Motor insurance can be one of the most costly aspects of owning a vehicle. Most new and used car owners will shop around every year in an attempt to lower the price of their insurance policy, often coming back to their original insurer in the hope they will offer to beat a cheaper quote.
No claims bonuses are rewards for not making a claim on an insurance policy. This means that over time premiums become cheaper, reflecting the lower risk associated with the driver. No claims bonuses are available to drivers in the motor trade just as they are with private insurance, though there are some differences. Motor trade […]
The no claims bonus can be one of the most controversial areas of your private or motor trade insurance policy. On the face of it, the idea is simple. Car and van drivers who avoid accidents, and thus do not make insurance claims, are rewarded by a lower premium. Even after a one year without […]
If you’re taking out a motor trade insurance policy, you’ll want to know how it affects your no claims bonus. A no claims bonus is a reward for not making a claim and gives the customer cheaper premiums for each year they go claim-free. If you have an accident and need to make a claim, […]
No claims bonuses in the motor trade work in the same way as with private insurance: they are earned. They’re also a great way to reduce your insurance premiums but how they work in the motor trade – and whether they can be transferred between policies – is a commonly confusing question.
The way no claims bonuses work in the motor trade, and whether they can be transferred between insurers, is fairly straightforward, with a few caveats. Many insurers will actively allow traders to move no claims bonuses from one policy to another, but it’s always worth checking the small print, and, if you’re in any doubt, […]
The Motor Insurance Database (MID) is the only central record of all insured vehicles in the UK and is updated over 10,000 times an hour. As one of the most important tools to ensure that only insured vehicles are driven on our roads, the MID is used by the police and the DVLA to enforce […]
Insurance policy costs continue to rise for many motorists, and given the current climate it’s worth reminding you how policy premiums are calculated. Insurance companies take a wide range of factors into account, not least the likely costs of any claims you may make, and how likely you are to make one in the first […]
All motor insurance policies come with a compulsory excess built in. An excess is the amount that an insurance company will withhold from any claim and which must be paid by the claimant. For example, if you are involved in an accident for which your insurance claim is £2,000 and your policy has an excess […]
As with any type of business, you will have to expect the unexpected – which unfortunately could mean a serious accident or worse. In this guide we’ll talk you through what happens when you want to make a claim, and how the process works.