Motor Trade Insurance: Where To Start?

The path to a great motor trade insurance deal might not seem like a smooth one, but with a little bit of preparation it’s perhaps more straight-forward than you think.

When it comes to obtaining your first policy, updating an old one or finding a new deal, you must be prepared before you start the process. If your details aren’t up to date or if you have failed to gather the appropriate information, it’s likely the process will take much longer than you’d hoped.

So, where should you start when it comes to motor trade insurance? The simple answer: Complete a thorough checklist of your business.

If you are starting a business from scratch and you are looking for your first ever motor trade insurance policy, this checklist should include details of your location; a thorough breakdown of your business offering; the equipment you own and use on a regular basis; the number of people you employ; and any other facet of your business that you believe you would require cover for.

For those that have been in the business a long time and are simply looking for similar cover for the coming months, this checklist is still a must.

If your business has changed in any way since your last policy, you have to make a note of it. Perhaps you’ve obtained new equipment or are offering a brand new service for customers. Maybe you’ve taken on one or two new employees or business vehicles.

There are two very distinct reasons to carry out this checklist for existing motor traders. Firstly, by ensuring all your insurance information and needs are up-to-date, you can have peace of mind that the cover you receive will protect the whole of your business. Secondly, some of these changes could, in fact, lead to savings on your next policy.

In the case of the latter, you might not be offering a certain service any more, which could drop the cost of insurance. Or, if you’ve changed the location of your business to a safer area, insurers may offer significant discounts on your cover due to the decreased risk of damage, theft or flooding at your new premises.

If you’re still not quite sure where to start with your motor trade insurance, be sure to speak to an expert broker.

Any of the experienced professionals at ChoiceQuote will be able to offer guidance as you start the process of obtaining a policy. In addition to delivering incomparable advice, when you are finally ready to get the wheels in motion to find a quote or purchase cover, they will scour the market for the most appropriate insurer for your needs. What’s more, they might even be able to negotiate favourable discounts on cover.