With ChoiceQuote, it’s easy to make changes to your motor trade policy.
There are various reasons for making changes to your policy. You could be upscaling or reducing the size of your business or changing the type of work you do. Or you could be moving address, increasing or reducing your stock of vehicles, or employing staff.
In this guide, we discuss how, why, and when you may want to change your motor trade policy.
Buying and selling vehicles – adding or removing vehicles on the MID
The Motor Insurance Database (MID) contains the details of all vehicles that are insured for road use. As a trader, it’s worth remembering that you should log any vehicles that you buy or sell on the MID. This makes sure your vehicles are covered by your motor trade insurance policy at all times.
This isn’t a change to your policy as such, but it is important to keep the MID up to date.
Many insurers now allow you to do this through an online portal, but ChoiceQuote can also do this over the phone.
The last thing you need is to be caught on the road with an uninsured vehicle – especially if your livelihood depends on it. It’s always better to be safe than sorry, so register any vehicles you have purchased or sold on the MID to avoid them being impounded.
If in any doubt, contact us. For more information, read our Guide to the MID.
Expanding your motor trade business
If you currently buy and sell a few vehicles but are looking to expand, you might need additional motor trade insurance cover. Consider some of the scenarios below to see when you might need to change your policy.
Moving to business premises
If you currently have a road risks only policy and you’re looking to expand, you might need to upgrade your insurance cover.
For example, you may start renting a lock-up garage to store vehicles. These won’t typically be covered away from your home address on a road risks policy.
In other instances, you may be moving into full business premises for the first time, whether that’s a small showroom, or a garage with a forecourt, or you could be taking on employed staff.
It’s easy to upgrade your policy mid-term from a road risks policy to a traders combined policy to get the extra cover you need.
You can change your policy mid-term to include cover for:
- Buildings (unless your landlord already provides this).
- The stock of vehicles stored on premises
- Tools and machinery
- Money stored on-site
- Public liability (to protect against claims from the public on-site)
- Employers’ liability (a legal requirement if you employ staff)
- Vehicle recovery
- Vehicle collection and delivery
You may already have stock of vehicles cover, but you might be planning on buying and selling more. That’s fine – just let us know the level of stock you need cover for and the type of vehicles you plan to insure. We’ll adjust your policy accordingly.
You can add cover for any of the above during the term of your policy.
Before jumping the gun, though, speak to us and let us know your plans. We can make sure your insurance continues uninterrupted and offer advice on what you need.
Reducing motor trade cover in difficult times
If you’re struggling in harder economic times (for example, as a result of the coronavirus crisis), you might want to reduce the level of cover you have.
You might have fewer vehicles to sell, service or repair. Alternatively, you may be considering closing your business premises and moving back to a road risks only policy.
We’re here to help – so let us know your circumstances. You might want to continue with reduced insurance cover, so you don’t lose your hard-earned motor trade no claims bonus. When business picks up again, you’ll be ready to go.
Other changes you can make to your motor trade policy
- Additional business use – you can add a vehicle you use in another profession (e.g. a van used for work as a builder) to your motor trade policy. This could save you money if you work part-time in the motor trade, keeping your insurance in one place.
- Change of address – whether it’s moving home or business premises, let us know. We can look to amend your policy. Not all areas can be covered, so make sure you speak to us first before changing your policy. However, you should always notify us of any moves, as your existing policy may become invalid if you don’t.
- Company status – if you move from being a sole trader to a limited company, you need to let us know.
- Trading name – this is a simple change on a policy, but an important one to make sure your business is covered.
Renewing your insurance
If you’re due to renew your insurance, then it’s easy to make any of the above changes.
ChoiceQuote compares motor trade insurance policies across the market, to offer you the cover you need. As one of the largest motor trade insurance brokers in the UK, we’re capable of finding you a cheaper motor trade policy than our competitors.
And if you’re an existing customer, we’ll look for the best deal from our panel of insurers when it’s time for your renewal.
How can I make changes to my motor trade policy?
Just call us on 01625 885046. We’ll guide you through your options and make it simple to change your motor trade cover.