Important Things to Remember When Shopping for Motor Trade Insurance

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Today, there are more and more companies who offer services that take part in the buying and selling of vehicles, mechanical work, as well as roadside breakdown cover. Whilst this is good news for people who drive a vehicle, it is important that your business has the relevant insurance coverage, as without it, you won’t be able to efficiently operate as a go-to company.

Important Things to Remember When Shopping for Motor Trade Insurance

So, if you buy and sell cars for a living, you need to make sure that you have a high-quality motor trade insurance policy to ensure that you can carry out all these services legally. But there are so many things to remember when it comes to shopping for motor trade insurance that you can easily forget what they are. 

Luckily, this article breaks down everything you need to know when looking for this type of insurance. 

What To Look for In a Policy?

Regardless of whether you are looking for car insurance, health insurance, or motor trade insurance, you will know that there are lots of different policies that you can look at to find the best coverage for your needs. When it comes to motor trade insurance, you will learn that Third Party Only insurance is the most basic policy that you can get your hands on. In short, if you hit a third party, you will find that their costs will be covered by your insurer but it won’t provide coverage for your vehicle, which could have serious consequences if you are driving one of your customer’s cars.

You also have Third Party, Fire and Theft that simply provides coverage for your own vehicles from fire and theft. This type of insurance includes the points listed above, as well as any accidental damage, malicious damage, and the aftermath of flooding. 

When it comes to motor trade policies though, you need to make sure that you can receive coverage for other factors including the premises that your business is trading from. This is called Combined Motor Trade Insurance. As well as this, you may want to look into Public Liability, Product Liability and Employers Liability insurance in order to have all the coverage you need to be able to operate as a motor trader. Look in the right places, and you will also find that policies can cover occupations. This can include mechanics and Bodyshop insurance and MOT garage insurance, which could also be beneficial to your business needs. 

Be Honest

When inquiring about finding the best motor trade insurance coverage for your needs, you need to be as honest as you can. Whilst this may sound like common sense, you would be surprised to know that many traders often don’t include information because they think that it can save them more money in the long run. However, this is simply not the case and it will, in fact, create more problems further down the line, such as having to spend more money than you would’ve done in the first place. 

So, when you’re speaking with your insurance broker, be honest. This way, they will be able to find the best and most cost-effective policy for your needs. If you lie, you could find that the policy that you decide to opt for can be cancelled, and this is something that you definitely don’t want to happen when you want to run a successful business. 

Remember, honesty can help you to save more money going forward. 

Look For the Best Deal

There are so many different types of companies out there who offer motor trade insurance that it can be hard to know where to start. But it doesn’t have to be that way. If you make the decision to enlist the help of a professional and experienced insurance broker who has an extensive knowledge of the market, you will be able to find those policies that are cheap, as well as offering all the coverage that you could need. Whilst finding a cheap plan is something that everyone wants to strive for, if it doesn’t offer what you are looking for in a policy, it won’t be the right one for you. If this is the case, you may need to expand your budget slightly to accommodate for better protection. 

This is a lot of information to take in, and it can be overwhelming. By taking the time to plan a strategy, you will find that you can get the right protection for a price that best suits you and your business. With the help of this guide, your journey to find the best motor trade insurance policy has never been made easier.