Motor Trades Insurance: How to find out best one?

Motor traders insurance offers protection against all the possible risks involved with motor trading. However, anyone who operates in the motor trader’s sector can definitely benefit from motor traders insurance. If you are looking for a comprehensive motor trader insurance, you will have to consider various factors like the kind of vehicle that you are dealing in, the number of vehicles and the kind of business you run. There are various tips to help you get the best insurance policy.

The first step that you should take is identifying the category of vehicle stock that you are dealing in. There are various categories and you should identify the one that best suits your needs. You can either sell vehicles on the basis of their make or you can also work as a consultant and help others sell vehicles in your category. This will help you gain more customers and increase your business.

Once you have identified the vehicles you deal in, you should check out the market prices and search for suitable options. If you want to work as a consultant then you can check out various private car insurance policies available in the market and find one that best matches your needs. Private motor traders insurance policies are normally very expensive and they do not cover some of the risks that a full motor trade policy covers. However, most insurance companies offer discounts if you work with them for a long time. Therefore, it is worth enquiring with insurance companies to see whether they offer any discount.

You should also consider the level of risk that you want your motor-trading business to be covered for. Full insurance covers accidents and damages to third-party property. Third-party liability insurance is usually used by consultants and helps cover medical costs and other expenses caused to third-party customers. It does not cover any damage to your own vehicles.

The type of vehicle you will be driving plays a vital role in deciding the premium that you will have to pay. The higher the performance of the cars you drive and the greater the likelihood that they may be involved in an accident, the more you will have to pay in terms of premium. A good number of insurance companies base their premiums on the performance of vehicles. There are two types of insurers namely, the independent and the captive. Independent insurers usually provide better services as they do not attract major corporate and trade sector players.

On the other hand, with the advent of new technology and competition in the market, captive insurers have gained much needed ground. They provide insurance policies that cover a wide range of vehicles such as motor traders’ vehicles. They also provide insurance cover that does not have restrictions like deductibles and cover amounts. Today, almost all professional and expert groups such as insurance consultants provide motor traders with insurance quotes that are customized for them. With the help of the quotes, you can compare policies and choose one that suits your needs.