How Much Is Motor Trade Insurance?
Motor trade insurance typically refers to third party road risk policy unless otherwise stated. All other covers and add-ons are included as extras to your third party road risk policy, that together becomes your bespoke motor trade insurance. Prices vary depending on several factors. However, we aim at giving you the lowest possible prices anywhere in the market. We can do this because of our vast network of insurers. Nevertheless, here are a few factors that can influence your motor trade insurance costs.
Nature Of Business – Are you a part-time or full-time motor trader? If you operate out of a garage, then your insurance costs will be higher since you need content and premises covers. However, for those trading from home, the typical road risk policy will suffice. You may, however, take riders and add-ons specific to third party coverage such as theft and fire policy.
Location – The location of your garage or place of business affects the insurance costs. Flood prone areas, localities with high crime rates will increase the cost of insurance. At the same time, the capacity to generate income based on your location will also affect insurance prices. If you operate at a busy intersection, you probably will pay more as opposed to having a garage in a quaint neighbourhood outside the business economic centers of the city.
Indemnity and Excess – The more indemnity you opt for, the more you pay for insurance. On the contrary, the more excess you take, the less you pay. The trick is to find a perfect balance between the two, so you have sufficient financial cover without spending too much on insurance.
IPT – The insurance premium tax applies to all types of insurances in the UK. It was recently raised from 10% to 12%, and while this isn’t a cost factor you can control, you should know just how it changes your current premiums.
We at i4MT work hard in finding cheap and reliable motor trade insurance from several underwriters, so you need not do the leg work. You must concentrate on running your business and leave the heavy lifting to us. With our team of specialists, you need not fret on questions like how much is motor trade insurance! It will be less than the market, that is our goal.