If you’re planning on getting involved in the motor industry, then lucky you! It’s a lucrative and rewarding business that can be very exciting if you are into cars. For a petrol head, being around cars all day is a dream come true. Sadly, like any business, it’s not always interesting. There are also the boring admin tasks to accomplish, like getting motor trade insurance.
No one likes to buy motor trade insurance. It’s what is called a “grudge purchase”. There’s absolutely no joy in paying for it, all you feel is the sting of having your wallet opened and raided by an insurance company.
If you are in the business of buying and selling vehicles, or repairing or servicing them, then you need to get motor trade insurance. It doesn’t matter whether you are a one man band or part of a national chain, if you ever get behind the wheel of a customers car then you absolutely require motor trade insurance.
Of course, you are running a business, and the first rule of running a profitable business is to keep your overheads to a minimum. That means that any sensible businessman will make it a priority to get the cheapest motor trade insurance policy possible.
If you are looking for cheap motor trade insurance, then you should make sure to have a clear idea of exactly what level of cover you need. In most situations where people are paying too much for insurance, the problem is that they are over insured. They are paying for things that they just don’t need. Motor trade insurance is no different. When you get a motor trade insurance online quote, you should make sure you have all your details to hand. Be as specific about your needs as possible.
However, this doesn’t mean cutting corners. Even if you need incredibly cheap motor trade insurance, you need to insure absolutely everything that is necessary. Don’t take any risks. If the worst happened then it would definitely be a false economy, and it could even put you out of business. Don’t be tempted to lie on your motor trade insurance online quote, it’s sure to invalidate your motor trade insurance policy and you could even get in trouble with the law!
Those of you who work in more hazardous parts of the motor business such as salvage will also have to declare it when filling out your motor trade insurance online quote. Don’t be tempted to lie, or to bend the truth. It will only cause you problems in the end.
If you are looking for cheap motor trade insurance and you are struggling to find places to make savings, then you should consider whether absolutely all of your staff need to be insured to drive. When filling in your motor trade insurance online quote, perhaps you could limit the coverage to one or two absolutely essential members of staff. You could save a surprising amount of money. Just make sure it isn’t enough of an inconvenience to cost you money elsewhere in your business. That rule goes for any situation where you need to change the way you do business slightly in order to save a bit of money on your motor trade insurance.
If cheap motor trade insurance is a priority for you then you should definitely consider whether you need the very top level of motor trade insurance. There are various tiers of coverage that you can select when filling out your motor trade insurance online quote, from basic third party to fully comprehensive. You can also take out employer liability cover to protect customers who come into your business premises, but this won’t be necessary for all businesses. If you have a home based business then you can remove this from your motor trade insurance policy immediately and save a fortune!
If you have a separate personal vehicle insurance policy, then you should be aware that you could save a fortune by adding social cover onto your motor trade insurance. While adding social cover is always an extra expense, it is usually much less than a separate personal policy.
Of course everyone is looking for cheap motor trade insurance, but there are other important considerations. When you are choosing between your motor trade insurance online quotes you shouldn’t always assume that the cheapest is the best.
The sad reality is that as a motor trader you have a much more likely chance of making a claim than a private individual. You are at much more risk. That means you shouldn’t just choose the cheapest motor trade insurance online quote like you would if you were buying your home insurance. It’s not just a precaution for an unlikely event. You might actually have to claim, so you should be very careful with you who choose.
You would be wise to pick a company you have heard of with a good reputation. People who are friendly and approachable are also a safe bet. You should also make sure that any excess you may need to pay when claiming on your motor trade insurance is reasonable and affordable. You should also make sure that your insurance company genuinely understands your business. Sometimes insurance salesmen can be genuinely clueless, and you will end up paying for their mistake when you discover you have the wrong cover.
Getting cheap motor trade insurance is always going to be a factor in your decision, but if you consider these other points when choosing your policy then you will be a lot happier when it comes to claim time.
Buying motor trade insurance can be done cheaply and wisely. The secret, like making a wise purchase of all types of insurance, is just to shop around. You should get as many motor trade insurance online quotes as possible before you make your decision. It’s not only the secret to a great deal; it’s also the secret to getting the very best coverage for you.
