Whether you are a garage, showroom, or auction house, you will want to know how to obtain the most competitive quotation for motor trader insurance. It is a specialist area of motor insurance that will cover the situation where those handling vehicles are not the owners of them.
To help with obtaining a competitive quotation, there are insurers such as one sure insurance who can help. Through an online website, it is easy to find out about what type of policies are on offer and to obtain a quotation.
Finding a Provider
Because motor trader policies are a specialist area of insurance, you will not find that all insurers, or indeed brokers, will offer them. This is generally because staff within an organisation will require extra training in how to quote them and to provide the best service to those looking to insure themselves to drive vehicles that are essentially owned by others.
Ordinary motor insurance will state that those who insure vehicles need to be the owners of them. This is, of course, not possible in certain lines of work where many vehicles are handled in a day. It is simply not practical to keep transferring ownerships between those who own cars and those who sell or work on them. So, this is where trade plates are used and a motor trader insurance policy will take care of this technicality and so make it possible to have insurance that protects the vehicles of others.
Know the Three Types of Cover Motor Trader Policies Provide
To know exactly what an insurance policy covers is the way to know if it is the right policy for you. So, in this case, research what extra coverage you can expect from the policy on top of the normal road cover.
Motor trader policies will generally provide three types of cover. This includes road risk insurance, liability motor trade insurance, and combined motor trade insurance.
Road risk insurance covers a motor trader who drives either their vehicle or that of their customer on the public road. It covers those who are involved in either repairing a vehicle or who buy and sell vehicles for profit. Anyone operating as a fitter or valet will also be covered by this type of policy. It is ideal for those who MOT cars, where often the cars are picked up, tested, and dropped back off to customers as all part of the service.
The liability aspect of a motor trader policy covers employer’s and public liability as well as product, sales, and services indemnity cover. The latter means that faulty parts and workmanship can also be covered. In respect of the employer’s liability, it is compulsory for those who employ to have this. Public liability is optional but advisable to avoid a company being sued for negligence in the event of an unfortunate incident where a member of the public is injured because of an employee’s actions. Affording the typical levels of compensation may otherwise prove impossible for a business to stand the cost of.
A combined motor trader insurance will extend the policy from providing road risks and liabilities to also covering premises and their contents. Also, to include work tools.
General Tips When Seeking Out Insurance
It is a good idea to seek out more than one quotation when looking for motor trader insurance, just like any other kind of insurance, so that you have a means of negotiation between one insurer and another.
Always consider the cover that you are getting with a policy and that the cover on one policy might not be comparable with another, and so might explain the cheaper quotation. Only a like-for-like cover will allow for a direct comparison. Do not sacrifice an important element of cover to save money that may in the long term end up costing you more.
Have all your information written down and ready to input into a website, email, or read out over the telephone. You know what you will be asked if you have had the same insurance before and so can be ready for any question asked. Occasionally, a different insurer will ask something unexpected. This could be good if it means obtaining an extra discount from the piece of information you provide. Everyone wants the best premium for you because then they secure your business.
In summary, you may have to look a bit harder to find an insurer who deals in motor trader policies but online will be your answer. You should know exactly what motor trader policies cover so that you can decide if you fall into their categories. Finally, compare like with like when obtaining alternative quotations to find the best premium and cover. If a policy is particularly cheap it may be because an important part of the cover is not included. There is little point in being half insured because it rather takes away the peace of mind and financial protection that insurance offers.