Auto & MotorFinancialLegal

Three Things to Consider When Taking Out Motor Trade Insurance

If you run a company where you or other staff members need to drive vehicles belonging to customers, you will require trade insurance to ensure you and your colleagues are covered in the event of an accident or other issue. Here are the basics you should know before you select a trade insurance policy for your business.

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The Type of Policy You Need

There are different levels of insurance you can take out for your business, just as there are when you take out private insurance for your own vehicle. You can opt for third party insurance, which is the legal minimum and affords you only a basic level of protection. In the event you or a colleague hits a third party, your policy would cover their costs but not those of you and your vehicle. The next level of insurance is third party, fire and theft. This covers a third party in the event you hit them, and also covers your vehicle for fire or theft. Fully comprehensive insurance is the highest level and covers you for third party damage, fire, theft and any other accidental or malicious damage.

Shop Around

As with private insurance, you’ll find you can get very different quotes from different providers if you shop around. Don’t go for the first policy you are offered, and don’t simply assume using your current provider will give you the best deal.

Using a handy comparison provider such as www.quotemetoday.co.uk/motor-trade-insurance/ saves you time, hassle and, in many cases, a great deal of expense. It’s also important to shop around at renewal time each year. You are likely to find a better deal elsewhere than the automatic renewal quote offered by your current provider.

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This is Money offers some useful tips for saving on your car insurance, such as securing vehicles to make theft harder, that mostly apply to trade insurance too.

Be Honest

It might sound obvious, but it is vital you are completely honest when requesting a quote for trade insurance. Being dishonest, even by omission rather than outright lying, could invalidate your cover. In addition, it’s illegal. Don’t be tempted to fudge a few details, even minor ones, in order to try to save a few pounds on your policy.