Motor Trade Insurance

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.

Therefore, you will be pleased to read that, according to the Car Insurance Piece Index, there has been a small fall in how much car insurance providers charged for their policies in the first quarter of 2019 when compared with the last quarter of 2018.

The average premium paid by a motorist for the last quarter of 2018 for fully comprehensive car insurance was £774 per annum. However, in the first quarter of 2019, this figure had reduced by a small amount of £12 per annum to £762 per annum with this equating to a fall of just over 1.5%. No, it is not a huge difference in cost but at least the cost of such cover is heading in the right direction. Of course, needless to say, it is to be hoped that this downward direction continues in the future.

You will no doubt be aware that there are many things that affect how much you are charged for car insurance with one of those being how old you are. There are probably not too many 18 year old motor traders but the average premium charged by a car insurance provider for fully comprehensive cover in the first quarter of 2019 was £2,018 per annum. A 21 year old was charged an average of £1,602 per annum. A 34 year old paid an average of £647 per annum and a 51 year old an average of £661 per annum. So, age will no doubt affect how much you pay for your motor trader policy.

If you are looking for motor trade insurance either because your policy is shortly coming up for renewal or because you are setting up in business as a motor trader or another type of motor trade business for the first time then why not get in touch and we will be pleased to assist in obtaining a competitive quotation for your consideration without any obligation.

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