If you’re a young motor trader, you need insurance. There are multiple factors that can affect the cost of your cover, from your age to security of your premises to your claims history and even the people who work for you. If you’re finding arranging cover daunting, here are six crucial questions you need to ask.
1. Will I Get a Reasonable Rate?
Yes, you will if you use a specialist under-25 insurer. They’ll quote you for the cover you need at a reasonable rate.
2. What Type of Cover Should I Get?
Working together with an expert, you’ll be able to tailor the policy you get to the cover you need. The basic cover you must have is road risk insurance, but you may need public liability or employee liability cover depending on your business and whether you have employees or not. Your insurer will be able to provide the bespoke cover you need.
If you want to keep costs down while creating the right policy for you, use a site like https://www.quotemetoday.co.uk/motor-trade-insurance/. This will give you various quotes to compare so you get the best cover at the right price.
3. How Do I Qualify for Motor Trade Insurance?
You’ll have to meet three requirements to qualify for a young trader’s policy. These are:
– You must be 21 years old and up to 25.
– You must have evidence that you’re working in the motor trade.
– You must have a full UK driving licence.
4. Will I Get Cover If I Work Part Time?
Yes, you can get a specialised part-time trader’s insurance that will cover you for the time you spend working in the trade. That means you’ll get the cover you need without having to pay extra for cover you don’t want.
5. Do I Need to Have a Garage?
No, you don’t. If you’re a mobile mechanic, for instance, you can get a tailor-made policy that will cover you when you’re working on your customers’ vehicles but can also cover damage or loss of tools.
6. Can I Cover My Premises?
You’ll need combined insurance that covers every aspect of your motor trade business, from road risks to premises. The good news is it will also cover tools, cash and stock, so you only need to pay one premium.
