How Much Does Motor Trade Insurance Cost?
The cost of Motor Trade Insurance varies quite dramatically based on over a dozen factors. Because all motor traders have different unique circumstances, it's impossible for insurers to give a "rough estimation" of the price of a motor trade insurance policy.
However, it's a good idea to be aware of some the factors that influence the overall costings of a trade policy. Some of the most important things to consider are:
- Your Postcode; Some postcodes are high rated, which can dramatically increase (or decrease) the price of a motor trade policy. High rated areas such as Liverpool, London, Manchester and Birmingham often have higher overall premiums compared to the rest of the UK.
- Your Age; Insurers tend to shy away from anybody who's under 25 - although we can on occasion place under 25s on a motor trade policy. If the main policy holder is an under 25, we will find it difficult to find an insurer who will take on the risk - but we are more than happy to try.
- No Claims Bonus; Insurers offer hefty discounts for traders who have accumulated several years experience with zero total claims. If you have run your motor trade business for several years and have never claimed, we will be able to secure a percentage based discount on the price of your policy. We can also in some cases accept private no claims bonus (such as from a Car or a Van) and mirror this across to a Motor Trade policy.
- Full Time vs Part Time; Insurers offer a different price depending on whether you're part time or full time. If you're part time, then you'll most likely have a second job - which means you'll need a commuting to and from work clause (which increases the premium).
- Added Drivers; if you run a motor trade business and employ several people, then this may increase the price of your policy if you wish to add them as a named driver.
There are several other factors that will influence the total price of your motor trade insurance policy. As such, it's imperative that you talk to a specialist insurance broker (such as One Sure Insurance). We can work with you to ensure that all of the information you provide is factually correct (to your knowledge), and then liaise directly with the underwriters to secure the best price possible. We can also provide motor trade insurance advice to clients - and offer guidance on how to reduce the cost of your insurance premiums (such as opting for a third party only policy instead of comprehensive).
With so many factors being taken into consideration, it's impossible to answer the question of "How Much Is Motor Trade Insurance?" without speaking with you directly. Give us a call today, and we'll be more than happy to offer you a competitive quote (where possible).