Thankfully, here in the United Kingdom, the motor trade industry is fully developed and the same goes for the insurance policies related to it. In case that you are looking for information regarding motor trade insurance policies right now, it will be much better for you to talk to agents first and weigh your options.
Instead of looking around for advice in forums, social media, and message boards, talking to the insurance company is your best course of action getting in touch with them does not cost anything. And fact-checking and finding and comparing information after you talked to them are much better options.
After all, agents and companies provide individual assessments and some of the information you find now might not make any sense. Nonetheless, the key advice when talking to agents is to say no to everything first until you make a sound decision after gathering all the facts you can find. Moving forward, it does not mean that your current search is meaningless and a waste of time. You will still get a few pieces of reliable information that is applicable in your case. And here are some general tips that will surely help you to make your research worthwhile.
Your Motor Trade Activities Affect the Cost of Your Motor Trade Insurance Policy All the activities that you do while doing motor trade can allow you to get reduced rates. For example, being involved in repair trades that involve bodywork, MOT preparation, and servicing can make insurers provide you with better offers.
On the other hand, having hazardous activities in your list can instead raise your premium. Hazardous activities include dismantling, vehicle salvaging, and breakdown recovery. Aside from those, handling prestige and performance vehicles will increase your premium and to make sure that you will experience the benefits mentioned here, make sure to be fully transparent with your insurance agent. Hiding some of the activities, even if the activities will reduce your premium, is not advisable.
The Number of Drivers in the Insurance Will Increase Cost Of course, this is the rule of thumb. If you will be the one frequently driving the cars you deal with most of the time, it is best that you only include yourself in the insurance. If it is inevitable to add other people, try to restrict them to two or three. If you deal with a lot of cars and you will be forced to hire a lot of drivers, it will be much better to get a trailer to make it easier and faster to transport the vehicles.
Having Voluntary Excess Most motor trade insurance policies have a compulsory excess fee (around GBP250). You can increase the voluntary excess to lower down your premium.
No Claims Bonus Just like most insurance policies, having no claims under your current or previous account will make you eligible for motor trade insurance policy discounts. Even if you were the driver in the previous record and you are now applying as a motor trade business owner, you will still be eligible for those discounts.