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What is Motor Trade Insurance?


A motor trade insurance policy is formulated for those who earn their living by selling, buying, repairing or generally doing anything related to cars. This insurance is for small, big or even part-time motor traders.

There are different kinds of motor trade insurance policies that vary in features, premiums, and the extent or nature of coverage. A motor trader needs to go for a policy that meets his requirements and suits his budget.

Types of motor trade insurance Policies:

Motor Trade Insurance policies are generally of five different types.

These are:

a)Third Party Only:This Motor Trade Insurance policy is also known as Third Party Road Risks Policy. The law requires a motor trader to purchase a Third Party Only Motor Trade Insurance policy if the trader (a) provides general services of repairing of vehicles, (b) drives his or his customer’s vehicle on a public road, (c) buys and sells cars, (d) operates as a fitter, Valier or mobile tuner, (e) restores and repairs vintage and classic cars, and (f) owns a MOT station or a garage.

A Third Party Only Motor Trade Insurance policy is the most basic level of coverage and covers a motor trader for third party injury, third party property damage and third party death caused by any vehicle connected to his trade.

b)Third Party Fire and Theft Policy:This Motor Trade Insurance policy includes coverage for damages caused to the motor trader due to fire, accidents, or theft of vehicles connected to the trade, over and above the above-mentioned third party coverage.

c)Comprehensive Policy:A Comprehensive Motor Trade Insurance policy covers for accidental damages caused to vehicles connected to the motor trade, as well as the above-mentioned third party, fire and theft damages.

d)Liability Policy:A Liability Motor Trade Insurance policy is specially formulated for motor traders who (a)need to invite the public within their premises while doing business with or rendering services to them, (b) employ people, (c) restore, repair or service cars, and (d) supply, fit and buy parts. The three types of Liability Insurance are (a) Product, Sales and Service Indemnity which includes “Defective Workmanship”, (b) Public Liability, and (c) Employers Liability.

e)Combined Policy:A combined motor trade insurance policy covers for money, vehicles, liabilities, premises, tools and contents.

Thus, a Motor Trade Insurance policy is an extensive policy that exists to protect the business of a motor trader. This policy protects businesses that operate from business locations as well as from homes. Every motor trader, irrespective of whether he repairs cars or imports sports cars, needs a Motor Trade Insurance policy. He only needs to choose the policy that perfectly suits the requirements of his business and thus allows him to run his business in a minimum-risk mode. Motor Trade Insurance policies are both expensive and cheap, depending on the nature and extent of coverage opted for. The motor trader just needs to choose the optimum policy that costs less but covers the maximum number of risks.

Posted
August 22nd, 2011

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Private Van Insurance: Get Insurance for your Private Vehicle


Driving a private vehicle without getting it insured may cause you financial losses sometime in the future. Monetary losses are incurred when the vehicle meets with an accident or any natural calamity strikes. Therefore private van insurance is equally necessary for the van as the van is to the owner.

Private van insurance can be obtained by the car owner to cover any losses that may incur due to any mishap. Collisions, natural calamities like flood, hail, tornadoes etc, and thefts may leave the owner of the private van in a financial crisis. These losses are covered by private van insurance. Losses are reimbursed irrespective of whose fault caused the accident.

The premium which is offered to the owner for private car insurance depends on various factors. The driving record of the driver is taken into consideration. If the driving has been safe in the past and very few claims have been made in the past, then the car insurance companies offer private van insurance deals at a low premium.

The model and type of car are also looked into when a deal offer is made. If safety devices have been installed in the car like alarm or a tracking device, lower premium deals are offered. Also, since costlier models are more prone to thefts, private van insurance is offered at slightly higher rates for costly cars.

Premium can be lowered for private van insurance by increasing the deductible amount. This would mean that a higher amount can be deducted while reimbursing the money. This will make the car insurers to lower the premium automatically.

To find out a suitable deal for private van insurance, it is suggested to conduct a research online. There are numerous van insurance companies present online which offer low premium deals for private van insurance. The owner can compare these deals and choose the most affordable deal to get insurance for his private car.

With private van insurance, the owner of the car can drive his car without being afraid of the losses that can occur. He can now drive his van with confidence and pride.

Posted
August 22nd, 2011

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Why Combined Motor Trade Insurance works


Depending on which part on the motor trade you work in you will no doubt have your own individual needs, concerns and worries.

For car manufacturers these could be falling sales, competition from abroad or Government policy changes over CO2 emmissions.

If you are an MOT station you may still be coming to terms to computerisation.

