Some trades are main brand dealerships, some are sole traders and operate from home buying and selling used cars and only require a standard road risk policy.
Other traders that operate from business premises such as private home mechanic garages, specialist body shops or auto electrical technicians will need a more comprehensive solution such as a commercial combined motor trade policy.
Whatever your needs are, using a broker may be the best bet, as they have knowledge of the various insurers and types of insurance policy types and product combinations along with knowledge of this complex and dynamic industry.
A broker can compare motor trade insurance quotes for you with a panel of leading Irish and UK underwriters and insurers.
Some of the most common motor trade categories are:
Buying and selling cars:
Most traders in this field tend to operate from home on a part-time basis. The policy can be tailored for the needs of the individual motor trader as some require cover for sports and high performance vehicles. Others may require commercial vehicle, motor bike, classic cars, imported cars etc.
Policies are available for all types of car dealerships including auto dealers with multiple premises.
Motor garage insurance:
All types of auto garages can be covered under a commercial combined trade policy. Cover can be tailored to the needs of the individual motor garage.
Policies available for mobile mechanics, servicing agents and mechanics with trade premises and mobile servicing and repair specialists.
Mobile valeting agents or with premises including auto car wash.
- Delivery agents / accident management companies.
- Tyre fitters.
- Salvage and breakers yard
- Importers of cars and vans
- Heavy goods (HGV), truck, van and commercial vehicles dealer
Most people in the business of buying and selling cars understand that they need an insurance solution that is flexible to their needs and covers them in all circumstances should a claim arise.
A motor trade insurance policy is the perfect policy for most people in the motor industry. These policies can easily be tailored to suit the needs of the individual motor trader. Some may require just road risks cover whereas others also need demonstration cover as well.
For larger operators they can opt to include trade premises, courtesy car, equipment, business interruption, cash on premises, etc.
Anyone looking for a motor trade insurance quote should go use specialist brokers and insurers that understand and have knowledge of the needs of their specific type of motor traders.
It is important to speak to advisors and explain exactly what you need from the policy.
Also the broker may explain any duties or terms that you "as a trader" need to comply with. Common conditions include updating the Motor Insurance Database with an updated list of vehicles and also removing these vehicles from the database once they have been sold.
Remember that the cheapest motor trade insurance policy does not necessarily mean the right policy. For the trader its important that they get the right cover for their needs at the right price. No two motor trade policies are the same as each business or sole trader have their own unique requirements.
Price is obviously an important factor for any business but don’t just rely on price alone. Some questions you could ask when taking out a quote are:
How easy is it to update the Motor Insurance Database?
What are administration charges if you need to make any changes to the policy?
Is there any age restrictions to have additional drivers added to the motor trade insurance policy?
Can you add your spouse for social, domestic and pleasure use?
Do you cover part-time traders?
Can you protect your no claims bomus?
There are many other questions that you can ask such as policy excess, personal accident cover and so forth.