Motor Trade Insurance is a legal requirement for any business working in the Motor Trade, and it also important to have as it protects you from the many risks associating with owning a business within this industry. However, finding a cheap deal can be hard work – so here are our answers to the many popular questions associated with Motor Trade Insurance to help you out along the way:
Will a general policy cover you?
It is best to get a specialist policy, as this is more likely to cover what you need – you may be thinking that it’s a pain to sort out and you could probably get away without it, but think about the problems and expenses you would face without it – and you’ll realise it’s definitely worth having
Unicom understand that each motor trade and business is different with varying needs, and therefore your insurance policy needs to reflect your specific requirements. But first you need to decide on the amount of cover you want…
Which level of cover should I choose?
The choices are between Third Party, Third Party Fire and Theft and Comprehensive. Third Party is the legal minimum requirement that your business should have and covers you for damage, loss or injury to third parties. Third Party Fire and Theft covers you for all the basics that are covered under Third Party insurance, but also damage, theft, fire or loss to vehicles under the motor trader’s control or custody too. And finally, Comprehensive gives you everything the other two levels provide as well as accidental damage to any vehicles under your possession or custody.
Deciding which of these best suits you will also likely be defined a lot by the type of business you’re in – but a Motor Trade Insurance broker will be able to provide some insight on this for you.
Why should you have a broker do it for you?
Shopping around for the best deals takes time – realistically that you can’t afford to put into such a detailed search, while running your own business. So employing the skills of an experienced broker, who has the time to make the calls and the relationships with insurers to broker the right deals, can be hugely beneficial.
It also means that you have a more personal level of service dedicated to your meeting your individual business’s needs. At Unicom, we’ve seen it all over the years with our extensive customer base, so we know the risks that your business is most likely to be in danger of and advise you on how to protect yourself from this accordingly.
Will no claims is likely to get a lower premium?
Most Motor Trade insurers will give a lower premium if you’ve had no previous claims before, as you are likely to be seen as a lower risk. Also, the longer the period of time that you have had no claims, the higher the discount is likely to be on your Motor Trade insurance premium.
Will the type of work I do effect my premium?
Yes – insurers assess the risk you pose to them based on a range of factors, and one of them will be the type of business you do. This is because, usually, if it is something like body work or MOTs, it will usually be regarded as lower risk, compared to breakdown recoveries and salvaging, which will usually result in a higher premium. This is where a Motor Trade insurance broker can advise on how to bring your costs down.
June 30, 2014