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Vehicle Recovery Insurance Northern Ireland
NI trade and recovery insurance is a specialised type of motor trade insurance that can provide the specific cover you need for your vehicle recovery business. It can protect your vehicles and employees and safeguards your business against accidents, liability claims, or other financial loss.
When you work roadside to recover vehicles you will find yourself at a much higher risk than other road users. For starters, a recovery truck requires skill to handle, but you also have more responsibility on the roads. For example, you might often be responsible for your client’s vehicles as well as the clients themselves.
In addition to these risks to others, if you are going into unfavourable weather conditions or terrains there are also risks to your employees and vehicles. These could cause potential accidents and claims against you as well as slowing down your business.
Experienced Northern Irish recovery insurers are aware of the specific risks to your recovery business. So they are well equipped to provide insurance that keeps it out of danger and functioning without interruptions.
Cheap NI Recovery Insurance
It’s understandable that you want to find cheap NI recovery insurance. But like other insurance, finding a cheap deal that covers your needs is about shopping around to compare prices across different insurers.
At CompareNI.com we do not have any investments in insurance brokers and are not owned by any insurance companies. So you know you are getting a completely unbiased comparison of insurers who have experience working with NI businesses.
How much does recovery insurance cost in Northern Ireland?
Recovery insurance combines various types of cover to provide exactly what you need for your specific business. So unfortunately it’s nearly impossible to give an average cost.
The price you will pay for recovery insurance will depend on a few factors, including:
- How many vehicles you are insuring
- How many employees you have
- Your employees’ driving history
- Your location
- The levels of coverage you want
- The insurer you choose
How can I get cheaper NI recovery insurance?
Some factors insurers use to set your insurance premiums aren’t easily changed. But there are a few that give you some wiggle room when you’re looking for cheaper NI recovery insurance.
Here are a few strategies that could help you save on your insurance expenses:
- Know what insurance you need – With recovery insurance, you’ll be able to specify what level of coverage you need. But if you don’t know what that is, you could be wasting money covering something that is already protected under a different policy. Check your existing policies and be clear on your needs before buying.
- Choose your drivers carefully – Make sure the drivers you are insuring have clean driving records are are ideally over 25 years old. Insurers will see these people as lower risk and it could save you money on your premium.
- Proactively protect against claims – This lets your insurer know you are less of a risk to insure. This can be things like improving your security with CCTV, alarms or immobilisers. Equally, you’ll want to do risk assessments and have risk management measures in place with your employees to avoid accidents that can lead to claims.
- Build a no claims discount – Some insurers will allow you to transfer your personal no claims history to your trader’s policy so it’s worth checking if this is an option. Otherwise, it’s important to start building a no claims history on your policy to save money in the long run.
- Pay your premium annually – Like with other types of insurance this can save you money on your premium.
- Choose higher voluntary excess – this can reduce costs but they must be something you are willing and able to pay in the event of a claim.
- Compare quotes from various insurers – Taking the first policy and price you are offered is rarely a cost effective strategy. Shopping around and comparing quotes can often get you a better price on your recovery insurance NI policy.
Does the location of my business affect the cost of my recovery insurance?
Yes, insurers will consider the accident and crime rates in your location when they set your recovery insurance premium. Typically, built up areas are higher risk because there are more hazards and pedestrians on roads. Similarly, cities with high crime rates like Belfast might also be considered higher risk. However, you can balance this by upping your security and keeping your trucks behind locked gates or installing CCTV.
If your business operates in multiple locations it is still possible to have it covered under the same policy. We only work with insurers who provide services to Northern Ireland, so you can speak directly to them about your specific needs before you buy NI recovery insurance.
What does recovery insurance cover?
The good thing about recovery insurance is that it is a type of motor trade insurance that combines various coverage depending on the needs of your business. So what it covers can be specific to you.
Some of the coverage options that are commonly included in recovery insurance are:
- Road risk cover – Covers any vehicle that you drive or work on as part of your business.
- Accidental damage cover – Covers accidental damage caused to a customer’s vehicle.
- Carriage of vehicles cover – Covers the vehicles you recover while you are moving them.
- Breakdown cover – You’ll already know how important this one is.
- Tools and equipment cover – This covers any tools or equipment you use for your business.
The following options can be covered under recovery insurance, but are often included in other policies so it is important to check for them before adding them to your recovery insurance:
- Employers’ liability cover – This is required by law for any business with employees of any kind.
- Public liability insurance – This covers you against claims from members of the public.
- Business premises cover – This can cover your business premises and contents against damage caused by events outlined in your specific insurance policy.
If you are concerned about what you need to include in your recovery insurance you can use our quote form and receive a call from insurers who can talk you through the specifics before you commit to a policy or price.
What are the limits of recovery insurance?
Although it is a very flexible cover, recovery insurance still has its limits and restrictions. These vary across insurers but some common limitations are:
- Age restrictions on the drivers you can insure on the policy (they typically need to be over 25 years old).
- Insuring drivers who have past motoring convictions.
- If your previous recovery insurer has had to cancel your policy – this can happen when businesses misreport earnings, drivers’ convictions and ages, or make vehicle modifications and don’t report it to the insurer.
Can a price comparison site help me find cheaper recovery insurance than a specialist broker can?
Even if you have been in the recovery business for a while, no one is expecting you to be an insurance expert. Consulting a specialist broker is one option. But, at CompareNI.com we can quickly match you to a wide range of NI insurers who give you tailored coverage and guidance on recovery trade insurance. And when it comes to price you’ll have more control to choose the exact policy you want with no pressure.
What our experts say:
“Vehicle recovery insurance usually doesn’t come cheap, which means it’s even more important to compare quotes when you’re looking for this type of motor trade insurance policy. You could be surprised at how much you could save by shopping around for a better deal.” – Ian Wilson, Managing Director of CompareNI.com.