Level of Cover Is Important
If you’re just started out in the motor trade business, or you are an owner of a long-established business, you will want to seek out the most cost-effective premium that suits your needs. The level of cover is an important factor to bear in mind, and it’s of course dependent upon how old the vehicles are as well as their value.
One of the most important elements is to ensure the details you provide to the insurance company are correct and up to date. Never under any circumstances should you withhold any sort of information to gain a slight reduction in the premiums. In the long run, this is not recommended and can be costly, as it will almost certainly invalidate the Motor Trade Insurance and you could be left with a very hefty bill which can be stressful.
As with car insurance, trader premiums come in third-party cover only, or they can be increased to third-party, fire and theft or even comprehensive. Trader cover usually allows you to get behind the wheel of any vehicle, but this is for named drivers only. It means that insuring each vehicle separately is not required.
Your job may entail not only buying and selling but also carrying out repairs in addition to providing a delivery service or valeting customers’ cars. Motor trader insurance will cover you plus the named drivers for these duties, but it’s worth remembering that this only relates to when you are driving or when the vehicles are with you for trading purposes. And similar to private car insurance, you will accrue no-claims discounts and it may be worth considering a slightly higher payment to ensure you keep those benefits.
Competitive Quotations for Traders
Reputable motor trader insurance providers such as https://www.quotemetoday.co.uk/motor-trade-insurance will have a website where you can receive competitive quotations for your business.
It’s good news on the insurance front, as claims are falling. According to This is Money, claims fell eight per cent in first half of 2018 compared to same period last year, signalling a fall in the ‘compensation culture’. Premiums should drop as a result of this.
Remember that motor trader insurance is mandatory and will give you the peace of mind of knowing that any vehicles in your possession are fully protected.