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- Cover for Road Risks
- Cover for All Types of Vehicles
- Cover for Your Premises
- Cover for Liability Claims
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Motor Trade Insurance for Under 25s
If you are under 25 years of age and run your own business in the motor trade then you might have found it difficult to source insurance at an affordable rate. Many mainstream insurers avoid offering quotes to those under the age of 25 because of the higher risks involved. Luckily there are specialist providers who will consider your case and can offer a policy at a reasonable price.
Below you will find out all the information you need to know about under 25s motor trade insurance, including the different types of cover that are available, FAQs and ways to save money on your cover.
Getting a motor trade insurance policy that’s affordable if you’re under 25 is very possible by getting quotes from specialist providers.
Types of Motor Trade Insurance Cover
- Third party - Third party insurance is a very affordable level of cover that will enable you to work on and drive customer vehicles legally. Third party cover will only provide protection for other risks if you or your staff are liable for an accident so this is worth bearing in mind.
- Comprehensive – Comprehensive insurance provides complete cover for all road risks for any cars your company is in possession of. This means if you or your staff were to be involved in a collision where you were at fault then the repairs would still be covered. Comprehensive cover also provides protection for fire and theft.
- Combined insurance – A combined policy is extremely useful in that it not only providers cover for road risks but also for your premises and any liability claims. A combined policy can also include cover for cash and tools.
- Public liability - When you work with the public on a daily basis, it’s very important that you protect yourself against liability claims. There are many scenarios that could lead to a liability claims being filed against your business and the consequences can be devastating if you don’t have the correct cover in place.
- Employers’ liability - Any motor trade business that employees staff of any kind must have employers’ liability insurance. If one of your employees were to be injured or killed on the job as a result of unsafe working conditions then you could easily end up facing a liability claim so this type of cover is essential.
- Legal expenses - You’re are also able to have legal expenses included in a motor trade insurance policy to cover both public liability and employers’ liability claims. The legal expenses associated with fighting a liability claim can be very costly so this is definitely a type of cover to consider.
- Breakdown assistance - You can get breakdown assistance included in a traders insurance policy too. This can be a very useful type of additional cover to have, particularly if your job involves a lot of driving. Most insurance providers will offer this option.
Who Qualifies for Under 25s Motor Trade Insurance?
In order to qualify for motor trade insurance for under 25s you should meet the following criteria –
- Be at least 23 years of age
- Hold a full UK Drivers Licence
- Be able to prove that you work in the motor trade
Getting under 25 motor trade insurance quotes is a very quick and easy process.
Benefits of Getting Motor Trade Insurance Online
Below are some of the key benefits that come with getting under 25 motor trade insurance online –
- Cover from specialist providers who take your unique circumstances into account – When you’re a young person it can feel like you’re unfairly grouped into the high risk category by insurance providers simply because of your age. When getting cover from a specialist provider however, they will take your circumstances into account and not just look at your age. Things like your experience, the type of business you run and the security of your vehicle/premises will all be considered when coming up with a fair price for your insurance.
- Highly tailored policies - Motor trade businesses can vary a lot and a policy that’s right for one type of business might not be right for yours. The good news is that amending the level of cover you want to take out is extremely easy when getting quotes online. This means you can be sure that you only get the level of cover that you need.
- Expert advice – If you’re starting your first motor trade business then you might be sure what type of policy is best for you. The insurance providers on the panel can offer you advice on the right type of policy so you can be sure that your business is properly protected.
- Easy claims process – If you need to make a claim on your policy then the process is very quick and simple.
- Flexible payment options - You can choose exactly how you want to pay for your policy, whether it’s monthly via direct debit or you’d rather pay for a year upfront annually. The latter option is a very good way to reduce the price you pay for your cover.
- Instant documentation - As soon as you have made the first payment for your policy your cover will be active and you’ll be sent your insurance documents immediately via email.
