How to get the best motor trade insurance for your business?
If you’re in the motor trade, then you’ll know that having the right insurance is essential to protecting your business. But with so many different policies on the market, it can be difficult to know which one is best for you. That’s why we’ve put together this guide on how to get the best motor trade insurance for your business.
We’ll cover the importance of motor trade insurance, how to get the best policy for your needs, and top tips for getting the most out of your cover. We’ll also answer some common questions about trade insurance, so that you can be sure you’re getting the right policy for your business.
Table of Contents
The importance of motor trade insurance
Why do you need motor trade insurance?
You need motor trade insurance if you’re running a business that involves buying, selling, repairing, or servicing vehicles. It’s important to have the right level of cover in place so that you’re protected against any potential risks.
There are many different types of businesses that need motor trade insurance, from car dealerships and repair shops to MOT stations and mobile mechanics. If your business deals with vehicles in any way, then you should consider taking out a policy.
There are a number of reasons why you might need motor trade insurance. For example, if you’re repairing or servicing cars, you’ll need to make sure that you’re covered in case of any accidental damage. If you’re selling cars, you’ll need to be protected against any potential liability claims. And if you’re running a business that uses vehicles (such as a taxi firm), then you’ll need to make sure that your fleet is properly insured.
What does motor trade insurance cover?
Motor trade insurance can cover a wide range of risks, depending on the level of cover that you choose. For example, some policies will just cover your own vehicle, while others will provide comprehensive cover for your business premises, stock, and equipment. You can also get policies that include public liability cover, which will protect you against any claims made by members of the public who are injured or have their property damaged while on your premises.
Some insurers also offer Road Risks Only policies, which as the name suggests, only covers the risk of damage to vehicles while they’re being driven on the road. These types of policies are typically used by businesses that don’t have their own premises (such as mobile mechanics), or by businesses that only use vehicles for occasional deliveries (such as florists).
Who needs motor trade insurance?
Anyone who runs a business that involves buying, selling, repairing, or servicing vehicles needs motor trade insurance. This includes businesses such as car dealerships and repair shops, MOT stations, mobile mechanics, and taxi firms. If your business deals with vehicles in any way then you should consider taking out a policy.
What sort of businesses does motor trade insurance cover?
Motor trade insurance can cover a wide range of businesses including car dealerships and repair shops; MOT stations; mobile mechanics; and taxi firms. If your business deals with vehicles in any way then you should consider taking out a policy.
Do you need insurance to trade?
There is no legal requirement for businesses to have motor trade insurance, but it’s strongly recommended. If you don’t have a policy in place and something goes wrong, you could end up facing a large bill. For example, if you’re repairing or servicing cars and an accident occurs, you could be liable for the cost of repairs. If you’re selling cars and a customer has an accident in one of the vehicles, you could be liable for any damages. And if you’re running a business that uses vehicles (such as a taxi firm), then you’ll need to make sure that your fleet is properly insured.
How to get the best motor trade insurance for your business?
Compare quotes from different insurers
When it comes to motor trade insurance, you should never accept the first quote you’re given. It’s important to compare quotes from a number of different insurers in order to find the best deal for your business. There are a number of ways to do this:
– Use an online comparison site: This is a quick and easy way to get a number of quotes from different insurers. All you need to do is enter some basic information about your business and the level of cover you’re looking for, and you’ll be able to compare quotes side by side.
– Contact insurers directly: If you have a particular insurer in mind, you can contact them directly to get a quote. This is usually done either over the phone or online.
– Use a broker: A broker can help you find the right policy for your business, and may be able to negotiate a better deal on your behalf.
Consider the level of cover you need
When deciding how much cover you need, there are a few things you need to take into account:
– The value of your stock: If you have a lot of high-value items in your stock, you’ll need higher levels of cover than if your stock is mostly low-value items.
– The value of your equipment: If you have expensive equipment, such as diagnostic tools or lifts, you’ll need higher levels of cover than if your equipment is mostly low-value items.
– The level of risk involved in your work: If your work involves higher levels of risk, such as working on performance cars or modified vehicles, you’ll need higher levels of cover than if your work is low-risk.
Top tips for getting the best motor trade insurance
Get insured with a reputable company
When looking for motor trade insurance, it is important to choose a reputable and well-established insurance provider. There are many insurers out there who offer motor trade insurance, so it is important to do your research and compare quotes before making a decision.
Read the fine print
Once you have chosen an insurer, make sure to read the fine print of the policy before signing up. It is important to understand what is covered by the policy and what is not. This will help you avoid any unpleasant surprises down the road.
Review your policy regularly
Your business is likely to change over time, so it is important to review your motor trade insurance policy on a regular basis to make sure that it still meets your needs. If you make any changes to your business, be sure to let your insurer know so that they can provide you with the appropriate cover.
Motor Trade Insurance Companies
You may compare different motor trade insurance companies by the help of this tool. Or you may check the following companies which are the bests according to user reviews:
You must get quotes from at least three difference companies to find the best motor trade insurance.
If you run your own business, you may be wondering about Motor trade insurance. These policies are designed to protect your customers’ vehicles, as well as you. These policies usually include coverage for the vehicle and driver, but you can also add your own vehicle to the policy. While it is not standard practice to use your own vehicle for business purposes, this is possible with some policies.
Before choosing a motor trade insurance company, make sure you know all of your rights under the policy. For example, if your motor trade business is in a location with plenty of parking, you may want to disclose that fact. The truth is, you can use modern technology to verify the location of your motor trade business. Otherwise, your insurance company may open an investigation to determine if you are telling the truth.
Different Motor trade insurance companies offer different types of cover. Some will only cover drivers with a clean driving record, while others will cover everyone. A good way to reduce security costs is to limit the number of drivers who will be covered. If your insurance company has to pay for any penalties, you may see your premium increase significantly. If your business requires multiple drivers, consider limiting your drivers to one or two who have excellent driving skills. While this may be more expensive, it will allow you to be more flexible.
It is important to compare policies from different companies so that you can get the most affordable policy. Remember to talk with sales agents and consider all of your options carefully. You want to pay for the insurance cover that you need, not what the insurer says you need to cover your car. You do not want to get charged for extras that are unnecessary or don’t add any value to the policy.
Trade insurance FAQs
Can I drive any car with trade insurance?
No, you cannot drive any car with trade insurance. Trade insurance is specific to vehicles used for business purposes. If you need to insure a personal vehicle, you will need to purchase a separate policy.
Does trade insurance cover uninsured cars?
No, trade insurance does not cover uninsured cars. This type of coverage is only available through personal auto insurance policies.
Can you tax a car with traders insurance?
Yes, you can tax a car with traders insurance. However, you will need to provide proof of insurance in order to do so. You can usually get this from your insurer or broker.
Do sole traders need insurance?
Yes, sole traders need insurance just like any other business owner. This will protect your business assets and income in the event that something goes wrong.
Motor trade insurance is a must for anyone who works in the motor trade, whether you’re a car dealer, mechanic or mobile technician. It’s important to get the right level of cover for your business, and to compare quotes from different insurers to get the best deal.
Top tips for getting the best motor trade insurance include getting insured with a reputable company, reading the small print and reviewing your policy regularly.
If you have any questions about motor trade insurance, be sure to check out our FAQs section. And remember, always shop around to get the best deal on motor trade insurance for your business.