Motor Trade Insurance

Posts Tagged 'motor trade insurance premiums'

  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. 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 »

  5. Will Change in Ogden Discount Rate Affect Premiums?

    March 24, 2017 by Logan Biggs

    Motor traders may be interested to read that the Ogden Discount Rate was changed on the 20th March 2017. The rate has fallen from 2.5% to – 0.75%.

    As a result of the fall in the Ogden Discount Rate will premiums for motor trade insurance start to rise?

    Following the drop in the Ogden Discount Rate it will be interesting to see if motor trade insurance premiums start to rise.

    The rate is used to calculate how much insurers need to set aside to meet claims for compensation from people injured in the likes of road traffic accidents. Sometimes quite sizeable sums often running into many millions of pounds are paid out by the likes of motor insurance companies.

    The consensus amongst a number of insurers is that they will have to increase the amount that they charge their policyholders for providing cover towards meeting the increased lump sums that will need to be set aside.

    So, is the change in the above discount rate likely to see premiums for motor trade insurance go up? Well, it is quite possible that this may happen as such policies may include cover for such things as public liability payouts as well as for driving both vehicles owned by the business and customers’ vehicles.

    So, is there anything that motor traders can do to mitigate such increases? Well, whilst those operating motor trade businesses cannot really directly influence insurers in this respect, they can still shop around to see if they can get the required level of cover from another provider but for a lower premium.

    Whilst there are a number of ways and places to source motor trade insurance quotes, one of the simplest and quickest ways is to use the likes of one or more price comparison websites. Therefore, if you are perhaps setting up for the first time as a motor trader and need to arrange motor trade insurance or road risks insurance, or you are an established business whose motor trade cover is due to be renewed then you may wish to obtain one or more competitive quotes to peruse at your convenience.

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