Stay safe on the road with car trader insuranceIf you work in the motor trade industry, you’ll know just how important it is to ensure that you’re protected. Not only do you need to make sure your vehicles, equipment and premises are covered, you also need to ensure that you have liability and road risk cover too. If you’re finding it all a bit baffling, take a few minutes to read our handy guide to car trader insurance, to see if it could be right for you.
What type of cover do you need?
You can take out car trader insurance whether you’re trading on a full or part time basis, and you can choose from home-based cover, mobile cover or cover to protect you if you’re trading from commercial premises. You can even choose to take road risks only cover. If you’re driving your own vehicles or customer’s vehicles on the road, you’ll definitely need road risks cover, and if you own your own premises, you may have expensive vehicles, tools and equipment that you wish to protect against loss or damage. Liability cover can also be a useful addition to your policy, protecting you from claims made by employees, customers or visitors to your premises.
It’s a good idea to shop around and obtain quotes from several different insurers, to see the best price and what exactly is on offer. Use a comparison website, or use Google to search for 3-4 different insurance companies offering motor trade insurance, and then obtain a quote from each one. Make sure you enter all your details correctly, as incorrect information at this stage could invalidate your policy if you go ahead and buy. You’ll normally need to provide the insurer with a copy of your driving licence, proof of any no claims bonus and proof of trading, such as receipts, trade plates, invoices or accounts, if you decide to buy a policy.
What to consider
If you do decide you need car trader insurance for your company, it’s important to consider the following things:
• What type of cover do you need? Will road risks only be adequate or do you require cover for premises or equipment?
• What’s your monthly/annual budget for insurance premiums?
• How would you prefer to pay for your insurance?
• Companies usually have limit if you trade from home. Typically 1 policy covers maximum 5 vehicles. There is no limit for car trading companies which operate from specialised premises.
By considering the answers to the above questions, you’ll be able to find the best insurance policy for your needs – it’s important not to automatically choose the cheapest cover, and to always read the small print to ensure you know what you’re getting for your money.
If you work in the motor trade, you really can’t afford to be without car trader insurance, and choosing the right policy for your needs doesn’t have to be rocket science! Just a little bit of background knowledge and research will ensure you find the best policy for your needs.