When taking out a motor trade insurance policy there are a range of things you need to consider.
For example, you need to take detailed notes about your business, including how many staff you employ, the equipment you own and the services you provide, so that you are prepared to speak to an insurer or to fill in details online.
Then you need to decide what kind of cover you require and whether you would like to pay for it in one single payment, or to spread the cost with a monthly plan.
With so much to do in preparation for taking out insurance you might forget one crucial thing. You must ensure the company you are looking to purchase from is credible and legitimate.
Unfortunately, the market does have a share of fraudulent companies. These criminals could either offer you a quote and then take your money for insurance that doesn’t exist, or only insure your vehicle(s) for a short time before removing them from the Motor Insurance Database (MID).
It is important to be vigilant against these traders. Make sure you stay away from any offers that seem too good to be true and report any suspected fake companies to the police.
There are ways for you to tell if a company is legitimate or not, so make sure you make some vital checks before you dive into the purchase of a policy.
One way to do this is to contact the Financial Conduct Authority (FCA), and to check that the registered company details are listed at the bottom of a website.
If you still aren’t sure, use the Financial Services Register to search for the company you are looking to purchase from.
It can be difficult to tell sometimes if motor trade insurance companies are real or fake. Some might have the logos of reputable brands on their site and the home page might look extremely professional.
To be entirely certain that the insurance you purchase is from a genuine source, contact a motor trade insurance broker, like ChoiceQuote.
They will use their experience and contacts in the insurance industry to find a quote that is not only perfect for your business, but also comes from a legitimate trader.
It’s better to be safe than sorry when it comes to motor trade insurance, as having false cover could lead you into financial and reputational damage in the long-term.
Calling a trusted broker will give you peace of mind that the insurance you receive is of the highest quality. Furthermore, they might even be able to negotiate a better price for your cover.