Motor Trade Insurance

Posts within the 'Trade Insurance' Category

  1. Drop In Car Insurance Premiums

    October 19, 2021 by mti

    In the 12 months to the end of the third quarter in 2021, there has been a drop in car insurance premiums according to the Car Insurance Price Index. This may also have had an impact on motor trade insurance premiums.

    In the last year, premiums have fallen by an average of £97 per annum- down from £611 per annum in Q3 of 2020 to £514 per annum in Q3 of 2021. That is a fall of 16% – a sizeable sum of money that will be welcomed by consumers. more »

  2. Do You Review How Much Your Business Is Paying For Its Insurance?

    January 21, 2021 by mti

    Unless you are very fortunate, when you receive your renewal notice for your motor trade insurance, it will no doubt be going to increase for the next year’s cover. Of course, we are assuming that you bother to compare the cost of what you have been paying in the last 12 months with what your existing insurance provider intends to charge you for the next 12 months. more »

  3. Has Insuring Your Vehicles Got Cheaper?

    September 15, 2020 by Logan Biggs

    If you are a motor trader then you will need to make sure that your vehicles are suitably insured at all times such as when they are on your forecourt awaiting sale or are being driven by you or a customer who is test driving a car as part of their decision making process as to whether he or she is going to buy the vehicle. more »

  4. Cost Of Car Insurance Drops

    October 21, 2019 by Logan Biggs

    Motor traders and others running motor trade businesses may be interested to read that the average cost of insuring a car fell in the third quarter of 2019 when compared with the same period last year. You will no doubt have insurance covering driving customers’ vehicles plus you may also have cover for vehicles owned by your business so any change in the cost of car insurance may have an impact on how much your existing insurer will charge you at renewal. more »

  5. Small Reduction In Car Insurance Premiums

    May 6, 2019 by Logan Biggs

    If you are a motor trader selling/buying new and/or used cars then you will no doubt have a motor trade insurance policy in place to provide cover for the vehicles that pass through your business to include covering things like a customer taking out a car for a test drive or you collecting a used car from a customer’s home that you have perhaps taken in part exchange. So, any change in car insurance premiums will no doubt impact upon how much you are charged for your motor trade insurance policy at renewal. more »

  6. Cost Of Car Insurance Increases

    January 23, 2019 by Logan Biggs

    It is rather concerning to hear that car insurance premiums have gone up in the 4th quarter of last year based upon figures contained in the car insurance price index as this may have an impact on the amount that motor traders and certain other businesses in the motor trade industry pay for their motor trade insurance. more »

  7. Can You Afford To Pay Annually For Your Cover?

    December 20, 2018 by Logan Biggs

    If you run your own motor trade business such as a motor trader or perhaps a mechanic or car body repair shop then you will no doubt have suitable motor trade insurance in place to provide you with suitable protection in the event of something untoward happening. This could be say a road traffic accident, a customer injuring themselves on your business premises or someone breaking into your factory and stealing your tools. more »

  8. Why Review Your Motor Trade Insurance?

    October 23, 2018 by Logan Biggs

    If you own a motor trade business involved in the buying and selling of new and/or used cars, MOT centre, tyre fitter, car valeter or a garage servicing and repairing vehicles then you will no doubt have motor trade insurance in place. However, when did you last review the level of cover that you have in place to make sure that it is adequate to meet your current needs? Furthermore, when was the last time that you reviewed how much you are paying for your cover?

    If you own your business premises then is the amount that you have the premises insured for sufficient bearing in mind that property values may well have increased significantly over the last few years.

    Have you purchased additional plant and machinery since you arranged the cover? If so, is the level of cover enough to replace these things should they be destroyed in a fire or stolen?

    As your business has expanded, have you increased the levels and value of stock that you carry on the premises? If so, have you also increased the level of cover within your motor trade insurance?

    Is the level of employers liability cover adequate should you be subject to a claim by an employee who may have been seriously injured whilst at work?

    Is the level of public liability cover sufficient to meet any claim that a member of the public may bring against your business say due to slipping on the floor at the business premises and injuring themselves?

    You may wish to get one or more competitive quotes if your existing motor trade insurance policy is shortly coming up for review. There are many insurers all of whom will probably be interested in taking on your motor trade insurance so you may be able to get the required level of cover but for a lower premium than you are currently paying.

    It doesn’t take too long to get one or more comparison quotes so why not do so via our website as we provide access to a number of different insurers. We look forward to being of assistance.

  9. Do You Have An Adequate Level Of Business Interruption Cover?

    August 4, 2018 by Logan Biggs

    If you own a business within the motor trade industry such as a garage involved in the servicing and mechanical repair of vehicles then you will no doubt have motor trade insurance in place to cover you for a variety of risks. An optional extra with such policies may be for business interruption cover.

    Such insurance is geared up to replace lost income and pay for certain expenses following say a major fire at the premises perhaps resulting in you having to close down the premises for a period of time until it is repaired and the plant, machinery and stock is replaced. In the meantime, you may need to relocate to alternative temporary premises and this can be a costly time to the business as it could take some time to move your business operation to the new temporary premises.

    This is where business interruption cover may be of assistance but it is important that you do all that you can to source a motor trade insurance policy that provides the level of cover that you require.

    There are so many things that you will need to take into account should such a thing happen to come up with a estimate of how much cover would be required should an unfortunate event occur at the business premises.

    For instance, you will need to consider what loss in profits your business is likely to incur, the additional expense in moving premises and, let’s not forget, moving back again once the premises are ready for occupation and expenses such as paying your employees wages and rent whilst the business is not functioning.

    Having established what the likely amount is that is going to be needed, you can then try to source an insurer that will provide the level of cover that you require providing you with complete peace of mind. In this respect, why not get in touch with us and we will do all that we can to help you achieve this as there are so many providers of motor trade insurance.

  10. Motor Insurance Premiums Reduce

    May 25, 2018 by Logan Biggs

    Motor traders may find it of interest to read that, according to the Car Insurance Price Index produced in April 2018, the average cost of fully comprehensive car insurance fell in the first quarter of 2018 when compared with the same quarter last year. There was a reduction of £13 to £768 per annum with this equating to a 2% drop.

    You may be asking what relevance this may have to those people running businesses within the motor trade industry. Well, if your motor trade cover insures you and certain employees to drive either company and/or customer vehicles then it may be that when your motor trade insurance policy comes up for renewal that the cost of such cover may have fallen a little.

    If you are a motor trader then you will no doubt be insured to not only drive cars owned by the business but also to drive vehicles that are owned by customers who you may be considering buying the car off but want to test drive it as part of your due diligence before committing to purchase the vehicle. In your case, you may see a bigger reduction in the cost of cover than if you run a motor mechanics business as it is quite possible that a motor trader may spend more time driving more cars each year than say a motor mechanic.

    If you are looking for motor trade insurance for the first time or your existing policy is shortly coming up for renewal and you have received a renewal quote then why not give us a call here and we will do all that we can to try to source the cover that you require but for a more competitive premium. It will cost you nothing apart from a little bit of time to establish if we can save you some money on a regular monthly basis. We look forward to hearing from you.

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