Motor Trade Insurance

Posts Tagged 'motor trade insurance'

  1. Cost Of Car Insurance Drops In Q1 2021

    April 16, 2021 by mti

    Motor traders will be interested to read that the cost of insuring a car has fallen in the first quarter of 2021 according to that is a very well-known price comparison website.

    Apparently, figures published by reveal that the average price paid by motorists for fully comprehensive car insurance fell from around £485 per annum in the first quarter of 2020 to around £417 per annum in the first quarter of 2021. That is a reduction of £68 per annum that equates to a fall of 14% per annum. 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. 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 »

  5. 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 »

  6. 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.

  7. 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.

  8. 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.

  9. Repossession Agents Insurance

    November 29, 2017 by Logan Biggs

    There are a variety of businesses involved in the motor trade industry many of which require specialist insurance cover. One of those is those operating within the vehicle repossessions sector.

    If you are spending the day calling around either at a motorist’s home or their business premises with a view to either obtaining a payment in reduction or to clear their indebtedness to the likes of a finance company or to repossess a vehicle then you will no doubt be aware that it can be a stressful job. It is important that you are suitably insured to protect you against a number of risks.

    For instance, if you end up taking possession of a car then you may well be going to drive the vehicle away and deliver it to either the finance company or its representative. In which case, you will wish to make sure that the car is adequately insured for you to get behind the wheel and drive it off. In that respect it is possible to arrange a form of motor trade insurance often referred to as “repossessions agent insurance’.

    Such insurance could also provide cover for the likes of your commercial buildings, the storage of vehicles that it has been necessary to repossess as well as employers and public liability. These are important things that may wish to insure.

    For instance, if your business premises were to be burnt down along with all the vehicles that you had repossessed in the past few days that were stored in it then, if you did not have suitable cover, the potential loss could be huge. Far better to pay out x amount per month for the peace of mind of knowing that you are covered for such a risk.

    What would happen if one of your staff was beaten up by the owner of a vehicle that you were being asked to repossess resulting in him or her being unable to work for a considerable period of time or perhaps never being able to work again. Well, if you had repossession agents insurance and had included employer’s liability cover then you would have some cover in place should your injured employee decide to sue you for the impact their injuries had had on them i.e. being unable to work thus affecting their income or requiring medical treatment.

    We trust that the above has been of benefit and look forward to receiving your enquiry about obtaining a quote for this type of motor trade insurance.

  10. Is There A Benefit In Paying Monthly For Your Cover?

    November 16, 2017 by Logan Biggs

    If you are a motor trader or run another type of business involved in the motor trade industry such as a car repair business or an MOT testing centre then you will no doubt have motor trade insurance in place. Usually, you can either pay for the cover on a monthly or annual basis. So, what is the benefit is paying monthly?

    Well, the obvious benefit is that it can aid cash flow as the cost of providing such cover will usually be spread over a 12 month period. This may be of particular benefit to someone just setting up in the motor trade as he or she will no doubt have numerous other costs when starting out on a new business venture such as buying and fitting out business premises.

    If you were to pay for your cover on an annual basis then this would involve you having to find the total cost of the cover for a year in one lump sum and this may prove difficult from a financial point of view.

    A downside in deciding to pay monthly is that insurers often charge interest on top of the normal annual premium as, to all intents and purposes, you are borrowing the money from the insurance company.

    With so many insurers providing motor trade insurance it is worth shopping around for the cover. You can either do this yourself or use the likes of a broker. Do bear in mind that if you decide to research the cover then this will involve you in setting aside some time to do this. One of the quickest ways is to go on the Internet and use the likes of a price comparison website that has access to a large number of insurance companies. You could also use a broker to do the research for you and help select a suitable insurer.

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