Nobody likes paying for their insurance premium, whether it is for their home, car or travel, but it is one of them things that needs to be done. This is certainly no different when it comes to paying for your motor trade insurance. However, by actually putting a bit of effort into your policy search then you should end up getting a more suited cover and also save yourself money. We have given you a selection of tips below that you should look to use to make sure you find the best policy.

One of the most important things is to make sure that all details that you give to your insurance provider are correct and up to date. It may seem like a good way to save yourself a bit of money by giving some small bits of false information but you may end up regretting doing so further down the line. If the insurance company end up refusing to pay out because the details you have given them are found to be wrong then you are going to end up having to pay the costs.

If your private car policy has got a no claims bonus then this can usually be mirrored to reduce the amount of your trade premium. You may have thought that your private policy would not have affected a traders one but there is a good chance that your insurance provider will still take that into account. It is therefore always advisable to check with the company because you may be eligible for a lower cost.

Another way of saving yourself a bit of money is to pay the whole cost of the premium up front, if you can afford to do this it should work out that you pay a bit less than making monthly installments. Doing this is clearly going to mean a high initial outlay but it also means that you dont have to worry about it for the rest of the year.

You should always attempt to use a broker that specialises in traders policies when you are looking for the right one. If you can get an insurance company who specifically deal with motor traders then they are more likely to get you a better deal. This is due to them having the knowledge of the market and being able to tailor your policy to suit your needs.

Obviously there are other factors to consider when looking for the right motor trade insurance policy but if you follow the guidelines above then you should find that you will end up with a much better deal all round.

Businesses in the auto industry can take out specialist insurance policies that have been designed specifically for that sector. A motor trade insurance policy will cover the businesses premises and employees on the same policy that covers the vehicles. A combined policy can be negotiated to incorporate cover for public and employee liability, material damage, plus cover for buildings and stock. Whilst businesses in the auto industry can use standard auto insurances policies (i.e. the ones that the general public use) for their vehicles, it is a big risk for them to do so. With only standard auto insurance coverage, they would basically only be covered for accidents that occur on public roads. Considering that the vast majority of their vehicles are on a forecourt most of the time, that is clearly not ideal. Due to the increased risks and also the higher costs involved in a claim, a motor trade insurance policy is not inexpensive. Though reducing the cost of your policy can be achieved. A reduction is possible by just reviewing your current policy and checking what cover you have now is really what you need. You could be paying for cover that you do not necessarily need. Asking your insurance broker to review your risks for you could bring down premiums substantially. This next tip is so simple that it is often missed by policy holders. A quick and easy way of checking to see if you can get a better premium is to ask you current broker if they can find one for you. Many providers will not take the time to search for a better policy for you unless you actively request it from them. If you are uncomfortable with your current premium, speak with your current broker about possible actions or modifications you can make with your policy. Again, another easy way of reducing policy costs that you may have not yet thought of is changing insurance brokers. There is always a good chance of reducing your premiums this way as there are many providers that can offer policies that are more suited to particular businesses. Staying loyal to your provider is a respectable but possibly costly mistake a lot of businesses make. If you are an employee or owner of a business in the auto industry then make sure you take note of the advice given as you could end up with much cheaper premiums. A standard auto insurance policy will only turn out to be a mistake in the long run.

Any person or company that sells cars for a living requires motor trade insurance. At it’s most basic level it generally protects a trader to drive a vehicle for both social and business purposes and the cover offered is usually comprehensive, third party fire and theft or third party only.

Typically you may wish to consider your needs and the benefits you need in your motortrade insurance. There are generally two types of motor trade insurance demonstration cover.There is a policy that covers the motor trader accompanying the driver of the car and a policy that gives the purchaser of the vehicle insurance to take the car for a test drive on their own. This could be for one hour or one week but one of the main requirements of allowing this is that the purchasers driving licence and identification must be checked and certain other confirmation procedures may also be asked by the provider.

There is also a type of motor trade insurance which is more applicable to people who drive other vehicles but don’t necessarily sell them. These trades could include mechanics or car valeters. These people need to move other peoples cars around in the course of their business and the type of insurance which is applicable to these people can be split indemnity. This is where they could have a certain amount of cover on their own vehicle, ie their van, and another insurance on any another vehicles that they have to drive during the course of the day. However there may be limitations such as the car only being able to be taken out over small distances.

It might usually be the case that some motor traders, more especially the valeters and mechanics, don’t feel that they need to have this motor trade insurance. Not having enough insurance to rely on is essential in the event that the worst were to happen. Sods law may generally well mean that something will happen in that short distance and the financial consequences could very well turn out to be devastating.

There are many specialist insurers in this field and as this is another highly competitive market many insurers will cut each others prices in order to obtain business. The main thing to remember is that adequate protection insurance is taken out for the needs of each particular business.

The UK has thousands of taxis that are used on the roads each day. With the high numbers of taxis on the road, there are obviously going to be a high amount of accidents that involve them. For this reason, it is vitally important that if you are driving a taxi you have got a proper taxi insurance policy. By not having a specific taxi policy you could end up facing huge problems further down the line if you were ever to be involved in an accident.