And for body repairers, bodyshops and garage servicing units your focus maybe on gaining accreditation to the BSI kitemark scheme or making sure your staff are trained to a certain standard.

The bottom line is you are a motor trader you have numerous issues to deal with on a daily basis before you even start to think about your customers and suppliers.

And yet despite this apparant need for people in the motor industry to make their lives easier it is suprising to see many traders still choosing to have their motor trade insurance policies with many different insurance brokers and companies rather than under a single motor trade combined insurance policy.

The result of this is that many motor traders pay too much for their insurance and they spend time (that they simply cannot afford to waste) on looking after them.

Here a just a couple of reasons why motor traders should seriously consider a combined motor trade insurance policy when their insurance is next due for renewal:

1. All your risks together. By opting for a combined policy your vehicles, your staff, your premises and your profits can all be protected under one policy. No longer do you need your buildings insured with one broker, your business interruption and liabilities with another and your road risks with yet another. Just all your risks under a combined motor trade insurance policy.

2. Time savings. Gone are the days of many different types of cover with different renewal dates and provided by different companies. Just your combined insurance policy with a single renewal date. If you need to make a change you just need to ring one insurance broker rather than hunting around looking for your paperwork to find out who it is insured with. And if you chose the right broker they should ring around all the main motor trade insurance companies to find you the best deal.

3. Money savings. By putting all your risks under a combined motor trade insurance policy you can very often benefit from savings on your premiums as many providers offer discounts. At a time when getting value for money from your service providers is more important than ever then making savings by getting a policy that is easier to administer could be just what you need.

Combined motor trade insurance can save you time and save you money and that is why it works.

Posted
August 19th, 2011

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Evaluating the Right Van Insurance Option For Your Business


If you own a Van business or possess more than one van for your personal needs, it is imperative for you to get it insured. Insurance is a means to secure all your valuable assets. For any businessman, his van is an indispensable component of his business; therefore, he needs to make sure that this asset is insured properly. Before you opt for any flowery van insurance, you need to determine as to which option is best for your business.

The kind and worth of your van is the most important aspect that decides which type of insurance you should go for. For example, if you have a small business and an ordinary van, it will not be advisable to spend a lot of money on its insurance. In this case, the right option is to go for 3rd party insurance. It implies that you will be given coverage for anyone you crash into, however, you cannot claim for your own van if you were at fault. This is the minimum coverage that you are entitled to legally. It is ideal if it would cost more to fix your van than to get a new one if you encounter a crash. If you have a more costly transport van, you require a more inclusive coverage since its replacement would cost more than its repair.

Many small workmen who own their personal business depend heavily on their tools and equipment that they often keep in the van over night. If they lose them, it could cost thousands of pounds as they may lose business because of having no tools to carry out the jobs. Owing to this very factor, it is essential for any workmen or tradesmen to get his van insured. This is not only because the extra cost of covering the items in the van may overshadow the expenditure of replacing the vehicle and its contents. For example, consider a workman who intends to renew his van insurance along with getting contents cover for all the equipment that he keeps in it. He parks the van outside his place and its worth is under the £1000 mark. The extra cost of contents cover could be anything from £300 to £400 extra annually. As it seems, it would be foolish not to get contents cover included on your van insurance. However, contents insurance is not utterly crucial for your van, yet you may go for it to avoid all sorts of risks. If you think that the area you reside in is safe where car crime is not too high, then you have lesser probability of the tools or the van being stolen.

Taking the best measures for your business is extremely important but at the same time, you must evaluate well if you really need the insurance and do not jump into extra expenditure. You must not be blindfolded by some websites that tell that you must opt for most expensive van insurances to protect your vans; your decision should be well researched and realistic.

Posted
June 15th, 2011

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Tool Replacements the Folly of no Van Insurance


Power tools are the backbone of anyone in the construction field. Well here’s a story of someone who was unluckily enough to lose his power tools. Sam parked his van outside a building site with the key in the ignition so that he can open the site’s gate.

In a matter of time, thieves ceased the opportunity and sped away in the van. Within the van are Sam’s power tools. He was going to bring these power tools to be used in the site. Without them, Sam’s work is hampered. To a worker like Sam, losing his tools is like taking away a precious part of his life.

Some of the power tools that were in his van include power drill (£160), impact wrench (£590), cordless jigsaw (£170), planer (£170), angle grinder (£120), jointer (£180), cut-off grinder (£340), drywall screwdriver (£120), foam rubber cutter (£230), laser level (£190), mitre saw (£180), nibbler (£200), power saw (£160), range finder (£330), road breaker (£790), router (£310), shears (£210), and table saw (£410). If he will be buying them again, the total cost of the power tools is £4860.

