Finding The Right Motor Trade Insurance
Motor trade insurance is mandatory for mechanics
, garage owners, MOT test centres, and car dealers in the UK. This type of insurance protects against accidents, theft, and provides liability cover as well. Businesses that are related with the motor trade are required to hold a motor trade insurance policy. Most insurance companies offer customised policies that are specific to a business' needs.
The two basic categories of motor trade insurance are Road Risk policies and Combined Policies. Both types of policies feature product and public liability insurance as well. Several optional features such as business disruption, engineering inspection, and loss of MOT license are offered with both types of policies. The basic level of cover includes 3rd party insurance. Other levels include 3rd party fire and theft, comprehensive, liability and combined policy.
One of the most important aspects of motor trade insurance is employer's liability insurance. This protects business owners from any claims made against them. Along with liability insurance it is advisable to consider legal expenses insurance in order to protect yourself from paying exorbitant legal fees in the event of any claim being made against you.
It is advisable to hire the services of an insurance broker who specialises in motor trade insurance in order to purchase the appropriate policy at the right price. They do have extensive knowledge of various policies and would be of immense help if this is the first time you are purchasing motor trade insurance. Apart from suggesting a suitable policy, a broker will ensure that you get the appropriate cover.
When it comes to motor trade insurance it is advisable not to base your decision on the price. Everyone has the desire to purchase the cheapest policy; however, many may not include the type of cover that is essential, leading to complications in the long run. More than a cheap price, you ought to choose a reputed insurance company that has an excellent track record in settling claims. This is extremely important, as you would not want to end up waiting endlessly to settle a claim. Many UK insurance companies offer flexible payment options so you don't need to break the bank to purchase the right type of motor trade insurance.
You may contact an insurance company directly to obtain quotes and other details of motor trade policies they offer. However, if you find this time consuming then you always have the option of shopping online. The key is to compare quotes and the terms and conditions of policies between the reputed insurance companies so that you can short list those that meet your requirements. Make sure you compare the features and the price before choosing an insurance company. Read the feedback of customers so that you will get a fair idea of the level of service offered. Many insurance companies may make tall claims; however, their customers that provide honest feedback ought to be paid attention to.
The bottom line is to make sure you find the right motor trade insurance policy that offers you the best protection possible. Equally important is to provide the company with the correct information in order to obtain the right policy at the right price.
by: Neil Anderson
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