching your limit, contact your insurance account manager to increase your annual limit. It is important to do this before you exceed any policy limit.

Multi car discounts

The more cars on this type of policy, the larger the multi car discounts. This applies across ALL vehicles on a fleet. If you have your vehicles insured separately, we can bring them together so that you maximise your multi vehicle discount and create a common renewal date.

Driver due-diligence

Performing full due-diligence on all drivers that you are permitting to drive your vehicles is desirable in the eyes of an insurance broker. Giving us evidential information about your drivers allows us to accurately calculate risk, which influences your overall premium.

You can perform free DVLA licence checks providing you have a licence and national insurance number to ensure your drivers are conviction-free.

Car storage

Review the storage of your cars and how they are protected. For example, consider storing your vehicle in a locked garage rather than a driveway.

Valuation & Classic Cars

The value of your car can also impact the premium cost. For example, modern wedding cars are likely to depreciate each year. This can reduce your premium so regularly check the value of your vehicles to ensure you are only paying the premium based on the current vehicle values.

Classic vehicles are generally cheaper to insure than modern vehicles. Consider this when choosing your next purchase; clearly, your business needs to come first. In many cases, classic vehicles are appreciating assets. Whilst running costs can be higher, they could increase in value as the years’ progress.

Excess

Consider asking the question, “Can I carry a higher excess”? If you’re confident that you’re not likely to claim, then consider asking to increase your policy excess. You need to way up the savings with the additional risk involved.

Monitor your driving using technology

Products are available on the market to monitor the driving of your vehicle, which is known as telematics. You may have seen this being advertised by everyday car insurers. The impact on premium discounts using telematics is increasing so consider the use of this technology for your vehicle(s). You can also monitor the way your drivers are treating your valuable assets.

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