If you’re a young motor trader and worried you can’t get motor trade insurance cover then don’t despair.We work with specialist providers of young motor traders insurance who can find you a policy at a price you can afford - just click the green button to get started now.
- All Types of Cover Available
- Employers/Public Liability Insurance
- Cover for Road Risks and Premises
- Breakdown Assistance
- Flexible Payment methods
- Full Documentation Available Instantly
Insurance for Young Motor Traders Explained
Those who are under the age of 25 who want to get started in the motor trade often worry that they won’t be able to find traders insurance at an affordable rate. Whilst it’s true that younger traders typically pay more, it doesn’t mean you can’t get cover that allows you to operate your business with full peace of mind.
There are many specialist providers of motor trade insurance for young traders who help those who are under the age of 25 to get started in the trade in the best way possible.
You can save money on young motor traders insurance by getting quotes from a lot of different providers.
What Type of Young Motor Traders Insurance Cover Should I Get?
Below are some of the main types of cover available with a motor trade insurance policy –
- Third party - Third party insurance provides minimal protection but enables you to run your business legally and drive/work on customer vehicles. You can get more protection added to a third party policy by adding fire and theft to it.
- Comprehensive - Comprehensive cover will protect you for all types of collisions, even those you’re liable for. You’ll also be covered for theft to vehicles and fire damage.
- Public liability - It’s easy to underestimate the risk of liability claims but it’s very foolish to do this since they can easily put you out of business if they go against you. You can also get cover for employee claims as well as legal expenses.
- Breakdown recovery - Breakdown recovery can be added to your policy and will ensure that should you break down while driving a customer vehicle, you’ll be covered.
- Combined policies - A combined policy is suitable when you also have a premises and want to protect it as well as tools, cash and stock. This isn’t always needed for young traders but the option is there if you require it.
Are There Any Minimum Requirements for Traders Insurance?
In order to qualify for motor trade insurance you need to be at least 21 years of age and hold a full UK drivers licence. Proof of profession is required by some motor trade insurance providers but this isn’t always the case.
You’re able to get cover for all aspects of your business by getting a combined motor trade insurance policy.
What Are The Best Ways to Keep Motor Trade Insurance Costs Down?
- Limit insurance options - If you’re a younger trader under the age of 25 then it’s usually advisable to limit your insurance options when you went to keep the cost of your insurance down.You can save money on a trader insurance under 25 policy by getting basic third party road risk insurance.
- Increase excess - You can also increase the excess you’d pay in the event of a claim to cut down the cost of your premium. This is a little risky since you would have to pay more in the event of a claim but it can be a good way to cut down monthly costs.
- Pay upfront - Paying annually rather than monthly will enable you to negotiate a lower price with most insurance providers. Making a bigger down payment is the downside to this method.
- Get multiple quotes - Getting quotes from different providers will allow you to easily compare them and pick the best one. Thankfully getting quotes for young motor traders insurance is now easier than ever.
What are The Benefits of Getting Young Motor Traders Insurance Online?
Some of the main benefits of getting young motor traders insurance online are –
- Save time - One of the big benefits of getting young motor traders insurance online is that you save a lot of time compared to calling insurance providers individually.
- Save money - Being able to get quotes quickly and easily means that you could also save a good deal of money. Prices can vary quite a lot from one insurance provider to the next so it’s always a big bonus to have a lot of quotes to compare.
- Highly tailored policies - When getting cover online, it’s very easy to add and remove cover options - usually as simple as checking or unchecking a box. This means you can get a policy that’s perfectly suited to the needs of your business.
- Flexible payment methods - You can choose to pay for your policy either by direct debit via credit/debit card; or by making a down payment for the entire year. Doing the latter can help you make a good saving with a lot of providers.
- Instant documentation - As soon as you make the first payment on your policy you’ll be covered and sent your documents immediately via email and post.
You can tailor your policy to the exact needs of your business very easily when getting quotes online.
Young Motor Traders Insurance FAQ
Will I have to pay more for cover because I’m young?
The simple answer to this question is yes. All things being equal, you will pay for a policy than someone who is over 30. Age is one of the main factors that insurance providers take into account when coming up with the cost of a young motor traders insurance policy. Younger people are considered higher risk and more likely to make a claim.
This is why motor trade insurance under 25 is more expensive than a standard motor trade insurance policy.
Is there a minimum age limit?
Although you can get traders insurance for under 25s, most insurance providers will not offer a policy to anyone who’s under the age of 21.
How much will my policy cost?
The cost of a young motor traders insurance policy will vary, depending on a few important factors. The main ones that affect the price of your insurance are –
- The type of business you have - Certain types of businesses in the motor trade are considered higher risk than others. Therefore insurance providers will look at the type of business you have and come up with a price based on the unique risk factors.
- How many employees you have - If you have employees then this is another thing that will be taken into account by insurance providers. They will look at how many employees you have as well as who they are (their age, experience, character etc.) to come up with a price.
- How secure your premises is - The security of your premises is another important factor when it comes to price. Having a secure premises will reduce the likelihood of it being targeted by thieves and vandals and therefore reduce the cost of your insurance. Taking steps such as having an alarm, security lightning and CCTV installed are recommended.
- The area your business is located - The area your business is located in will have an impact on cost too. Businesses in high-crime areas will usually have to pay more. It’s especially important to take security measures if your business is in an area known for crime.
- The type of cover you get - The level of cover you get is a big factor also. Certain types of businesses require less cover than others. For example if you have a premises and plenty of employees then you’re going to need more cover than a mobile mechanic who works on their own from their van.
What types of cover do I need to get?
The minimum level of cover you’ll need to operate your business legally is road risk insurance. Road risk insurance will enable you to work on/transport customer vehicles as needed. You can choose form third party only; third party, fire and theft; or fully comprehensive road risk cover.
If you have employees then you’ll also need to get employers’ liability insurance.
Get Motor Trade Insurance Quotes The Easy Way
You can get traders policy under 25 insurance quotes now by simply clicking the green button. The quotes are provided by specialist providers who are used to working with traders of all ages. All you have to do is choose the policy that’s right for you.