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If you work in the motor trade industry it can be very hard to choose the right policy for your business. That’s why at Insure Me UK we offer the service for free to help find you the cheapest and best policy available.
Whether you are a new trader or have been in the trade for many years we can compare with the Top UK Motor Trade insurance providers today.
What Is Motor Trade Insurance?
Motor Trade Insurance is business insurance for those that work in the vehicle industry. Typically if you drive or work on another persons vehicles that does not belong to you then you need to have motor trade insurance. With motor trade insurance you have all types of different insurance policies put together to allow you to carry out your day to day job in the most secure and protected way possible. Below are some examples of trades that need motor trade insurance.
- Vehicle sales
- Mechanics who service and repair vehicles
- Car Jockeys that are involved in the movement, parking and storing of other people's vehicles
- Vehicle Recovery specialists and breakdown services
- Vehicle Valets providing car cleaning services
- Scrap Dealers
- Body Shop Repairs
- Mobile Electricians
- Auto Repair Centres
- Other similar businesses may also require motor trade insurance.
How Do Insurers Work Out The Cost Of Motor Trade Insurance?
Insurance providers put together an insurance quote by factoring in the business’s circumstances. This can involve a number of factors such as the value of the vehicles know as indemnity, the type of vehicles, how many drivers need to be on the policy, the level of cover and the type of trade. Its important to be truthful about all the details that are asked because this could invalidate your motor trade insurance policy if you give the incorrect information.
What Type Of Cover Is Available With Motor Trade Insurance?
There are a variety of cover types that you can obtain within a Motor Trade business. Below, are some of the insurance cover types that are available.
- Comprehensive Cover: Covers you for the loss or damage of your vehicle and also a third parties vehicle. This is the highest level you can choose from and in some cases is actually the cheapest.
- Third Party, Fire And Theft: This is the second highest level of cover, It will cover you for theft of the vehicle as well as malicious or accidental fire damage. This will only cover a third parties vehicle in the event of an accident.
- Third Party Only: This is the lowest level of cover and will only pay for a third parties vehicle in relation to an accident.
- Break Down Cover: You may be out working one day or evening and find that your vehicle has broken down. As this is your business and source of income, having breakdown insurance can take away a lot of stress if it happens. This could include towing your Vehicle to your home or a garage, side of road tyre changes or repairs.
- Public Liability: This will protect your passengers and other members of the public if you have an accident or injure another person as a result of your business.
- Legal Cover: If you were to have an accident or injure someone else you may have to defend your case in court if it wasn’t your fault or even if it was. This fees can lead to thousands of pounds.
Individual/Business Factors
Numerous factors can alter the cost of motor trade insurance. Therefore, it does differ between an individual’s business type and current circumstances. However, certain factors such as business location, offered services and number of employees for example can increase or decrease the insurance premium offered.
Individual's Experience In The Trade
Generally, the less experience you have in the trade the more your insurance premiums will be. This is because of a lack of claims history. Be sure to compare with Insure Me UK so you can get the correct advice, insurance and seek out cheap insurance quotes.
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