Motor Trade Insurance 2017-10-11T13:03:10+00:00

Motor Trade Insurance

Compare Multiple Deals on Cheaper Motor Traders Insurance

0203 876 5050

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Mechanics Insurance

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Part Time Motor Trade Insurance

Cheap Motor Trade Insurance

We work closely with specialist, leading UK Motor Trade Insurance Brokers to help you find and compare competitive motor traders policies.

Regardless of whether you are a Full Time or Part Time Trader, we provide an individualised service where our agents will review each enquiry and find you the best brokers for your situation providing quotes from brokers with good reputation, cover and price.

We work with over 20 insurance brokers who offer a wide range of exclusive motor trade insurance deals that are very tailorable to your individual needs, ensuring you only insure what you want to and save you money where possible.

Our service is FREE to use and you are under no obligation to take out the policy if you are not happy. We pride ourselves on having helped thousands of customers with our outstanding customer service, quick response times and ability to help save you, the motor trader, time and money.

You can let us know how many quotes you would like to receive and we will then line you up with the most eligible brokers for your circumstances, allowing you not to have to worry about shopping around for days on end, filling in multiple forms on various websites and then getting harassed by every broker on the market because your data has been sold on so many times.

  • Up To 57% Off
  • Compare prices amongst some of the most competitive brokers in the market
  • Quote within in a matter of minutes
  • Specialist brokers able to cover all traders
  • Wide range of cover
  • Policies tailor made to suit your needs
  • Flexible Payment Plans inc Direct Debit
  • Instant cover available – start your policy now!

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cheap motor trade insurance

What is Motor Trade Insurance?

Motor Trade Insurance, also known as ‘traders insurance’, is an essential form of insurance policy that allows you to work within the motoring industry. If you earn money from buying and selling or repairing vehicles or other areas within the motor trade industry, then you require a motor trade policy.

Understanding the Types of Cover

Traders Insurance is a legal necessity for anyone that works within the motoring industry and uses other vehicles or is responsible for customer vehicles. Whether you repair vehicles, clean cars or sell motors (part time or full time), a motor traders policy is a legal requirement.

Policies come in 2 main forms.

Road Risk Insurance

Road Risk Only Insurance covers you to be able to drive the vehicles on the road. Much like a private car insurance, road risk only comes in either Third Party or Comprehensive. Comprehensive cover will also cover you against fire, theft, vandalism and accidental damage.

A Road Risk policy will enable you to trade from home but will not cover a business premise.

Combined Motor Trade Policy

Combined Premises, also known as a Combined Motor Trade Policy, is essential cover for trading from a business premises.
If you trade from an address different to your home address, this will be the policy type you need.

Both policies can be tailored to include a level of Public and Employers Liability. When we connect you with the best broker, make sure you ask them for these levels to ensure you have enough protection.

Why Compare Motor Trade Insurance through us

Here we strive to ensure that comparing policies is fast, effective and efficient. Our brokers are constantly searching for the best prices to save you money, which is why they are amongst the most competitive in the market place and are incredibly flexible with their policies and payment plans.

Our brokers fully tailor their policy to suit your own personal needs, and offer optional breakdown and personal cover, as well as the option for instant cover, meaning that you can be fully insured within a matter of minutes.
motortraderinsurance.co.uk is proud of its efficiency when it comes to finding you the perfect quote. We know that finding a policy can be incredibly tedious and drawn out and we pride ourselves on our customer satisfaction.

Our expert brokers work closely with the likes of Policy Plan, Tradewise & Tradex to bring you the best possible cover protection.

What can our motor trade brokers help you with?

Our brokers will help you with
• Exclusive rates
• Specialist motor trade cover
• Instant cover
• Fast documentation.
• UK call centers with well trained advisors
• Flexible payment plans

They will provide cover for
Road Risk Insurance
• Car Trade Insurance
• Service, MOT and Repair garages
Combined Motor Trade Insurance
• Vehicle Body Builders
• Private and Commercial Vehicle Repairers
• Part Time Traders
• Vehicle Breakdown & Recovery Agents
• Vehicle Collection & Delivery Agents
• Mobile Mechanic Insurance
• Body Shops
• Many more

Understanding The Elements of a Motor Trade policy

Your policy will have many sections to it. Here though we have provided a quick break down of some of the main parts to keep an eye out for.