More bad news is awaiting the poor fellow. Although his van is insured against damage and theft, his van insurance does not cover the contents. It is an added expense but at least your cargo will be protected from damage and theft. Just like in this case. If his policy covered his power tools, he will not be shelling out any more cash to replace his power tools.

That’s why it is important that you get the best van insurance policy. There are lots of insurance companies out there. You can get quotes from a couple online and compare each one to get the best deal for you.

The type of your van and your business will be a factor in what type of policy will suit you. You should purchase the insurance policy that has the right coverage. That’s why asking around is an important step in finding the right one for one. Not only will you know the options available, you can also check which one is the cheapest and that’s just right for your budget.

Also make sure that you get the appropriate coverage. Check if the contents of your van are included in the insurance coverage. You don’t want to be in Sam’s shoes, right? Also, look for one that gives allowance for secondary driver coverage. This is essential especially if you’re not the only one designated to drive the vehicle.

To sum it all up, when looking for van insurance, look for one that’s priced just right. It must be affordable and fits your finances. Then you must deal with reputable companies. Do a little bit of research regarding the insurance company. Be sure to choose the one that doesn’t have any misdealing in the past. Lastly, you have to be sure that the coverage is just right for your vehicle. Be sure you also get the right number of benefits with your insurance policy as well such as guarantee repairs, breakdown assistance, and a replacement van if your van breaks down.

Hopefully these tips can help you choose the right van insurance.

Posted
June 1st, 2011

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What You Must Know About Motor Trade Insurance


motor trade insurance makes sure that your car, your employees and most of all you, are covered when the situation demands. According to an HSE Statistic report, during 2006 and 2007, employees were affected by 28,267 grave injuries in the workplace. In this scenario, it becomes a must for you to obtain a motor trade insurance policy to remain safe. motor trade insurance policies are very important for you if you are in the automobile industry. If you a mechanic, car dealer, garage or dealership, you need to obtain a motor trade insurance now! This is because you never know when you will encounter a major financial loss, which can come to you in the form of a hurricane, a road accident or a car that is stolen.

Although motor trade insurance cannot thwart such situations, it is also meant to help you in this scenario and guarantee you security during such happenings. Motor trade insurance protects your assets that you toil to attain, and which are imperative to run your business smoothly.

Motor trade insurance is ideal for those who are involved in the auto industry, as well as for those people who are between the age of 21 to 70 years. To get insurance, you need to present truthful information about yourself. If you provide false or incorrect information, you may get disqualify for your motor trade insurance policy. If you need detailed guidance, insurance brokers can guide you with all the aspects of motor trade insurance. They can help you understand the requirements and prerequisites when you apply for motor trade insurance.

You should consider various motor trade insurance quotes before making your decision. You should also read all the policy documents so that you can understand all its aspects regarding the terms and conditions and the coverage.

The perfect motor trade insurance plan is the one that has low premiums and maximum coverage, which will include all aspects of your business. It should also fulfil the fundamental requirements – and your budget. Normally, it is hard to find a cost effective motor trade insurance plan, however it is not impossible to get one if you conduct good research. The best thing to help you get an economical motor trade insurance policy is to engage an insurance broker who can help you all the way.

Some people may think that it is pointless expenditure to involve an agent as they can obtain a motor trade insurance policy themselves. However, the idea of involving a broker is to save you time and energy, which you could spend on finding the best motor trade insurance. Brokers also have endless resources and contacts to help you find an affordable and effective motor insurance policy. They can break down the insurance plan on your behalf and help you understand all the details of the policy. They will also present you with numerous motor trade insurance quotations, and you can evaluate them and make the right and most appropriate decision. Good Luck!

Posted
May 30th, 2011

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Different Types of Motor Trade Insurance


motor trade insurance policy is imperative for you if you are involved in a business that involves buying, selling or fixing cars. motor trade insurance saves you from financial loss in cases of adverse situations. No matter if you are involved in a small or medium business, motor trade insurance policy is necessary for you.

As the nature of every business is different, there are different sorts of motor trade insurance policies. They involve different types of coverage, and premiums.

