Keeping your investments and daily operations safe is a top priority when you own a motor dealership. However, not all motor insurance packages provide the same level of coverage. Knowing what to look for when getting motor trade insurance is crucial whether you own a small garage, a car dealership, or a vehicle maintenance service. If you are having trouble finding the right coverage, then QuoteRadar can help you in this matter.

In this piece, we’ll examine the most important factors you need to take into account to choose the best policy for your circumstances. For more guides, visit quoteradar.co.uk.

The nature of the vehicle enterprise:

What kind of insurance you require depends heavily on the specifics of your motor-related business. Do you repair or sell vehicles, offer vehicle body services, or even provide valet parking? Each company faces its own set of hazards, and insurance coverage should reflect those specific dangers. The first thing you should do is figure out what sector of the market your company belongs in.

Extent of protection:

Third-party-only, third-party fire and theft, and comprehensive policies are all available in the motor trade insurance market. Comprehensive coverage protects both you and the other driver in the event of an accident, whereas Third Party Only pays for repairs to other people’s cars. Select the one that fits your company’s needs and tolerance for risk the best.

Location of business:

When calculating your insurance costs, your company’s location is a major factor. Your company’s insurance premiums could be more expensive if it is situated in a high-crime zone or a region prone to natural disasters. Conversely, insurance rates tend to be cheaper in places where danger is less likely to occur.

Quantity of cars and trucks:

One important consideration is the total number of cars you own or are responsible for. Motor trade insurance policies can vary greatly, with some covering a set number of vehicles and others covering an unlimited fleet. Make sure your insurance policy has enough coverage for the amount of vehicles you manage.

Types of vehicles:

The insurance needs of your business may change depending on the vehicles you use. Different types of vehicles require different levels of protection, thus your business’s requirements may vary depending on whether you deal with regular vehicles or high-end sports cars or trucks. Describe the specific car types you deal with while discussing your policy.

Additional drivers:

The amount of additional drivers you want to include in your policy is something to think about if your employees drive client vehicles or business cars. Consider this factor carefully because adding more drivers will increase your premiums.

Insurance for potential dangers on the road:

Businesses that need their staff to drive customer vehicles should invest in road risks coverage. As a result, drivers and passengers of these vehicles are covered in the event of an accident or other damage. If this is something that could affect your company, you should have it included in your policy.

Part-time or full-time:

Motor trade insurance packages are flexible enough to meet the needs of both permanent and seasonal enterprises. If you only do business on the side, you may be able to discover more cost-effective coverage that better suits your lower volume of activity.

Security measures:

Security is a major concern for the insurance industry. Theft, vandalism, and car damage can all be prevented by putting in place security measures on the premises. Safer security measures, such as gated parking lots, alarm systems, and video surveillance, can lead to reduced premiums for insurance.

Excess and deductibles:

You have agreed to pay the specified amounts, known as the excess and deductible, in the case of a claim. Insurance premiums can be reduced if you agree to bear more of the financial burden in the event of a claim by increasing your excess or deductible. When determining an appropriate level of excess or deductibles, you should keep both your financial situation and your comfort with risk in mind.

Customer vehicle protection:

Think about whether or not the customer vehicles you service or repair are covered by your motor trade insurance. It is crucial to safeguard your clients’ property while under your care, so check the specifics of your insurance policy and make sure it is included.