Some people may think that they can get away with having a normal, private policy when they are driving a taxi but this is not the case. Taking out a private policy and then using your car for taxi purposes means that your insurance will be invalidated so doing this is against the law. If the police catch you driving without the right level of cover then you are going to lose your licence and could be faced with a large fine or even get sent to jail.

By choosing not to get a proper taxi policy, you dont have publice liability insurance which means that anybody you drive in your taxi will not be insured. You therefore are putting not only yourself at risk but also those people who are unknowingly using your illegal services.

If you are a full time taxi driver then your vehicle is your breadwinner, so it makes sense for you to make sure that you are going to be covered in the event of an accident. Having your licence revoked or not having access to your vehicle for any amount of time means that you are not getting any income. Taking out taxi insurance may end up costing you a little more initially but in the long run it is an additional cost that you cannot afford to ignore.

When the time comes for your motor trade insurance policy to be renewed there are a number of things for you to take into consideration. Renewal time can lead to savings on your premiums if you go about things correctly, it is also the time when you should make sure that all details are fully up to date.

It is a lot easier to just accept the renewal quote that your current insurance company send out but you should really put some time into finding a better deal. Even if you dont actually want to move to a different insurance company you will more than likely be able to get your premium reduced from the figure they initially send out. Insurance companies will not usually take into account the depreciation of your vehicle when they send out your renewal details. With this is mind it is always a good idea to get a few quotes because the cost of your insurance may have gone down as a simple result of your car being worth less over time. By going to a broker and getting a new quote for your policy, you can then take that quote back to your current provider and they should at least match it or even beat it. Make sure that you actually require any additional cover that you have on your policy because otherwise you wil be paying unnecessary extra costs for something you have no need for..

In regards to the details that the insurers have for you, it is imperative that you supply them with fully up to date, factual information. Failure to do this could mean that if you do actually have an accident or need to make a claim, the provider may refuse to pay out because the false information has invalidated your policy. If you have moved to a different address or have had any points on your licence that the company dont know about you should make sure they have up to date information. By providing all of the correct details and updating your records, you may end up paying a bit more for your insurance but that is a better option than not being able to claim because the information held is incorrect.

To sum things up, your motor trade insurance renewal is the time for you to make sure not only that you are getting the best value for your premium but also that your policy is valid by submitting all of the correct information.

If you are working within the motor trade, whether you are a mechanic or a valeter, then you should be able to take out a motor trade insurance policy. The biggest difference between a traders policy and a private car policy is that with trade cover, it is you who is specified on the policy whereas with private cover the vehicle must also be included. The main plus point of this is the fact that you need only one policy to insure you for all vehicles associated with the business, even those that belong to customers. When you come to take out your traders policy there is a range of options for you to choose from so you should make sure that the one you choose is best for you.

Road Risk Cover.

Taking out this policy will give you insurance cover for any vehicles that the business owns as well as any that you have in possession for trade purposes. This policy will not insure you to drive any vehicle at any time though, you therefore have to be careful regarding which cars you use on this cover.

Liability Insurance.

If your business is ever going to involve your customers coming to your place of work, it is imperative that you take out public liability cover. Taking this out means that if someone ended up having an accident or injuring themselves whilst on your work premises then you would be covered for any claims that they made. If you dont have this then you may end up paying a very high price if a customer has an accident in your work premises and decides to take action.

Combined Policy.

As you can probably tell from the name, this type of policy will give you the benefits of the others but will also give you extra forms of cover. Together with road risk and liability cover, you can also be covered for any damage to buildings that you lease or own for business use and your equipment, machinery and tools can also be included.

The three forms of cover detailed are evidently extremely different from one another, you therefore need to make sure that you carefully consider what it is you require. You may not necessarily need to have combined cover depending on what exactly your business does, in that case road risk may be enough for you. Alternatively you could end up paying the price in the future if you dont take out full cover when you really should have. We would therefore advise you to do sufficient research before you decide on what motor trade insurance policy you are going to take out.

A helpful addition to a Motor Trade Insurance policy can be the inclusion of demonstration cover. Below we have compiled some general information to help you make the decision.

Demonstration cover can be a useful addition to your insurance as it means that anybody wanting to buy a car from you can take it for a test drive to help make their decision. The majority of the time you will have to be in the car with them while they take the car for a test drive. Another precondition is that the purchaser has a full licence (avoid policies that stipulate an age limit as you never know what aged person would like to buy your car). Generally, the amount of convictions they have on their licence does not matter as long as they hold a valid licence that is not a provisional or has not been revoked.

In a lot of cases you will find that you can get it included in your policy for no extra cost, although sometimes you may have to pay a little extra. You should always check with your broker exactly what type of cover you are getting from them – i.e if you have comprehensive cover with your policy then ideally you want comprehensive demonstration cover (not third party only as some may try to fob you off with!).

By adding demo cover to you policy, you may increase the chances of making a sale. Think about it from the buyers point of view – if you were making a purchase, you would want to drive the car first wouldnt you? One answer is to get the prospective purchaser to use his own insurance but this can be problematic. If they are using their own Driving Other Cars then you definitely need to see proof of this from their insurance documents as a lot of people assume they have the extension but actually do not. If you do choose to leave it to the potential buyers insurance, what makes you sure that they will actually complete a claim through their insurance?

