Motor Trade Insurance
A motor trade insurance policy is needed by anyone who runs a motor trade business. Whether you are selling cars & other vehicles or are into car repairs & servicing, you may need to count on your insurance cover. This form of insurance would also be useful for those involved in valeting or a MOT centre or a garage as well as covering those working part time or full time.
Motor trade liability insurance cover
Motor Trade can cover employer's liability, public liability as well as sales & service indemnity coverage. With the employer's liability coverage, you can be protected in case any of your staff members gets injured while working for you. Public liability insurance can often help take care of the compensation costs on your behalf in case anybody is harmed or any property is damaged from your business activities. The sales and service indemnity coverage would protect you in case you have to pay the compensation for any accidental damage or injury to a property given – purchase or sale of vehicles, supply or sale of products linked to your motor trade as well as alteration, inspection, maintenance, testing, repair, cleaning or servicing of vehicles.
Combined insurance
A combined motor trade insurance policy often covers money, premises, vehicles, tools, contents & liabilities. In fact, if you are looking for cover for your entire business a combined cover policy could be the answer for you. These policies often even apply to those motor traders who operate from home.
Factors to consider while taking the insurance
There are different factors to consider while you are going for your motor trade insurance policy.
Review business activities
You must understand that the major aspects of your motor trade- like number of cars and other vehicles, the drivers, turnover & general business operations- all have a huge impact when underwriters are deciding the insurance premium. Before you finalise your insurance deal, you might want to consider these factors thoroughly.
Among all the factors mentioned, your vehicles and drivers are the most important.
- Vehicles - The different types of vehicles involved in your motor trade influence the insurance premiums. The motor traders who work with high performance vehicles, HGVs, imported wheels, kit cars & motorcycles are generally charged higher premiums. If you stop working with these sorts of high profile vehicles in the future, you should inform your insurance providers.
- Drivers - The number of drivers you are planning to include in your policy will also determine the cost of your premiums. Some insurance companies often prefer mature drivers with safe driving records and would readily extend lower rates if your drivers pose less risk. You might be charged higher premiums if you have drivers below 25 years of age.
Premium payment method
Another major factor that could affect your motor trade insurance policy is your payment method. Some insurance providers impose a charge if you decide to pay via monthly installments. If you can afford to pay for premiums upfront, you may save money.
| Product | Lowest Price | Highest Price | Customer Rating |
|---|---|---|---|
| Motor Trade Insurance | irevolutionconnect.co.uk | £492.18 | £3123.1 | 4.24 / 5 |
Pricing claim generated from smallest and largest base premiums of policies sold from 1st January 2018 to 31st December 2019 from one of our partners.
Customer product rating is based on 132 reviews from a range of 1 to 5, where 5 being the best.