Motor Trade Insurance is a niche insurance policy completely tailored and designed for those who profit from operating with the motor trade industry.
Those working within the motor trade industry quite commonly find themselves to be buying and selling cars, mechanics, valeters, body work repairs, car jockeys as well as many other areas. They key element however is they all have a financial interest and do what they do for profit.
Only a few years ago, anyone was able to get a motor trade policy. People often done this as it allowed them to drive other cars of all values but they did not and had no intention of operating within the motor trade industry. The insurance industry worked this out and as such, now require people to actively work within the sector.
A broker will now look at your exact circumstances within the industry on a day-by-day basis before allowing you to have a motor trade policy.
Influencing factors such as how many cars you will buy and sell annually and are you going to be full or part time etc will all play a part in whether or not you get a motor trade policy.
Your first move should be to decide what area of the motor trade industry you wish to profit from and how active in that area you wish to be. If you intend to be a full time trader, this may be less relevant but a part time trader should definitely spend time working this out. You will need to know how many cars you wish to buy and sell a year or how many you wish to repair etc.
Secondly, work out exactly what you will need to cover within your policy. Here you may be noting down the cars you work on or sell, tools, public liability, professional indemnity a premises and so on. Our advisors will also be happy to help you with this list should you be new to the trade.
Thirdly, decide what level of cover you would like. This is broken down in to Third Party, Third Party Fire and Theft and Comprehensive.
With these basic elements thought about and covered, you will be in good stead to apply with us where we can help you get a traders policy right for you.