The decision is yours at the end of the day and I can understand that a mechanic, a valeter or a recovery driver has no need of it, but for anyone involved in vehicle selling it’s definitely a worthwhile consideration for your Motor Trade Insurance policy.

If you have just got into or are thinking of getting into the taxi business, it is important that you make sure you take out taxi insurance for your vehicle. With this in mind, there are a number of things that people generally want clarification on when taking a policy for their cab. Below we have tried to answer some of the more common queries that usually arise concerning taxi cover, they should hopefully help you out when you are looking for a policy.

How does taxi cover differ to my private cover?

The main difference between these two policies is that taking out a taxi policy means that anybody who uses your taxi is also insured while they are in the vehicle. They are protected because taxi policies have got public liability cover included in them.

How does public hire taxis differ from private hire ones?

All private hire cabs have got to have been booked before they pick people up. It is illegal to hail a private hire cab off the street and doing so can land the driver with large fines and may lead to them having their licence revoked.

Public hire cabs on the other hand do not need to be pre-booked and are the taxis that you can flag down. These are usually driven in more urban areas and are strictly controlled by local authorities.

Can I use my own personal car as a taxi?

The local authorities will be the ones who will decide whether or not your car is viable for use as a cab. Obviously if you have got a three door hatchback then this may cause problems for some people getting in and out. Generally though, as long as your vehicle is of suitable size and accessibility it should be fine.

I have personal no claims bonuses, can they be used?

A large number of insurance companies will include any private no claims bonuses when making your premium quote. You should make sure that you check whether you can get any discounts to your premium with this.

Motorbike cover can be an important addition to your Motor Trade Insurance policy. There are a number of reasons why adding this could benefit your business.

You should have no problems adding cover for this as long as you already have a traders policy and you have been in possession of a full motorbike licence for at least 12 months. It can generally be added for a relatively cheap sum.

You may only be able to get Third Party Only cover for your bike on some policies but with others you will be able to get the same level of cover as the rest of your trade policy.

In the same way that insurers will offer different levels of policy, they will also offer cover for different types of motorbike. Make sure that you find out exactly what cover you have got because it is an important thing to remember. Eg some insurers will cover you on any cc engine size while others will impose limits. These can be up to 250cc, 600cc, no engine size restriction, and to include superbikes but to name a few.

You will generally find that a quad bike is not covered automatically if you do add bike cover so if you are planning on using a quad it is advisable to check with your broker. You may also have problems getting a trike added onto some policies, in this case you will have to look for a more specialised policy (these usually turn out more expensive!) policy.

You can pay as low as £100 to get motorbike cover added onto your policy. It’s worth considering if you deal with bikes in your motor trade or even if you just want your own bike covering. You need to remember the fact that if the cover is just for your personal bike then you will only see the value of the traders policy if an incident occurs.

So, if you thought a Motor Trade Insurance policy only covered cars and vans I hope that this short summary opens your eyes to the benefits of bike cover. For more information on these types of policies then feel free to contact us to get your queries resolved.

At the current time, the cost to UK motorists as a result of uninsured drivers is over £500 million per year, with this figure getting passed onto the insurance premium’s of drivers across the country. The Motor Insurers Bureau decided to try to bring down the amount of drivers in the UK without insurance by introducing the Motor Insurance Database (MID). The way it does this is by making the database registration compulsory for all vehicles in the UK that are insured. However, the rules for registering are different depending on whether you have taken out a private insurance policy or a motor trade insurance policy. Highlighted below are the steps you must take to make sure you don’t fall foul of the rules.

How do the two policies differ?

With a domestic car insurance policy, your insurance company is the responsible party when it comes to submitting details to the MID. On the other hand, if you have got a traders insurance policy then it is your responsibility to get all of your vehicles correctly submitted onto the database. This includes adding vehicles that are being borrowed for more than 2 weeks and any taxed vehicles that are being held in stock.

What information needs to be submitted?

There are certain pieces of information that must be submitted by law when you register a vehicle on the database. You need to provide the policy number for your insurance, the start and end dates for the cover period and also the Vehicle Registration Mark. When it comes to the time that you policy is due to be renewed then if you stick with the same company the details may be updated automatically but you still need to check to be on the safe side. If you are moving to a new insurance company then you definitely have to re-register all of your vehicles onto the database.

What happens if you don’t register?

If all of the vehicles associated with your business are not correctly registered on the database then there is a good chance that the police may pull you over. They can identify vehicles which are not on the MID by using the network of Automatic Number Plate Recognition cameras to alert them. If the police identify your vehicle as being one that has not been registered onto the database then they are well within their rights to pull you over and seize the vehicle on the assumption that you are not insured to drive it.. If your vehicle is seized then there can be a lot of hassle to get it back and you will feel the cost not only in monetary terms but also the time that you are without your company vehicle.

To summarise, it is imperative that if you are taking out a motor trade insurance policy, you ensure that any vehicle that is covered by it is registered on the MID. Failing to do so will only cause you problems further down the line.