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What Types Of Traders Need Motor Trade Insurance?
- Car Mechanic
- Valeting Services
- Auto Repair Centres
- Mobile Electricians
- Car Sales and Car Dealers
- Breakdown and Recovery
- Body Shop Repairs
- Scrap Dealers
What is Covered with Motor Traders Insurance?
- Vehicle indemnity – This means that you can cover up to per vehicle for a maximum amount of money. For example, if you have 10 cars in your possession and the most expensive car is £15,000 you would need up to £15,000 worth of vehicle indemnity covered
- Road risk – This is a common term but allows you to drive your customer’s vehicles back and forth to your place of work and the customer’s address if needed. You can also get insurance on your own personal vehicles on your cover for social and domestic pleasure. Please speak to our brokers about this.
- Third-party, Third-party fire, and theft and Fully comprehensive insurance – All are available under Motor Trade Insurance however be dependent on which one you pick will depend on the prices you receive. Sometimes going for the lesser is not always cheaper.
- Public Liability – This covers the public encase your business harms or causes an accident to that individual.
- Multiple Drivers – You can cover Multiple Drivers on your Motor Trade Policy. This will allow certain professions to carry out work without the hassle of multiple policies.
Ways to Save Money on Motor Traders Insurance Cover
Motor Trade Insurance is one of the major expenses when you run a motor trade business so it makes sense to take any steps you can to make it cheaper to get a motor trade policy. Below are some of the best ways to save money on your motor trade insurance:
- Pay for your policy annually – Insurance providers prefer when you pay a larger lump sum upfront so if you are able to pay for your policy on an annual rather than monthly basis then you are in an excellent position to negotiate a lower premium with insurers.
- Make your premises secure – If you’re getting a combined policy then one of the best ways to keep the cost of your motor trade insurance down is by making your premises as secure as possible. Theft from premises is a big problem for those who work in the motor trade, so you should take every step you can to make your premises secure. Installing CCTV cameras, security lights and alarms are all excellent ways to lower the risk of theft and vandalism.
- Be selective with your employees – The employee’s name on your policy will certainly have an impact on the cost of your motor trade insurance. Whilst the criteria can change depending on the type of business you have, the best type of employee is over 25, has plenty of driving experience and a clean driving licence.
Other insurance products you may want to consider
- Public Liability Insurance – Working on customer vehicles means that liability claims are a real possibility; this cover can protect you from them.
- Employer’s Liability Insurance – In addition to claims from the public, you also need to consider claims from your own employees due to injury or worse during work.
- Legal Expenses – If you choose to fight a liability claim in court then the legal expenses can soon add up. Having them covered by your policy will ensure you are able to fight the claim without being out of pocket.
- Breakdown Cover – Breakdown cover is always a good idea when you work in the motor trade, especially if you frequently transport customer vehicles over long distances.
What might affect your Motor Trade Insurance?
There are a few things that will affect your motor trade insurance policy, not just the cost but whether someone will insure you or not.
- The types of Vehicles you will be dealing with.
Some insurance companies will restrict the types of vehicles you work on or sell due to the value of them. Its very important to look at your overall vehicle indemnity and the type of business you work in. Rest assured we do have Insurers that specialize in this field.
- How Many Drivers?
Some Insurance Providers look into the fine detail such as the amount of drivers you are going to insure. You have to realistically think how many of these drivers will be on the roads with your vehicles and customers vehicles.
- How Much NCD do you have?
Some Insurance companies require a minimum amount of Motor Trade NCD which is not the same as Personal NCD. If you are a new business and have just started up in the Motor Trade, even having Some form of Personal NCD will help you save money. We have Insurance Providers who will cater for this.
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