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 of £100, then the insurer will pay £1,900 towards settling the claim, and you will pay the remainder. more info…
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 insurance is available to dealers of new and used cars, mechanics, body shops, hire companies, accessory fitters and similar trades. more info…
What are Trade Plates?
Trade licence plates are used by the motor trade, including dealers of new and used cars, manufacturers, testers, body shops, mechanics, accessory fitters, valets and hire companies. They can be used by all eligible individuals and businesses, whether they operate full time or part time. more info…
The UK’s central source for storing car, van and motorcycle insurance details, is the Motor Insurance Database, or MID. It was introduced to get claims processed faster and assist in the fight against uninsured drivers and riders. It’s kept up to date by insurers, with information supplied by their policyholder. The database can be checked in the event of an incident to assist in establishing the relevant insurer. Government organisations and the police can also access the database to look up information and help prevent fraud. more info…
Both new and used cars can have hire purchase agreements taken out on them. It is becoming an increasingly popular option for owners looking to spread the cost of payments, and with over 7 million second-hand cars and vans sold in the UK each year, authorities are seeing a rise in the cases of those sold illegally to unwitting buyers on the private market. more info…
Vehicle insurance is a legal requirement. Motor trade insurance is recommended to anyone running a business in the motor trade. This applies to mechanics, dealers, vehicle valeters or any similar businesses and both full-time and part-time businesses need to take out cover. more info…
Road risk insurance is available to motor traders to cover both personal vehicles and vehicles in their possession for purposes of trade activity. The cover is only available to those individuals who are self-employed or who operate their own motor trade business either full or part time – for example car dealers, mechanics and anyone owning repair and maintenance businesses. In this blog we look at a number of key policy features and benefits, together with various restrictions. more info…
Motor traders require specialist cover, but it’s not always obvious whether or not a business falls into the motor trade category. Make sure you have the correct cover for your business, or you could find yourself unprotected in the event of a claim. more info…
The motor trade covers everything from showrooms displaying the latest models behind plate glass windows, or vast yards filled with new and used cars, to small traders who work part time from their own homes, for sales, repairs and servicing. Insurance is equally important at both ends of the scale, but some traders might not be sure whether they are covered for their own or their customers’ vehicles if they do not own separate business premises as a place of work. more info…
Looking for a new car or van? Mileage is probably one of the first things that prospective buyers look for. But according to motor trade experts it isn’t just a question of searching out the lowest mileage. Several other factors come into play, history and current condition amongst them, and it can actually make more sense in some circumstances to buy a newer vehicle with more mileage than an older one with fewer miles on the clock. more info…
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