2018-10-02 By Maya Pillai
You’re a motor trade expert – but when it comes to trade insurance, it can feel as though you’ve just gone to the back of the class. At first sight it can be complicated. At second sight too.
In practice, you need to deal with an insurance broker who is expert in the insurance market, knows the wrinkles in these policies, and can advise you on how to make the most of your insurance.
Many part-time motor traders, for example, don’t want a policy that assumes they have staff and a premises to cover – it’s overkill. On the other hand, some businesses need a full level of cover for public liability, premises, theft, fire and a range of other risks.
How does the broker figure out your insurance?
A specialist motor industry broker such as https://www.quotemetoday.co.uk/motor-trade-insurance knows all the variables that make up the total risk in a motor trade business. They’ll know the whole market, so will be able to pick the right selection of insurers. And they have in-depth knowledge as to which insurers focus on which elements of the market.
Getting the best value on your premium
The good news here is that your no claims bonus on another policy could be transferable. If you have a good no-claims on any other policy, including as a private car driver, it may well give you a discount on your new policy.
Another way to bring down the premium is to restrict who can drive your vehicles. Covering any driver is going to be more expensive than using named drivers. If you have a couple of employees who do the driving, it may be a good idea to add them individually to the policy.
When you apply, don’t hide any past claims, just to try and knock a few quid off the quote you get. If you ever have to claim on the insurance, you’ll run into major problems if you’re found to have understated the truth, and there’s not much point in that.
And the best bet is to use a specialist trade broker online to get a quote – they’ll be set up to understand your requirements, and will have extra offers from insurers because they place a greater volume of business with them.