The Most Common Questions About Motor Trade Insurance
Common questions about Motor Trade insurance answered, including the minimum age a trader needs to be.
Before you decide to take out a motor trade insurance policy there are a number of questions that you may want answers to in order to gain a better understanding. We have provided you with some of the most common ones below and hope this helps you when you are looking through any potential policy.
How is indemnity defined?
Your policy’s indemnity is the highest amount that the insurer will be prepared to pay for a single claim on your policy. It doesn’t mean that if you crash into an extremely expensive car you are going to end up having to make a large payment as the 3rd party aspect will cover this. Your indemnity only really kicks in when there the claim is your fault and then it applies to the vehicle you are driving.
How old does a trader have to be?
While there isn’t a stated minimum age for someone to get a traders policy, you will find that younger people are going to have to pay a lot more. Anybody who is working in the trade who is aged under 25 will more than likely have a high premium cost.
How much excess should there be?
You will find most policies will have a £500 excess on them but by making your excess level higher, you may lower the price of your premium. Your policy excess may start off at a higher rate so it is always a good idea to talk with your broker before taking out a policy to decide what is best for you.
Yes you can still be insured under a traders policy if you only work part time. There are many people who have chosen to do such work to supplement their regular income.
Will there be costs to add a vehicle?
You will find that some companies will enforce an extra cost if you want to amend the vehicles on your policy. Finding the right company will mean that you will not have to pay these extra fees so it is worth looking out for.
Is there a limit on the number of vehicles?
Again, if you find the right company then there will be no limit on the number of cars that you can get added onto your cover. This can be invaluable to some trades within the industry so spending the time searching for the right motor trade insurance cover is definitely worth it. Think Insurance can provide you with a cheap insurance quote today, whether you are looking for a motor trade, home, taxi or commercial insurance policy, leave your details and we will contact you.