Buying motor traders insurance can come with a lot of questions especially if for the first time. Below we put some of the most common and frequent questions asked.
If you operate a business within the motoring industry for profit, then yes, you will require a motor trade policy. People often think that only those who buy and sell cars require insurance. This is not the case and it is a legal requirement that everyone involved within the industry be covered with a minimum level of Third Party Insurance.
A motor traders insurance policy is not only beneficial to the owners of the business, but to the employees at the same time. It can prevent individuals from loosing money or assets in the event of an accident.
One of the main risks involved in not having adequate cover is the financial damage it can cause. Some traders may think it would be cheaper to not invest in trade car insurance and to pay for any claims themselves should one arise. Although this sounds like an easy option, it is the most financially damaging route to take.
It may seem like a cheaper option to take due to not having monthly payments to your insurance provider but in the event of a claim, you can never be fully prepared for how much you may have to pay out.
Our Motor Trade brokers measure the risk of claims and how much these claims could cost. If you simply think you can pay for these claims yourself, you could find that claims cost far more than you would have anticipated. This can lead to you risking the financial standing of your motor trade business.
Another main cause for concern if you do not take out adequate motor traders insurance is that the effects of not being fully covered can severely affect your business and customer relationships.
Customers are more likely to sell their car, buy a car, or have their car fixed by a motor trader who has valid and full motor trade policy. This is because the customer will feel comforted to know they are protected from all claim situations. Not being a fully insured motor trader could mean you risk losing customers or can’t even attract customers to your business causing a drop in financial stability.
Therefore it is best to always have an effective motor trade policy, it simply isn’t worth the risk of going without it. Investment into motor trade insurance cover today ensures you will continue to attract customers over time by following the correct guidelines in the event of claim.
Buying a policy is not always as easy as it seems. Assuming you are an actual car trader, you must first determine what kind of policy is right for your business (our advisors can help with this). You can see from the insurance quotes the differences in their features, coverage, as well as premiums.
Cheap traders insurance unfortunately is not always a given regardless of who you apply with. The price of your premium depends entirely on your risk profile such as how well you have maintained your no claims bonus, your trading location and more. However, even with a less than perfect risk profile, we can help find you a competitive policy still.Speak with one of our advisors and they will be more than happy to assist you with your query.
Below is a list of trade activities that fall within the motor trade industry.
We work with a large board of specialist brokers who enable you to quickly provide you with a trade insurance quote to compare. Our UK leading traders insurance brokers use expert insurers such as Tradex. All our advisors are knowledgeable with a wealth of experience working on finding you competitive traders cover.
Our services are free to use and there is no obligation to take out the premium. Simply enter your details and get comparing!