Things To Consider When Purchasing A Motor Trade Policy
Whether it’s your first time taking out Motor Trade insurance or you are renewing your existing policy, here are some things to consider.
Getting the right Motor Trade insurance policy can be difficult to do if you don’t know exactly what you need.
Before Getting a Quote For Your Motor Trade Policy
There are a few things you need to do before you contact a Motor Trade insurance broker to get a quote, such as deciding exactly what you need your Motor Trade policy to cover. Motor Trade policies can cover a wide range of things, for example, equipment, parts fitted to customer’s cars, or could simply be a basic Third Party Only Motor Trade insurance policy. Depending on the size of your motor trade business, you may require extra cover and add-ons to your policy including Employers’ Liability, Public Liability or even premises cover. When deciding on your level of cover, it may be worth taking the time to think about what elements of your business you could not be without if the worst were to happen.
When Contacting a Motor Trade Insurance Broker
It’s important to have the information at hand, ready to discuss with your broker, and that you disclose all relevant information, and don’t hold anything back that may affect your insurance premium or cover. You will be asked about previous claims, No Claims Bonuses, any motoring convictions, any criminal convictions, bankruptcies and CCJs, and remember to always tell the truth! Failure to do so, whether through a deliberate lie or a lie of omission, once discovered, will result in your policy being cancelled and possibly even made void meaning that cover was never in place and so if you have any outstanding claims on the policy, they will not be covered and you will be left out of pocket. This will also likely affect your ability to get Motor Trade insurance again in the future. Also make sure the details you tell your insurance broker are correct, such as where vehicles are stored and all security measures you’ve got in place to protect your business.
Things To Consider Once You Have Received A Motor Trade Insurance Quote
Once you have received your quote, you will want to double check it covers everything you need and potentially more. Some cheap Motor Trade insurance policies might save you money initially, but you need to question whether they will offer the flexibility a growing motor trade business needs?
For example, if you have just started your vehicle sales business but operate from home, and within six months decide you need to move the business to a bigger premises, you will need to make sure that your insurer allows you to adapt your Motor Trade insurance policy to cover your new premises, and you need to determine if there would be any restrictions to where you could move to? All of these things should be taken in to account when you take out your insurance policy to make sure you don’t get hit with costs further down the line, or even end up doing something that could leave you without insurance.
Keeping with the business growing scenario, you may decide to employ more staff. If this happens, you need to consider whether your policy will allow additional drivers? If so, there may also be certain restrictions on driver age, convictions and previous claims, so make sure you know everything in advance, before you take the Motor Trade policy out.
These are all questions Think Insurance regularly get asked and our team of highly trained Motor Trade insurance experts can all answer – so let us help your business too!
Speak to Think Insurance About Your Motor Trade Policy Needs
Deciding what Trade Car insurance policy is right for you isn’t always easy, and even after arming yourself with all the information you need, you might not be 100% sure, so it’s always best to speak to an insurance policy expert. Call our team today on 0800 221 8077 or click ‘Get a Quote’ below.