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 broker rather than hunt around 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 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.

What is a motor trade insurance policy?

motor trade insurance is an insurance policy that protects anyone operating a motor business on a full- time or part- time basis.  The insurance provides protection for businesses in the United Kingdom such as car dealerships, motor traders, van drivers, and commercial vehicles.  Motor Trade Insurance is unique in that they are conveniently tailored to the policy holder’s specific business needs.  The insurance packages allow you to select the ideal coverage through expert support, resources, products and risk management guidelines.

Many of the Motor Trade Insurance policies are packaged with significant features and optional extras to protect your business.  Generally, cars that are classified as High Performance or High Group cars result in premium loading.  Classic, collective or vintage vehicle specialists are not subject to premium loading.  Motor traders who specialise in Motorcycles do not qualify for coverage.  However, motorcycle owners may receive coverage if needed and coverage can be rendered to those that trade motorcycles from time to time.  The classified features include Road Risks, Material Damage and Public Liability Servicing and Sales of Goods.  Under the Road Traffic Acts, the Road Risks feature is a legal requirement.  This part of the policy covers the motor vehicles as they are traveling on public roads.  Material Damage also referred to as “All Risks” is the feature that protects your buildings, contents thereof, stocks and vehicles.  The Public Liability Servicing and Sales of Goods is the feature of the Cheap Motor Trade Insurance that covers liabilities of a third party.  Meaning, it is a legal protection for injury or property damage of a third party.

The motor trade insurance policies also offer what is called Optional Extras.  Generally, these extra features are not legally binding with the policy, yet they are features that the buyer may choose to obtain for extra protection.  A Business Interruption covers the loss of profits due to an unfortunate, yet insured incident such as a fire.  Another extra is the Employers Liability.  This optional feature protects the policy holder from legal liability associated with damage occurring from injury or illness to employees during the time that they are employed by the employer.  Engineering Inspection coverage identifies the inspection of the plant where required by law.  The feature that protects the owner against loss or damage of property during transport is called Goods in Transit- Own Goods.  Other Optional Extras include Commercial Legal Expenses which covers solicitor’s fees and expenses as well as barristers, witness and court costs.  The Computer Insurance covers for loss or damage to computer equipment.  Lastly, the Group Personal Accident and Sickness covers for you and your employees for bodily injury or the inability to carry out working activities.   

There are many independent companies that are registered to sell and specialise in Motor Trade Insurance.  Although each of them distributes their own variations of the policy, the results are the same.  And, most companies offer introductory discounts.  Every policy holder is to obtain quotes with competitive rates combined with professionally tailored coverage which places each business in grand standings legally.  Motor Trade businesses in the United Kingdom, whether full- time or part- time will receive the best coverage to suit its budget and needs.  Thus Motor Trade Insurance grants the buyer the best protection for its price.

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.

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.

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!

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 customers 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.

Young drivers, which typically refers to the under 25s, are thought to be a higher risk which can increase the cost of the van insurance quite considerably. Whereas older drivers have more driving experience and are less likely to drive recklessly! It is not only the age of the driver which influences the insurance premiums, the age of the van is also taken into consideration by the insurance companies.

Another factor which is relative to the cost is where in the country you live. Those who live in large cities are thought to be faced with more risks due to such things as the amount of traffic, theft and vandalism. This means the cost of the insurance is generally higher in cities than for those who live in rural areas.

private van insurance is not necessarily less expensive that business insurance. The key factor is to make sure that the insurance is fit for purpose. If you are using a van for work then you will need to give consideration to including insurance for tools and equipment, as well as insurance for Goods in Transit if you are being paid or rewarded for carrying goods for a third party.

There are a number of things you can do to help get cheap van insurance. Adding a company logo to the van can lower the cost. This is because the insurance companies will regard your van as an important part of your enterprise which you need to continue working with and will therefore, be considered to take fewer risks.

Fitting immobilisers and alarms is also considered to be an effective way to deter opportunist thieves or indiscriminate vandalism. Keeping a van in a garage overnight and adding stickers informing would be thieves that nothing is kept on-board overnight may also help reduce attempted theft. These measures may not necessarily lower the insurance costs however.

Some van insurers will also take no claims discounts gained from cars into consideration, which will further help to reduce the costs of the insurance. Lighter weight vans driven by the over 25s will also make a huge impact on the cost of insurance. Furthermore older drivers who can provide evidence of previously driving company vehicles may be rewarded with further discounts by some insurance companies.

Choosing cheap van insurance may seem more detailed than it actually is! The important factor to remember is to inform the insurers what you are using the van for, private use or business. Also use some, if not all of the suggestions to help lower the cost. Give consideration to breakdown and windscreen insurance cover if this is not included with the insurance policy and premiums to keep your van on the road and you in business.

Generally, brokerage companies can provide a motor trader with adequate knowledge about the insurance market. A broker can be hired who can guide and advise a motor trader regarding the insurance policy that would be perfect for the nature of business the trader is engaged in. It is the job of an insurance broker to comprehend the needs of a motor trader and suggest appropriate policies. Insurance brokers are particularly helpful for first-time motor trade insurance buyers, as brokers can minimise confusion and make sure that the motor trader gets the cover he needs.

There is no shortage of insurance companies that offer motor trade insurance policies, but a motor trader needs to find a company that will offer the most suitable product at the most reasonable price. Everybody intends to buy the cheapest policy, but it would be sensible to go for the best policy that comes at the best price.

Finding out the best and the cheapest policy is going to be a time-consuming process. As there are a large number of insurance companies, competition among them is fierce. Motor traders can take advantage of this competition by intelligent bargaining and negotiations. Moreover, insurance companies often provide customers with flexible payment plans that help in releasing the financial burden.

A motor trader can buy a Motor Trade Insurance policy from either an online company or a traditional insurance company. Online insurance providers offer attractive quotes and also provide browsers with facilities for comparing the prices and policy features of different insurance companies and policies. Such comparisons enable the customer to choose the most appropriate and reasonably priced policy. Selection of the best-suited Motor Trade Insurance policy should be the first step of planning, if one is thinking of starting a motor trade business.

A combined motor trade insurance policy is often considered the best by most insurance advisors.

The reasons are that this policy:

a)Combines all risks:A Combined Motor Trade Insurance policy protects the profits, vehicles, premises and employees of a motor trader under a single coverage. The motor trader does not need to insure his road risks with one broker and his buildings with another. All risks of the motor trader are covered in one policy.

b)Saves money:Many insurance providers offer lucrative discounts, if a Combined Motor Trade Insurance policy is purchased. Moreover, the easiness with which one single policy can be managed provides the motor trader with greater value for money.

c)Saves time:A Combined Motor Trade Insurance policy requires the customer to remember one renewal date. The motor trader neither needs to manage separate papers for his road risk insurance and his building insurance nor does he need to remember separate renewal dates. This also reduces the chance of expiry of insurance policies due to lapse of memory.

Thus, taking the help of competent brokers and selecting cost-effective policies can help a motor trader to a great extent.