Will I be able to get insurance at a reasonable rate?
Yes. It’s understandable if you’re a young person and think that motor trade insurance won’t be affordable for you but this isn’t the case. There are specialist providers of motor trade insurance for under 25s who will provide you with a quote at a reasonable rate.
What are the requirements for getting a traders insurance policy?
If you’re looking for a young motor traders insurance policy then you will have to meet certain minimum requirements. These are –
- You must be at least 21 years old
- You must have a full UK drivers licence
- You must be able to show that you work in the motor trade
What types of cover can I get?
Motor trade policies are typically highly tailored so you can choose the exact level of cover that you want. Some common types of cover include –
- Road risks
- Public liability cover
- Legal expenses
Will I need to have a premises?
No. Although many motor trade business owners do have their own premises, it’s not a requirement to get cover. For example if you work as a mobile mechanic then you can get a mobile mechanics motor trade insurance policy that covers you for working on customer vehicles and to cover your tools too.
Do I need to work full time to get cover?
No. If you work part-time in the motor trade then you can get a part-time motor trade policy that will provide cover only when you need it.
Can I get cover for my premises too?
Yes. There is a type of cover called combined motor trade insurance that enables you to get cover for every aspect of your business. This means you can get cover for road risks as well as your premises, tools, stock and cash. This is very useful when you want to get everything covered under one policy.
What factors affect the cost of traders insurance?
There are multiple factors that affect the cost of motor trade insurance. These include –
- Your age
- Your claims history
- Your industry
- The security of your premises
- Your employees (if you have them)