Have you got the right Motor Trade Policy?

Monday, December 23rd, 2013

Insurance companies are forever evolving their products and this has never been truer than for Motor Trade Insurance. The features, benefits, and criteria are constantly being amended so it is very challenging to keep up to date with each insurer’s specific requirements. We are seeing our panel of insurers doing exactly this.

Usually when conditions change on a policy it is introduced at the renewal stage. So the policy would be invited for renewal and mentioned on the renewal invitation would be changes to the policy. Insurers are allowed to inform in this way as they have notified you in writing of the changes prior to the renewal being taken out, therefore you would be agreeing to the new terms for the new contract period. We as a broker however, understand that many people don’t read through their renewal notice in full (although you are expected to) so we would also verbally inform you of the changes and what these actually mean. If the policy is then not suitable to you we have the option to offer a quotation through another insurer.

This is invaluable to our clients as it takes away some of the pressure to read and understand the differences between the policies.

With the introduction of the MID, motor trade policies are being policed far more. Now we have databases of information recording details such as the owner of the vehicle, whether it holds a valid insurance and road fund licence, MOT’s are to be recorded too.

So with all this information in addition with the police ANPR cameras, motor traders must make sure that they are using vehicles in accordance with the terms of their insurance. Failure to do so can and does usually result in the vehicle being impounded by the authorities and only released once adequate insurance has been provided and hundreds of pounds in fines and fees have been paid.

In truth there are many honest traders who fall short of their insurance requirements unintentionally as they haven’t read the documents or understood the policy coverage.

We offer you that security when insuring your policy through us as we look for the changes and will explain the clauses and endorsements. We encourage telephone calls as we look to build personal relationships with our clients and understand their needs of now, but also their needs of going forward.

Don’t get caught out, speak to a professional for advice and the right cover for your business.
Whether you need a Road Risk or Combined Policy we can offer quotations to suit your requirements.

Our combined cover can be tailor made to include Buildings, Contents, Liabilities, Tools, Stock, Goods in Transit, Goods in Trust, Business Interruption, Road Risks, and more.

Other policy benefits include:

  • Option of third party only, third party fire and theft and comprehensive cover
  • Indemnity limits of £5,000 – £50,000 available
  • Driving other cars extension available (for vehicles not owned by you)
  • Benefit of adding yours and your spouse’s own personal vehicles
  • Demonstration cover
  • Additional business use
  • Carriage of vehicles
  • Liability Insurance

Give us a call to discuss your existing motor trade policy or if you are thinking of taking out a new policy.