Traders Insurance For Under 25s

The motor trade industry includes several occupations, many of which can be done on a part-time basis. As there are no practical barriers to entering the motor trade industry, it is quite common for people to take up a related occupation under the age of 25. Generally, most young adults join an existing business as an apprentice but there are times when someone below 25 may want to venture out on his own and start their business. We offer motor trade insurance under 25 years customized to individual requirements, thanks to a network of underwriters and our experience in the industry.

Many mainstream insurers do not entertain the needs of under 25 year olds. However, there are plenty of insurers who consider such risks, and we have an understanding with many of them so that we can configure bespoke covers for those under 25. Traders insurance under 25 is not that hard to find, if you know the right underwriters and understand what the associated risks are.

Insurance companies do not usually look at the age and rather concentrate on other risk factors such as the location of the business, the age of business and more. However, the only time an underwriter takes a particular interest in the policy holder’s age is when they are below 25. This is the case with all road related insurances including car insurance.

Statistics and research have shown that the age group under 25 has a higher propensity for rash driving and are at greater risk of getting involved in accidents and mishaps. Naturally, when the risk profile of a particular group or class of individuals is higher, so is the premium. Most insurers have a risk assessment policy that determines whether they will cover an individual. It varies from one underwriter to another. We have an arrangement with the top firms that do not reject applications based on age risk assessment and are therefore confident of providing the best under 25 insurance at the cheapest rates possible*

As someone below the age of 25, your insurance cover may not be the same as others. There may be some caveats to your policy, a higher premium or even both. It depends on the insurer and what they determine is the best course of action as per their internal guidelines. However, you can buy these covers or add-ons as part of traders insurance for under 25.

Just remember that traders insurance under 25 schemes usually are no different from most typical motor trade policies though they may have exceptions or different clauses and will most certainly come at a higher premium than usual.

Road Risk Policy – As a motor trader, you need road risk cover. Without it, you put your clients in danger by driving their vehicles on public roads. Thankfully, any under 25’s insurance policy you get will always have the necessary third party road risk cover. Though, the premium will be higher for you as you are a high risk individual. You can include fire, theft and even a comprehensive cover on your primary road risk policy for an additional premium if you want.

Combined Premises – Combined premises is a must have if you operate from a garage or commercial location. Some insurers may offer a combined premises cover that includes road risk albeit with restrictions or limitations on the cover. It varies from insurer to insurer. This kind of protection is unnecessary if you intend to operate from home. Road risk will suffice.

Additional Covers – You can always ask for extra covers and protection based on your exact needs. Every business is different, and we understand this rather well. We also understand that as someone who is considered as a high risk individual, it is hard to get the required covers to run a motor trade business with zero worries. We can give you additional covers such as employer liability, public liability, stock cover and much more but only after speaking with our partner insurers and underwriters.

Just remember that traders insurance under 25 schemes usually are no different from most typical motor trade policies though they may have exceptions or different clauses and will most certainly come at a higher premium than usual.

If you have held an excellent driving history free of infractions and accidents and if you have experience working with an individual or company in the motor trade business you can expect a reduction in premium.