Under 25 Motor Trade Insurance
IMPORTANT NOTE: To consider you for under 25 motor trade insurance we will require:
- Minimum 3 years history as a motor trader.
- Minimum 1 years no claims bonus as a motor trader
A Motor Trade Insurance policy covers a number of activities such as servicing, restoring and repairing vehicles, running a garage and doing MOT's all of which have an element of risk.
If you have a car sales business a Motor Trade Insurance policy provides cover for the vehicles that you will drive about between various locations whether it be from the customer's home to your business premises or vice versa. One day you could be driving a Fiat 500, the next day a high performance car such as an expensive Ferrari.
You are no doubt aware that age is one of the factors that affect the cost of taking out normal car insurance especially if you are a young driver under the age of 25. Statistically a young driver is more likely to be involved in an accident than someone who is 40 years of age.
So, what is the situation as far as arranging Motor Trade Insurance if you are a 23 year old with A history in the motor trade industry or you wish to take on a new employee under the age of 25 who also has a history in the motor trade industry?
Fortunately there are a number of insurance companies who provide Motor Trade Insurance policies for the under 25 but, because of the increased risk, they impose several OTHER restrictions.
Firstly, to take out or be added to a Motor Trade Insurance Under 25 policy you must have held either a full UK or European driving license for at least 12 months. Therefore, someone must be at least 18 years of age before they can apply for this type of insurance. However, in most cases under 23's will not be accepted on a motor trader policy.
The other restrictions imposed for under 25's are related to the performance of the vehicles that could potentially be driven. For example, the insurance company could limit someone under 21 to driving a car with an engine capacity not exceeding 2,000 cc and also not allow a turbo-charged vehicle to be driven. Under the age of 25 you may not be permitted to drive a petrol turbo charged
car or high performance cars such as a Subaru or a Ferrari.
It is therefore vitally important that should you wish to arrange a Motor Trade Insurance Under 25 policy that it provides the cover you require and you are fully aware of any limitations.
You will be pleased to hear that, via motor-trade-insurance.co.uk, we could provide you with access to a number of insurance companies who provide Motor Trade Insurance for under 25's. All you need to do to start the process is complete the quote form on-line here on this site and our partner will contact the insurance companies they have access to with a view to obtaining a quotation(s) for your consideration.