Combined Premises Cover

Should you operate from a premises that is NOT your home, you will need to apply for a combined policy and ensure that when speaking with an advisor, that they know a combined motor trade insurance is required.

Road Risk Only

This cover will cover you ONLY for the vehicles are your home and will not cover any separate premises.

Additional Occupations

This element will have more of an effect on part time traders who have a full time job with a separate employer. Additional cover can be written into your policy to cover other occupations BUT you must inform the broker of your intentions. Cover for other occupations does NOT come as standard.

Vehicle Value Payouts

The majority of underwriters will only payout trade value on vehicles and not the resale value of the vehicle. This will leave you with a shortfall in vehicle value. Check with your broker if full vehicle value is available. Should a vehicle be stolen, you will have a better chance and not being left out of pocket.

Additional Drivers

It is quite normal to add or need additional drivers on your policy. It is worth noting though that adding drivers under the age of 25 to your traders policy will cause it to rise considerably. Adding any driver will increase the premium but typically the older and more experienced they are, the less of an increase.

Making Sure You Are a Genuine Trader

Before applying for a motor trader insurance policy, you should first ensure that you qualify as a trader. We see a number of people who try to apply for a traders policy but do not actually qualify.

Do I Qualify as a Motor Trader?

You will qualify as a trader if you have a financial investment in the motor trade industry. A financial investment can be anything from stock of cars, tools to carry out vehicle repairs or parts for vehicles that you then go on to fit.
This applies to both Full Time and Part Time Traders as both, if qualifying will have financial investment in the industry.

On talking with our brokers, you may be asked to prove your connection with the motor trade industry through invoices for parts you have bought or receipts for vehicles you have sold. As a properly run business, you should be keeping all invoices and receipts you generate in connection with the Motor Trade.

You will be given on average 14 to 28 days to produce evidence of your motor trade connection so don’t worry too much if you don’t have it to hand at the point of application.

How to Save Money on your Motor Trade Insurance

Shopping around is essential in order to compare motor trade insurance and find a cheaper policy. If you simply just renew your policy, it is likely you will find you end up paying more than you needed to. We can help you find the cheapest policy by simply calling or applying online.

Consult our Specialist Brokers

Our motor trade insurance brokers employ well trained and knowledgeable staff whose job it is to find you the best policy for you.

Check your clauses

Some underwriters will include additional cover that is not necessarily needed by your business and therefore you will be paying extra for cover that you simply do not need. These can often include Classic, HGV or High Performance cover. If you don’t work with these types of vehicle, then you can ask to have these removed if they are added.

Transfer or Mirror your NCB

If you are new to the motor trade and it will be the first time you require a motor trade insurance policy, then typically, brokers will allow a private no claims, bonus to be transferred onto a traders policy. This usually means that you will forfeit your private no claims bonus as a result. Here, our brokers have the ability to mirror your existing no claims discount if you meet their criteria. It only takes a minute or two to find out whether you could be saving up to 60% on your motor trade insurance policy.

Reduce Stock Level Indemnity

Reducing the level of vehicles you have on MID at any one time will lower the cost of you policy quite significantly. Your agreed indemnity ( the value of the vehicles you have on cover ) has a direct correlation to your premium.

Keep Records Clean

Often, traders will need to employ multiple drivers on their policy. It is good practice to only employ those with a clean license OR only insure those with a clean license. By only insuring those with a clean record, will reduce the level of insurance risk associated with your policy.

Keep drivers over 25

Insuring drivers under 25 is very costly for any policy. The level of risk associated with any driver under 25 will cause any policy to creep up.

Consider a higher voluntary excess

By applying a higher voluntary excess to your traders insurance, you can help bring down the annual premium.

Avoid Modified & Imported Vehicles

If you can avoid dealing with modified or imported cars or vehicles, you will help reduce the risk factor in association with your cover and therefore bring down the cost of the premium.

Improve Security Measures

Invest in improving the security measures around your business. By having improved security, you reduce the chances of vandalism or theft from your forecourt or garage.

Forecourt Security Cameras

Having security cameras monitor your tools or forecourt will help detour any individual from damaging or stealing your cars or equipment.

Garage Bollards

Installing bollards on your sales garage will make it extremely difficult for vehicles to be stolen.

Fence in your Car Dealership

By implementing a perimeter fence, you can control who can and cannot walk around your dealership. It also prevents people being able to walk around your vehicles when you are not on site at night etc.

