Before purchasing Motor Trade Insurance you need to make sure you know exactly what you are looking for so that you will be sold the right policy.
Car dealers, garage owners and mechanics are all people who need to get a suitable motor trade insurance policy in order to run their business legally. It is a requirement of the law to have motor trade insurance for people dealing in these businesses in case of accidents, thefts and other incidents. A sufficient motor trade policy will ensure that you and your employees can drive any vehicle for business purposes.
Motor trade insurance is similar to regular vehicle insurance in that there are different levels of cover including 3rd party only, 3rd party fire and theft, comprehensive, liability and combined policy. A combined policy tends to include all equipment, materials and the buildings. It may also include goods in transit and a combined policy will generally be the most expensive. A 3rd party cheap motor trade insurance policy will cover your business for the minimum legal requirement in the UK.
The kind of policy that you will need to purchase will depend on your business requirements. It may be useful to contact a company that provides motor trade insurance so that they can explain exactly what the different levels of insurance cover. This will give you the information that you need in order to make a decision.
Some motor trade insurance companies will have certain requirements that you will need to meet before they will even issue a policy. Policy holders may need to be over the age of 21 and have held their driving licence for at least 1 year. This can cause problems for some younger mechanics who are just starting out running their own business but it is worth ringing round different insurance companies. It may just mean that the policy cost will be a lot higher than if the business owner is older.
You can use different sites to compare companies to make sure that you are getting the best deal. Sometimes the cheapest quotes are not necessarily the best for your business. You need to make sure that the policy is best suited to your company's needs and also that the insurance company provide an excellent service. It may be beneficial to your company to have a shop around each year, this may mean that you get better deals instead of sticking with the same motor trade insurance policy year on year. Make sure that you go to an insurance company that has a good reputation.
Once you have decided which policy has the right level of cover for you and which company can provide the best quote you need to ring them and give them the details for your business. Like all insurance policies it is very important that you give them all the correct information otherwise you will not be covered. Also remember to let them know of any changes in circumstances as this will also affect your policy.