There are basically 5 main categories of Motor Trade Insurances:

1. The third-party only motor trade insurance policy

2. Fire and theft motor trade insurance policy

3. Comprehensive motor trade insurance policy

4. Liability motor trade insurance policy

5. A combined motor trade insurance policy

To select a policy, you need to determine the needs of your particular business. You may also get many different features of motor trade insurance policies like administrative benefits, social and personal use of vehicles to particular drivers.

A motor trade insurance policy that is the law for some traders is the third party only motor trade insurance policy. Buyers and sellers, mobile tuners, technicians, valier and fitters are legally required to hold this insurance policy. This motor trade insurance is very important if the insured is driving any car. Fire and theft motor trade insurance is another option with this policy. This kind of motor trade insurance policy includes the protection with the third party only policy, however, it also offers protection in case of fire or theft.

The comprehensive motor trade insurance policy includes similar coverage as the third party only policy, but it also has an inclusive aspect. Comprehensive coverage is motor trade insurance that covers the cost of repair or replaces the insured’s car if it is damaged in some situation other than an accident.

Liability motor trade insurance policy offers protection for your business, while giving service to the public. This motor insurance has an important role, as it covers your hired workers who work on the vehicles. There are 3 types of liability motor trade insurances:

1. Public motor trade insurances

2. Employers and product motor trade insurances

3. Sales and service indemnity motor trade insurances

Many Motor trade insurances overlap each other and only have slight differences. The best way to select one is to consult an expert motor trade insurance agent, who can tell you in detail about all the insurance options and present with you with various motor trade insurance quotes. Evaluating different motor trade insurance quotes will help you set your budget. If you purchase a motor trade insurance policy that is not suitable for your business, you will end up paying extra for your insurance policy – or you may find out later that the coverage you required for your business is not included in the motor trade insurance policy you bought.

Do remember to review motor trade insurance quotes from different insurance companies, so that you can go for the best deal and remain safe from fraudulent companies as well.

Posted
April 27th, 2011

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Motor Trade Insurance: Getting The Best Deal


If you are a motor trader, then you know that the only way you can make money is to get the best price possible. You have to buy the vehicle at the best price, get repairs made at the best price, and also sell the vehicle at the best price. With this same principle in mind, you need to make sure that you are buying motor trade insurance at the best price.

The profits you are making in all other aspects of your motor trading business could be eroded drastically by the amount of money that you are overpaying on motor trade insurance. The best way to save money on motor trade insurance is to shop the market and try to find the best price from all possible sources. However this can be a daunting task to complete by yourself, and most of the time you do not have enough time or resources to do this successfully.

When looking for the best price while you are shopping for motor trade insurance, you should probably hire an insurance broker that can do the searching for you. These companies usually can negotiate a better price for you, get you a policy that is personalized to fit your needs, and also find many different motor trade insurance carriers that you might not have ever known about. These companies are also very good at explaining the coverage much better than some other insurance companies can.

You might think that these insurance broker companies are a middle man that you do not need, but they will be able to find you the coverage that you need, at a great price, faster and more easily than you will be able to on your own. Also if you are thinking that you might not need motor trade insurance at all, then think again, because many different things can happen to your vehicles that could land a crushing blow to your business.

Motor trade insurance is very important if you are in the motor trade business. Any of your cars could be damaged or completely wrecked while you are driving, or even while they are parked. The amount of cars on the road now-a-days that do not have insurance is very high, so you do not want to lose your whole investment on a car if your car gets wrecked and the person who caused the accident does not have insurance.

Motor trade insurance can also be used to protect your car if you are the one that causes the accident. Some people think that motor trade insurance is only good until you get into an accident, because then the insurance company decides that they do not want to pay your claim. Most of the time it is hard to know if you have a good insurance company until you have had an accident. However if you use an insurance broker then they usually have someone that works for them that will work with a particular insurance company on your behalf.

This in-house claims manager as they are sometimes referred will work for you to get the insurance company to pay for your claim. The best thing about using an insurance broker is that they work for you and not the insurance company, so they are going to do everything in their power to make you, their customer, satisfied. If you bought your own motor trade insurance, then you have to fight with the insurance company by yourself to get the money you deserve on a claim.

The biggest problem with this is that most of the time you do not know all of the insurance jargon that an insurance company uses, so you will not be able to understand everything that is going on. The insurance broker’s claim manager knows the insurance business inside and out, so they can fight for you and get much better results.

Posted
March 31st, 2011

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Motor Trade Insurance – Is The Price Right?


If you’re a Motor Trader you’ll know more than anyone just how price sensitive the automotive industry can be. And as motor trade insurance is likely to be one of your companies biggest outgoings paying the right price for your Motor Trader Insurance is going to be vital.

