What Is The Deal With Motor Trade Insurance?
Anyone who owns a vehicle will have, or should have
, a particular type of insurance for their vehicle. This insurance should cover them for accident costs, damage to other vehicles and in some cases the policy may include the necessary coverage relating to injury. If you own a business in the motor trade industry, or you are looking to get one started, then you will need to have a specific kind of cover, often referred to as Motor Trade Insurance.Who is covered with this insurance?
If your occupation involves anything to do with cars, then this is the right cover for you. This includes:
Mechanics
Car dealers
Delivery agents
Collectors
Salvage dealers
Body repairs
Valeters
Used car dealers
New car dealers
Car breakers
Recovery agents
Motor traders
Even if you only dabble in this industry on a part time basis, or even in your spare time, you will need to ensure you are adequately covered and protected by your insurance company.
Where should you go to obtain the right insurance?
This is a common question, particularly for those just starting out in the industry. The best way to look for the right Motor Trade Insurance is online. Here you will have access to the widest variety of insurance companies and you will be able to compare and contrast the different policies from the different companies.
Make sure the online company is reputable. If you have heard of them before, or you know someone else that has a policy with them, then you can be fairly certain that they are a good company to place in charge of your insurance needs.
You will be able to obtain various quotes online as well, and there is nothing stopping you from obtaining as many quotes as possible. After all, this is your business and your livelihood depends on it. Finding out after an unfortunate event that you were not adequately covered, will not be very helpful to you or the future of your business.
Should you choose a combined policy?
Well this decision is purely up to you, your needs and the needs of your business. You may choose a combined policy that includes your Motor Trade Insurance, as well as Motor Trade Liability Insurance. This policy will cover you for public liability, as well as employer's liability and it goes without saying that this can come in very handy when you need help. This will ensure you have top cover if an unfortunate event ever occurs. Combined policies will obviously involve a higher premium, however when you are searching online, you should be able to find a reputable company that is also offering reasonably priced premiums.
It is also important to look for an insurance company that has flexible payment options, such as credit card and bank account transfers. Some companies may demand that you pay your premium annually. If this does not suit you, look for one that will allow you to pay on a month by month basis. For many businesses, it is much easier to deal with your finances when you are working by the month.
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