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Motor trade insurance facts you need to know
Published: 21/12/09

Most people don’t like the idea of getting Motor trade insurance for their business. They are concerned with lowering their expenses and increasing their profits. This could prove to be profitable in the short-term as it will reduce your expenses and increase your profits. In the long run this could ruin your business, as an unforeseen calamity can wipe-out your profits.

There are thousands of insurance companies in the market claiming to sell the best insurance policy for your business. Some brokers that you approach will inform you that policy they suggest is the best there is around. Therefore you need to understand certain facts about the motor trade insurance policy that will help you get the right policy at lowest possible cost.

a) The policy that you get must provide the right cover at the lowest possible premium. When searching for a quote for insuring your motor trade business, you will come across situations where you will be asked your current premium or the best quote that you have. It is best to inform an insurance company of the quote that you have, as they will try to match the insurance quote you have received. If they cannot match the quote you have received they will inform you that it is not possible to match the quote, which will help save time. Another benefit of informing the insurance company about the quote that you have received is that insurance companies don’t give their best price unless they have a quote they can beat. Don’t give the insurance company a fictitious quote in an attempt to get a lower quote from them. Most insurance companies are aware of the market trend and will not be fooled by a fictitious lower quote.

b) Make sure the insurance provider understands your requirements. It is important that you truthfully answer all the questions that are put forth by the insurance company. Explain to them the business you are in and the risks involved in your business. This will give an idea to the insurance provider about the covers required and the premium you need to pay to protect yourself from these risks. If the insurance provider does not ask you the right questions or does not offer what you are looking for, it is best to avoid such insurance providers.

c) It is important that before taking a motor trade insurance policy you ask as many questions as possible. Find out the details of the covers provided and the premiums they are charging for covering your risks. Also ask them the time taken and the procedure to settle the claims. The answers you get for your questions will help you decide whether you want to deal with the insurance provider.

d) When getting an insurance policy make sure you don’t choose a policy because it is the cheapest in the market. Some insurance providers lower the insurance premium but have some policy exclusions. Do not assume that cheap motor insurance policy is best for your business because it reduces your cost. Choose a policy which covers all your risk at lowest possible premium.

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