Do you want to know how to find the cheapest motor trade insurance quote? This article provides insights on how to find it, including the popular car jockey insurance.
Apply for Motor Trade Insurance Quote Today
Nearly everybody who deals with motor vehicles should have motor trade insurance, otherwise known as traders insurance. Regardless of whether you are buying and selling vehicles, conducting repairs, servicing, valeting, or offering breakdown services, getting the right motor traders’ policy covering your needs is of utmost importance.
That aside, having this insurance is a necessity to make your motor vehicle business legal. To get started, you should apply for an insurance quote, which we are always happy to provide. The quote outlines two main types of motor trade insurance policies that we offer, which are the road risks policy and combined policies.
The road risk policy provides insurance cover against any insured vehicle on the road, cover from theft, accidental damage, and fire. This covers activities that most motor vehicle dealers engage in, such as transporting vehicles from one place to another, taking customers for a test drive, and more. Road risk policies typically suit motor vehicle traders who conduct their car business from home.
Traders can choose from a third-party road risk policy or a comprehensive insurance policy. As the name suggests, third-party offers cover to another person while comprehensive policy insures the trader from theft, fires, accidental damage, and vandalism to vehicles stored at their home address.
On the other hand, a combined policy insures the business premise and all the contents. It is a perfect insurance policy for those who have invested in a business premise, such as a garage or forecourt.
- Industries Insured
- Car servicing insurance
- Mechanics insurance
- Garage insurance
- Mobile mechanics
- Motor dealers insurance
- Tire filters insurance
- Breakdown recovery
- Collection and delivery
- MOT stations insurance
- Under 25’s insurance
- Car jockey insurance
- Road risks insurance
Confirming Eligibility – Are You a Genuine Motor Dealer?
Before reaching out to us to inquire if you can qualify for the motor trade insurance quote, you should check several factors to ensure that you are eligible for the insurance. Most people apply for the quote only to be embarrassed by the realization that they cannot qualify for insurance cover. To be eligible for cover, you should be a genuine motor vehicle trader with visible financial investment in the motor vehicle industry.
It doesn’t matter if you are involved in the business on a full-time or part-time basis. If we can prove that you are in the business, you can qualify for cover. We can confirm this if you provide valid motor trade receipts. As a business person, you should certainly be keeping your receipts, especially of all the vehicles you have bought and sold. For those who repair, valet, or transport, you should as well have relevant receipts to prove your involvement.
We do this because nearly all our underwriters require valid proof of trading before accepting the motor trade policy. Upon inquiry, we give our clients between 14 and 28 days to provide evidence of their involvement. As mentioned, this is through receipts and any other valid proof.
What You Should Know
Type of cover – If you operate from a business premise, you should indicate in your application that you need a combined premise cover for your business. For road risk cover, we will not provide compensation for vehicles lost, damaged, or stolen while at a business premise. This is because road risks cover only insures vehicles that are stored at your home address.
- Payouts – Our insurance underwriters only pay out the trade value of the insured vehicle and not the resale value. With this, expect a shortfall in the earnings for any claim placed.
- Extra occupations – this affects motor vehicle traders who run their business part-time and have full-time jobs with another employer. We can provide additional occupation cover and additional inclusions that cover your second occupation. However, you will need to provide prior information about this. For instance, we may not provide cover to commuting to and from work. However, providing such detail in advance enables us to restructure your insurance cover during inception.
- Additional drivers – our policy provides for the inclusion of additional drivers, but at an additional price. It is expensive to include drivers who are under 25 on motor trade insurance policy.
We provide access to several underwriters, regardless if you are a full-time or part-time trader and trade from home or an established business premise. Some of our underwriters include Covea, Liverpool Victoria, Tradex, and Tradewise, among others. We also provide third-party, third-party fire, and theft, and comprehensive motor trade insurance policy to all types of motor businesses, including car sales business, breakdown recovery, and valeting business.
Our clients also enjoy unlimited access to other benefits such as updating their MID record for free, having an unlimited number of vehicles in their insurance policy, and adding their spouses, immediate family, and employees to the policy.
How to Reduce the Cost of Your Insurance Policy
The best way to save on the cost of your insurance policy is by finding the cheapest available policy. This requires that you shop around and check various available policies before settling for one. That said, below are some of the tips to help you find an affordable insurance policy.
- Consult widely with our sales agents to ensure that you are applying for the cover that you need. This will help you eliminate any add-ons that are not of any value.
- Don’t include high-performing, classic, and HGV clauses. Most of our underwriters charge extra for these.
- Keep a small number of vehicles on the MID at a time.
- Apply for the highest possible insurance voluntary excesses.
- Improve your home or business premise storage and security measures.
- Employ drivers with clean driving records. Avoid those with criminal and driving convictions or aged less than 25.
- Pay your policy premiums as one lump sum to avoid accumulating interests.
- Avoid handling modified vehicles as they are classified as high-risk vehicles.
- Accumulate your motor trade no claim bonus and don’t claim it.
Do You Need Any More Help?
We have uploaded several articles that give you deep insights into the motor trade industry. We also publish several guides and documents that equip enthusiastic motor traders with all they need to know to reduce their motor trade insurance premiums.
Trade Insurance company is probably the largest and well-established motor trade insurance company in the USA. We have been offering motor trade insurance policies to various customers for several years. So to say, we have served more than 30,000 customers currently who are proud of our services.
Being an established and specialized motor trade insurance gives us access to underwriters that other companies cannot establish partnerships with. This enables us to secure discounts and preferential rates for our clients. We can as well provide a customized policy that meets our clients’ basic requirements.
Whether you need a combined premises policy or basic road risks policy, you can be sure that Trader Insurance Company can provide either, with utmost expertise and competency. This provides peace of mind of being protected.
Our offices are operational 6 days a week, in case you need any advice or guidance on finding the best insurance motor trade insurance policy that suits your needs. You can have your insurance policy set up within 30 minutes of getting into our offices as well. This makes us loved and trusted by our several motor trade customers.