Motor trade insurance can cover a comprehensive range of requirements and policies across the industry. Specifically, motor trade insurance covers businesses which have a customer’s vehicle under their care, and also vehicles which are on site for sales purposes. This includes a broad range of businesses and possible scenarios, so an individual motor trade insurance policy may need to be tailored on a case by case basis. This makes renewing motor trade insurance slightly more complex, as it is not so easy to get a standard comprehensive quote.
If you are looking to renew your motor trade insurance policy, it’s vital to ensure that you review your policy BEFORE the expiration date and take the appropriate action to guarantee that you are not operating without insurance. This gives you the opportunity to assess your existing policy to ensure it still meets your demands and needs, or instead switch to an alternative policy. You may even be able to obtain a reduced policy price if you enquire well before the expiry date – instead of doing last minute hunting.
Don’t stay with your previous insurance supplier for the sake of convenience; look around and compare prices before deciding upon your policy. However, don’t choose your policy solely based on price. Consider what you need from your policy; does it cover every angle of your operation? Motor trade insurance can be incredibly diverse, and as such it is important to be aware of exactly what you need to be covered and be sure that these points are included in your policy.
Don’t just be sure of what you do need, be sure of what you don’t. If you are aware of the exact nature of your insurance needs you can be sure you aren’t paying extra for items that offer you no benefits, and merely increase the cost. You may not need cover for travelling abroad in Europe, for goods in transit or trailer cover, all of which may be hiking up your policy price. On the same note, only cover your business for the vehicles you will be working with, for instance if you are a domestic car business it is unlikely you will require HGV cover, or indeed cover for high-performance and prestige vehicles.
Renewing your policy
When renewing your policy, specify any incidents, claims or convictions that you have received or made during the previous period. Being honest is incredibly important, so keep track of all incidents, including those of your employees, or even customers on your site. All of these incidents could affect your policy price. Be aware of the age of your drivers and whether they have a clean license as there may be additional charges for young drivers or those with penalty points.
If you have any questions or queries regarding your motor trade insurance needs, then speak to our team of experts at RoadRunner Motor Trade Insurance who will be happy to help.