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Compare Salvage Insurance
If you’re in the salvage business, you’ll know the industry is well-regulated. But even if you follow the rules to the letter, accidents can happen. This is where salvage insurance comes in, helping to minimise the impact of being part of an accident or causing yourself or someone else an injury.
Why is it necessary to get salvage insurance?
If something goes wrong in the course of your salvage work, and there is damage caused or someone is hurt, then being insured means that you are protected from having to pay out for repairs or for compensation to an individual. If you don’t have this kind of cover, then those costs will have to come out of your business.
Why do insurance companies deduct salvage value?
Insurance companies will often deduct the salvage value from a pay-out amount as they are responsible for paying you as the policy holder the full value of the vehicle at the time of the accident. They will deduct the salvage value from the total pay out amount in an attempt to recover some of the cost of the claim. This value is usually what a scrap yard or salvage company will be willing to offer the insurer for the destroyed or written off vehicle for it’s parts.
What is the best type of salvage insurance?
You can tailor your cover so that it meets the needs of your individual business. Here are some areas to consider.
- Road risk
This keeps you covered if you drive cars that are not owned by you, and gives you peace of mind in case of a road accident or issues such as fire or theft.
- Tools or machinery
This means that you’ll get the cost of these items covered if they become damaged or broken.
- Employer’s liability
If one of your staff has an accident at work and needs to be compensated for that, then this will ensure that your business does not suffer financially.
- Public liability
This means that you are covered if a member of the public gets hurt on your premises.
- Building and contents
If there is theft, a fire, or a flood at your premises, then your policy can help ensure that you’re able to rebuild or replace missing items.
How do you get cheap salvage insurance?
If you want to get cheap salvage insurance for your business, then there are a few areas to look at. Firstly, ensure the cover is appropriate for your needs. There is no point paying for protection you don’t require. If you need advice on the best cover to suit you, then give us a call or send us an email and we’ll be happy to help you get the details just right. Secondly, it’s worth considering how much excess you are willing to pay. If you can pay a bit more, that can help to bring your premiums down.
What’s the best way to compare salvage insurance?
You’re not going to get the best deal by looking at one or two insurers. If you want to compare salvage insurance, the easiest way to get a good quote is to head to Tiger.co.uk. We search our database to find great quotes for your business. We have hundreds of potential insurers, which means you’ll get salvage insurance quotes you can trust from some of the best providers in the industry.