Whilst the UK has benefited from a pretty stable financial environment in recent years with rising house prices, low interest rates and many companies making money there now maybe signs of a change. During 2006 interest rates rose steadily and with 1 rate rise in 2007 already (and with more forecast as the year progresses) there is every chance that there will be less disposable income in the UK economy.

So what will this mean for consumers and Motor Traders?

Well for consumers it could mean they have less money to spend on new cars, second cars or indeed on the servicing and repair of existing vehicles. There is also every chance that as value for money becomes more of an issue they will shop around to secure the best price and service.

And when Motor Traders Insurance policies come due for renewal there is every chance they too will start looking around to secure the best deal on their Motor Trade Insurance. And if indeed money is an issue it is very easy for companies in the motor industry to opt for the cheapest is best option. After all, isn’t one type of Business Insurance pretty much the same as all the others?

Well for Motor Traders in the UK I would urge you to proceed with caution as whilst low cost motor trade insurance is available from many different insurance providers you don’t want to leave yourself in a position without the right level of cover or the right insurance excess (or deductable).

For many motor traders the best option to take when buying motor trade insurance for the first time or when their current motor trader insurance comes due for renewal would be to consult the services of an insurance broker. An insurance broker who specializes in motor trade insurance can search the market to find you the right cover at the right price so you not only save time – but you also save money.

In the event of you needing to make a claim they can also help you get the claim settled quicker and more favourably. A good insurance broker should give you advice and make sure you only pay for the insurance cover you need and want.

Posted
March 14th, 2011

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Motor Trade Insurance


If you think that you don’t need motor trade insurance and you can run your business without taking out a motor insurance policy, think again. One major accident and all the profits of your business will wiped out. The money that you saved by not taking insurance will be spent on paying for losses due to an accident.

Motor trade insurance is a must for a person engaged in the motor trade business. Once your vehicle, which is not insured is damaged, you will have to bear the burden of repairing the vehicle. Today many vehicles don’t have insurance, so if the person who has damaged your car does not have insurance you may end up incurring all the expenses for the repair of your vehicle. At times your vehicle may be damaged so badly that you may lose the entire investment you made on the car. Motor trade insurance not only protects you from damage to your vehicle but also offers protection in case you have damaged someone else’s vehicle.

If you are in the motor trade business you know that to increase profits you have to get things at the best possible price. To make a profit, you have to buy vehicles at the lowest possible price, get vehicles repaired incurring minimum expense, and sell the vehicle at the maximum price. Therefore it is important that we buy a motor trade insurance policy at the best possible price.

Overpaying on your motor insurance policy could erode profits that you are making in your motor trade business drastically. To save money on your motor trade insurance policy you will have to shop hard to get the best possible motor trade insurance quote from the market. This could be a difficult task to perform as you may not have enough resources or time to search for the best possible motor trade insurance quote.

If you looking at getting the best price for your motor trade insurance, I suggest you hire an insurance broker who will guide you in getting right insurance policy. These insurance brokers have better negotiating powers and can get your policy at the best possible price. Insurance brokers will also analyse your requirements, and find a motor trade insurance policy which is best suited to your business. These brokers usually have tie-ups with many companies, some of which may not be known to you. These insurance agents understand the terms and conditions of the insurance policy better than most other people, and are good at explaining the benefits of policies of insurance companies.

Some people believe that insurance brokers are intermediaries who will get a commission from the motor trade insurance policy that you take. This of course is true, but you should not overlook the benefits that you can get by appointing an insurance broker. These brokers usually have arrangements with many companies, and try to get the maximum benefit at the best possible price.

If you deal directly with a company, it is arduous task to get claims settled. Your insurance broker can help you with the settling of claims. Your broker will try to get the best monetary compensation for damages to your vehicle. He or she will also see to it that the claims are settled faster and you don’t have to go through the stress of running to the insurance company every day. They do everything in their power to see that you are not unjustly treated by the insurance companies. They work hard to see that you receive the money that you deserve for the claims made by you. Also, since you may be a novice in the field of insurance, most insurance companies (to avoid paying claims) use insurance jargon that you may not understand. Your broker is an expert in the field of insurance, and will not back down just because the insurance company uses specialised terms that are difficult for the ordinary person to understand.

To summarise, I would stress that you don’t avoid taking insurance to save money or because you don’t understand insurance. There are brokers who will help in getting you the right policy at the cheapest possible price.

Posted
January 13th, 2011

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