What is the average cost and what types of cover are available?
Unfortunately there is no such thing as an ‘average’ cost when it comes to motor trade insurance, as each case is completely different. From how long you’ve been in the motor trade to whether you’re in full-time employment, any of these factors can impact upon the cost of motor trade insurance.
The best advice you can take away is to do your research. So for example, what type of coverage do you require i.e. do you need third party, perhaps third party fire and theft or maybe even comprehensive cover? Once you’ve decided which best applies to your situation, then you can go about comparing the cost of each coverage.
What is motor trade insurance?
In a nutshell, motor trade insurance delivers protection for anyone working with motor vehicles in a commercial environment – whether it’s in MOT test centres or for those working from home.
What are the different cover options available?
While all policies are custom designed to your specific requirements, cover can be broken down into two types:
- Road Risk. This covers vehicles associated to or belonging to your business, permitting you to take the cars on the road as well as legally perform trade. Any vehicles will usually be covered from either your home or your registered business address, with this cover then split into either one of the following three types of cover:
- Third Party Only, Third Party Fire and Theft and Comprehensive. Mixed policies offer insurance for each of those listed, including material damage, vehicles in transit, vehicles based on the premises as well as public and employer’s liability.
With regards to seeking out the cheapest coverage, it is highly recommended to opt for third party, followed by third party fire and theft – with the most expensive option being the comprehensive solution.
Looking for a motor trade insurance quote?
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Can I pay lower premiums?
There are different circumstances that could entitle you to lower premiums:
- Drivers aged between 25 to 70. This only applies so long as they have lived in the UK for at least two years and hold a clean driving licence (with no convictions in the past five years).
- No named drivers on the policy. Only have the necessary total of drivers needed as the more there are, then the much higher the premium.
- Avoid flashy cars. Anything that is high performance, vintage or classic could increase your premium.