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Finding the Cheapest Motor Trade Insurance

Mar 14th 2019 at 12:20 AM

The Holy Grail when looking for motor trade insurance is getting a cheap quote, and this is a lot easier to achieve than you might think, and it doesn’t require shopping around 10 different brokers and wasting hours of your time repeating the same details over and over again.

So, how do I get myself a piece of this Holy Grail? Well, you really need to start evaluating your business, if you want all the bells and whistles on your motor trade policy, this is fine, but it’s not going to come cheaply. You need to stop asking for what you want from your policy and start evaluating what you need.

Here are a few questions you can ask which could really help to bring down the cost of your motor trade insurance and Employers liability insurance Stockport UK:


  1. What indemnity limit do you need for your own vehicles – So you have a few sales vehicles and a couple of your own vehicles, what is the motor trade value of these cars? You are not going to receive retail value should you need to make a claim on one. If none of your sales vehicles or own vehicles have a value of £3000, then don’t have an own indemnity limit of more than this.
  2. What customer indemnity do you really need – This needs to be looked at on a typical basis, do you typically repair vehicles with a value of £5000, but once a year you work on a vehicle which is £25,000? You wouldn’t need to set your indemnity at £25,000 to account for that one vehicle, you can set it at £5000 and inform your broker once in a blue moon you work on a vehicle with a value of £25,000. Your broker will advise you on how to proceed.
  3. Who do you really need to drive on your policy and for what use – It’s great if you want to add your employees and spouse but really think about how much driving they are going to be doing on the policy. Do you need all your employees on? Or can you appoint driving to one specific employee? What use would your employees need? To add social use for an employee is costly, do you really need them to have this element? Does your spouse need motor trade use? Does she do any driving for the business? Or will social use do?
  4. Do you need motorcycle cover – To add motorcycle cover to a motor trade policy is very costly if you have a personal motorcycle it could be cheaper to insure separately, and if you only repair a few motorcycles a year speak to your broker, they may be able to work something out for you.
  5. Tell us about your no claims bonus – If you have 1-year motor trade no claims bonus this is great! However, we may be able to use any private car no claims bonus you’ve earnt before this, so it’s always worth mentioning to your broker.
  6. What cover do you need – Are you selling or own low-value vehicles, that you would not make a claim on? If so, it may be worth lowing your cover to third party only or third party, fire and theft.
  7. What personal vehicles do you own – Is your personal vehicle your pride and joy? Have you spent a lot of money adding this and that, or is the retail value of the vehicle worth a lot more than the motor trade value. If so it may be worth looking for a separate policy. Your motor trade policy won’t cover any modification and it will only cover the vehicle up to motor trade value. An Insurance brokers Stockport company may charge extra for a modified vehicle or you may be over indemnifying your vehicle if you choose to cover it up to the retail value. If you’re still okay with all of this and still want to add the car to the policy just ensure you cover it to the motor trade value and not the retail value.


Hopefully, this will provide you with some insight into how you too can reach the holy grail of insurance…cheap insurance.

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