Way to Save Money on Under 25 Motor Trade Insurance
Below are some of the best ways to save money on under 25 motor traders insurance –
- Pay for your policy annually – Paying for young motor traders insurance annually requires you to make a significantly higher initial payment compared to paying monthly. Because of this many people are put off. However paying annually means that you’ll be able to make a significant saving on your cover with the majority of insurance providers.
- Hire the right staff – If you have people who work for you then insurance providers will consider things like their age, experience and character when coming up with a price for your policy. This being the case it’s wise to hire staff who you know are reliable and don’t have any convictions.
- Make your premises secure - You should also take any steps you can to make your premises more secure. This is particularly true if you have a combined policy that includes cover for your premises. Installing and alarm, CCTV and security lighting are all good ways to deter thieves and vandals.
- Increase excess - Excess is what you would pay towards a claim if you had to make one. It can be a risky way to save money on your cover since you would have to pay out more in the event of a claim. It’s up to you to decide if this risk is worth it to save on your monthly payments.
- Get quotes from many different providers - Getting motor trade insurance quotes is now easier than ever and always something you should take the time to do. Having quotes from different insurance providers gives you the ability to compare them easily and choose the one that’s best for your business.
Under 25 Motor Trade Insurance FAQ
Why does cover cost more for under 25s?
If you’re under the age of 25 then it might seems unfair that motor trade insurance costs more for you than somebody who’s older, particularly if you have a lot of experience and have never made any claims.
Unfortunately age is considered one of the big risk factors by insurance providers. Because younger people are typically involved in more accidents and make more claims, it means the cost of insurance is higher if you’re under 25.
How much will I have to pay for a policy?
There are many factors that affect how much a motor trade insurance policy costs. The main ones are –
- Your age - Age is always a big factor with insurance providers. This is why the majority of providers will not provide cover to people who are under the age of 22. The reason that younger people have to pay more for their cover is simply because insurance providers consider them a bigger risk due to being more likely to make a claim on the policy.
- The size of your business - The size of your business will also be considered. If you’re a young motor trader then you likely have a fairly modestly-sized business. This will be reflected in the cost of your policy.
- The type of business - The type of business you have will also be considered by insurance providers. Certain types of businesses pose more risk than others. The many risk factors associated with the type of business you run will be considered by insurance providers and you can expect this to be shown in the cost of your policy.
- The level of cover you get - The level of cover you get will certainly affect how much you pay too. If you’re self-employed and don’t have a premises or staff then you’ll likely pay considerably less than a business that has to take out additional types of cover for premises, liability claims etc.
- How secure your premises is – If you have a premises for your motor trade business then how secure it is will certainly play a role in what you pay for cover. For this reason you should always take any steps you can to secure your premises as mentioned above.
What is the minimum level of cover I need?
The minimum level of cover you need to operate your motor trade business legally is road risk insurance. Road risk insurance will provide cover for your own vehicles as well as enabling you and your staff to work on and drive customer vehicles.
If you have employees then you’ll also need to get employers’ liability insurance. If you have a premises too and don’t already have building insurance then you can get cover for it by taking out a combined motor trade insurance policy.
Can I still get cover if I have a conviction?
Yes. Although the cost of cover might be fairly high, you can take out a convicted drivers motor trade insurance policy. How much cover costs will be determined by the severity of your conviction amongst other things.
What if I only work in the motor trade part time?
If you don’t work in the motor trade full time then you can get a part time traders policy that will provide cover only for the period of time you need it.
Is it easy to get motor trade insurance?
Yes. Providing you’re eligible to take out a policy then it’s very easy to get motor trade insurance quotes. You can get quotes from specialist providers right now by clicking one of the green quote buttons on this page.
There are many ways you can keep the costs of an under 25 motor trade insurance down. Making your premises secure, hiring good staff and shopping around are all excellent ways to do this.
Get Motor Trade Insurance Under 25 Quotes from Specialist Providers Now
If you’d like to get quotes for under 25 motor trade insurance from a panel of specialist providers then simply click the green quote button below. After providing some information about yourself and your business, you’ll then have access to the quotes, which you can easily compare.