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Motor Trade Insurance Guide Part Three – Cheap Doesn’t Always Mean Good

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In the insurance industry it can be all too easy to be beguiled by cheap premiums. Especially since the rise of price comparison websites. However, cheap does not mean necessarily good at all. T is very tempting to go for the cheapest option with insurance, as many of us think to ourselves “I have never made a claim; I only need the minimum level of cover.” While this may indeed be true of a lot of drivers, it unfortunately doesn’t mean that this will continue to be the case for you or your business.

money down the drain

Motor trade insurance is not like conventional personal insurance and cannot even really be compared. If you run a dealership and have insurance covering all of your fifty cars in stock, going cheap on your insurance could mean that all of your stock isn’t covered. Don’t fall into the trap thinking “Surely that’s standard cover!” Often this is not the case, and then you will surely kicking yourself that you didn’t fork out a few extra pounds for the right cover for you and your business.

Motor trade insurance is a complex insurance; there are many different types for all different types of businesses. When you get a quote it is imperative that the person you are dealing with has the while picture in terms of your company setup. Give them all the ins and outs such as number of staff, level of stock, tools on the premises etc. This is after a comprehensive business insurance where the assets are often in most cases extremely valuable.

car dealership

Shall I Shop Around The Next Year?

Many do this for all of their household insurances, it makes sense to in this day and age with rising costs of gas, electricity, food bills etc. Households want to save money where they can. The same goes for your business. In many ways this is even more crucial. Your circumstances can change greatly in a year; do you still have the same staff levels that you did a year ago? Have you expanded the amount of stock that you hold on your forecourt? Review it annually without fail to ensure you are getting the right cover at the right price. Here at The Insurance Factory we deal with select companies that specialise in motor trade insurance. If you speak with us on an annual basis we will guide you through the never-ending motor trade insurance maze to ensure you have what you need.


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