Pay Annually

Like private car insurance, pay for the policy in one lump sum. This avoids any interest and admin fees you may incur through gaining your policy through monthly instalments.

Build up your Motor Trade NCB

By building up your motor trader no claims bonus, you present yourself as a low risk trader and therefore will benefit from a cheap motor trade insurance.

What motor traders can we find cover for?

In a nut shell, all of them. Our brokers can help find cover for all traders including valeters, mechanics, car dealers, mobile mechanics, car servicing stations, windscreen fitters, body repair garages and more.

Frequently Asked Questions

Who will be covered to drive on a motor trade policy?

Any driver you name on your policy will be able to drive the vehicle for motor trade use ONLY. You will not be able to simply allow anyone to drive your vehicles.

Customer vehicles under your control will only be covered if driven by an named driver who is driving the vehicle for business use only and NOT for personal use.

If you buy and sell cars, it is wise to take out a ‘demonstration cover’. This will allow you to allow others to test drive vehicles you are selling as long as a named driver accompanies them.

With regards to yourself, more often than not, you will be able to drive a vehicle you own for Social Domestic and Pleasure use. If you are a part time motor trader, it is likely you will also be covered under your traders policy for commuting.

Why we compare brokers and not insurers?

Different brokers get different rates from the same insurer for the same sort of policy. By us getting to know our broker panel and what they are good at enables us to allocate you to a broker that has the best rate for your policy from the insurer.

Rates can often fluctuate by 100’s of pounds between brokers purely based on the rate their insurer has given them. The broker can’t help it, but we can help you find the right broker in the first place!

Will I get loads of phone calls when applying with you?

NO! We will take a large panel of insurance brokers and compare up to 3 that suit you and your policy the most! If you call us just wanting 2 quotes, then we will simply find you the most 2 competitive brokers.

Your details are not sold out to any third parties. We simply take a small fee when connecting you to an appropriate broker (no mass calling).

Why is Under 25’s Motor Trade Insurance so expensive?

Much like private car insurance, insurers consider those under 25 a much higher risk to them. There is factual evidence that those under 25 are more likely to be involved in a road accident where in the grand scheme of things, they are still new to the roads.

Good news is that once you are 25, the insurance premiums do start to drop!

Quoting under 25’s is quite risky and would recommend joining another motor trader to gain experience on their policy before going out and taking up one of your own.

Can I use my private No Claims Bonus against my Motor Trade Policy?

Yes. Most insurers will accept your private No Claims Bonus either transferred or mirrored onto you traders policy.

This is a particularly useful feature for first time traders who have not yet built up their own Trade NCB saving you a lot of money.

Do I need motor trade insurance if I just repair cars from home?

Yes! If you work on other people’s vehicle to make a profit, it is a legal requirement that you have a suitable traders insurance policy in place.

If you simply work on your own vehicles as a hobby, then you simply need a level of insurance that will cover you to drive the vehicle and cover it should it be stollen.

A road risk policy will typically automatically cover you for storing customer vehicles on your site as well. Should this be for the day or over night, a traders policy will keep you covered where a standard private car policy would not.

When talking to our advisor, it may also be worth asking how much to include public liability and workmanship cover. Although it is unlikely you will ever need it, they are good covers to have that offer you extra protection.

Are certain vehicles restricted form cover?

Yes, with all motor trade policies, there are certain vehicles that will be restricted. Particularly restricted are cars such as imported vehicles, high value or high performance. They can be added and covered should you need to drive these types of vehicle, simply talk to our advisors who will be more than happy to help.

Road Risk Insurance v Combined Insurance

A road risk motor trade insurance will only cover the vehicle under your control in a similar way to private car policy. You will be covered for Third Party, Third Party Fire & Theft or Comprehensive depending on the type of policy you choose. It will not cover any property etc.

A combined motor trade insurance policy will cover a lot more including premises and public liability typically as standard. Although costing a little more, it will cover your workmanship as well.

Will I be able to drive other peoples cars on my Traders Policy?

This question is asked very often. In days gone past, the answer was yes. But with modern day motor trade insurance, the answer is no UNLESS it is for the purpose of your motor traders business (and then we still recommend checking with your broker to ensure the appropriate level of cover is available).

Even if your policy does allow you to drive other vehicles, high performance vehicles or imported vehicles may not be covered as standard due to their additional risk level. You can easily however add this as an additional feature to your policy should you wish.

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