Automobile News and Information

Your Motor Trade Insurance, Every year it seems to go up in premium.  You can certainly accept it or change it!  Precisely what can you do?

1)Go over your sums covered.  Are you insured for the right sums insured?  By no means under insure yet at the same time, don’t over insure.  Determine your amounts insured on a replacement cost, definitely not the second hand value.  If the basis on the insurance policy is replacement and you insure at the 2nd hand cost, the motor trade insurance will be subject to average and a claim pay out could be greatly decreased.  Always inform your insurer should you want to insure for the second-hand cost (indemnity).  You will probably save some money however it is not suggested.

2)Analyze drivers on the insurance policy. Young drivers along with individuals with adverse driving record (convictions or several accidents) will have a major effect on the premium.  Be absoluetly certain you keep your insurers and also brokers current with the appropriate information and if a person leaves make sure they are deleted from the policy immediately.  If you have an any driver motor trade insurance scheme, check out the minimum age of individuals permitted to drive under the insurance coverage.  If you’ve over 21’s and owing to changes everyone is currently over thirty, change the basis of the insurance policy.  This should certainly clearly show a saving.

3) Risk management.  The greater controls you might have that reduce the prospect of at fault claims (passing the excess to the individual driver in the eventuality of an at fault claim, motorist training, etc), the more pleasing the business will be to potential underwriters.

4)Examine your own insurers/brokers.  Be sure you search for a good, top rated insurance company (your broker should be able to advise on this when they’re evaluating your cover).  Insurers can be uncompetitive one year but the next, soon after a new product launch, be the best.  The only way to stay one step ahead would be to make sure that your current insurance broker evaluates your motor trade insurance policy each year and informs you who they have contacted so you fully understand they have succesfully done their absolute best for you.

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Technorati Tags: Motor Trade Cover, motor trade insurance, traders insurance

If you are working as a cab driver then your vehicle is you livelihood, without out it you have no source of income. If you are involved in an accident then there is a chance that your vehicle may be out of action for a period of time. With the right taxi insurance policy you can help to protect yourself from being without your car for any extensive time.

When you are looking for the right insurer there are a number of things that you should keep an eye out for. Firstly, it is a good idea to find a company that regularly provides cover for taxis. Doing this should result in you getting a much more tailored policy because of the company having industry knowledge and suggesting what is best for you. Also, it is not always best to go for the cheapest option that you can find. At the time it may seem that choosing the cheapest available option is a good idea but you may end up regretting the decision.

One of the best things that you can look out for with an insurer is what provisions they will make if you do have an accident. Due to the fact that you need a vehicle to earn a wage, you should look for a company that will provide a replacement plated vehicle after an accident. If the accident is not your fault then any worthwhile company will be able to arrange this for you fairly quickly. This can be one of the major advantages of finding the right taxi insurance cover because it means that you can get back to work as quickly as possible.

If you are unsure about anything to do with getting the right policy then you should always consult your broker who should be able to offer free advice.

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Technorati Tags: motor trade insurance, online trade insurance, taxi insurance, traders insurance

A small selection of general terms and phrases that are associated with motor trade insurance and an easy to understand explanation to help you.

Road Risk Cover

This is the basic level of cover that most traders require to run their business. You can use your vehicle for trading and general social/leisure purposes on public roads with this cover. Road Risk cover can come in a number of policies, it could be just 3rd party, 3rd party fire and theft or you could get fully comprehensive cover. It will cover you on the highway but also, in most cases, cover you for some general risks associated with a private car policy

Combined Policy

This is a more extensive, and generally expensive, type of policy. Everything that is covered within the Road Risk is also covered with this but at the same time you can also add extra covers. Eg Tools and Plant cover, Stock of Vehicles at premises cover, Liability cover, Business Interruption cover, etc . A combined policy is generally associated with a trader having premises (although in some cases they can be covered at home instead)

Demonstration Cover

There are two types of cover for this – accompanied and not. This addition to your policy allows a potential purchaser of your vehicle to test drive it. With accompanied you will have to sit next to the driver but with unaccompanied (generally this option only comes with larger combined policies) you can loan the customer the vehicle for a period of time. You must have seen the licence of the person wanting the demonstration before allowing them to drive the vehicle.

Additional Business Use

This useful addition allows you to carry out your motor trade business and also lets you do a secondary occupation. Eg a builder is a prime example of someone that may need this cover – both to buy and sell vehicles, but also travel to different places of work for his construction business

Split Indemnity

This is perfect for people with low value own cars but who fix, clean, or move customer’s vehicles of a higher value, i.e a mechanic or a vehicle valeter. You can split indemnity from £10k upwards – eg £10k cover on your own vehicles but say £25k on your customers. Splitting your indemnity in some cases may not even result in a higher cost.

These are just a few but you can find out more about motor trade insurance terms and phrases by logging onto our website or calling us with your queries – we’re always happy to help!

Submitted by Think Insurances Manager of E-Commerce, Chris Roche. For more information on motor trade insurance, taxi insurance or other automotive insurances check out our site and give us a call for a cheap traders insurance quote.

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Technorati Tags: motor trade insurance