Consider What Your Budget Is
First things first, you need to consider what your budget is. Research Motor Trade insurance cover if you haven’t the foggiest about where to start with your budget. Good things to look into are Road Risk cover, Combined cover, and Liability Cover. After you’ve done this, or already had the knowledge at your disposal, consider the budget. But you should be realistic about it. Motor Trade insurance is generally more expensive than Private Car insurance (although this isn’t always the case), so your budget needs to reflect this.
Finding the Right Level of Cover
This section if for those who are still in two minds about what cover you need. The place to begin is where I’ve already suggested; looking into Road-Risk, Combined, and Liability variants of cover. Road-Risk provides any motor trader with the bare minimum cover available. Anyone who works part-time from their home, car and/or on other peoples’ vehicles are covered, there are additions you can add to tailor it more to your needs but these covers can vary between Motor Trade insurance brokers. There are a number of different Liability Insurance products which can protect you and your business from any accident claims from anyone you employ (Employers’ Liability), any customers and accidental loss of/damage to property (Public Liability) and vehicles based upon the work you carry out or the parts that you fit (Product Liability). And finally, Combined Insurance. This is the highest level of cover you can get from a Motor Trade insurance broker. It can cover everything the previously mentioned products can cover with the added benefit of covering property that is used for business. But these are only the overall kinds of cover you can get. You can find insurance that is tailored to the specific needs of the niche aspects of the Motor Trade industry, be it insurance for Mechanics or Car Salesmen for example. So, the springboard is what kind of Motor Trade business you run, then you can start looking into what kind of insurance you need.
Getting the Right Insurer
After sorting out a budget, it is time to find the right insurance broker. You should already have an idea of what cover you want so now it is time to get some quotes! There are two main things you should look for when looking for Insurance Brokers; the reputation of the broker and whether they specialise in Motor Trade insurance. Personally, I’d say get 5 or 6 different brokers, this will give you a good-sized sample pool for you to compare prices and levels of cover between to get a rough estimate of those two values from. They may even give you ideas of different kinds of cover that you might not have considered before that fit; they are specialists after all. This could lead to your budget being shown as too high or too low, but don’t worry, it’s useful information that will help you! But now you’ve got the quotes it’s up to you to decide which one suits you best.
Now we’ve reached the end of this short article, and hopefully you have left it feeling better equipped to deal with Motor Trade insurance. To recap, set a budget, use your trade as the basis for your insurance then consider the three main cover types, and finally hunt for specialist insurance brokers and gather quotes for comparing. After that it is up to you who you choose. Take what I’ve said and hopefully it helps, whether you’re new to insurance or this is your 10th search for a new insurer.