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Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.

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The Importance of Motor Trade Insurance for Automotive Businesses

 

When running an automotive company it might be tempting to spend all of your time and resources focusing on your customers. After all, they’re the reason you’re in business. But it could pay to take a step back from time to time and think about the risks your company might face. And you could ask yourself: are we properly insured? This is a question that could save you money in the long term, especially if you choose the right type of insurance.

What is Motor Trade Insurance?

Motor trade insurance is a special form of insurance designed for those companies in which staff do either or both of the following:

  • Drive the company’s vehicles;
  • Interact with or drive customers’ vehicles.

As you can see, it is well suited to the automotive industry and is used by businesses including:

  • Car wash and valet services;
  • Mechanics;
  • Breakdown and towing services;
  • Vehicle manufacturers;
  • Parking services;
  • Car dealerships.

Motor Trade Insurance: What to Look for

As motor trade insurance is a specialist product, it might help to choose an expert provider. This way, you will be able to enjoy features such as:

  • An audit to work out the level of insurance you need;
  • A competitive quote to save you money;
  • An insurance policy tailored to your business;
  • The option to spread the cost over monthly payments;
  • Insurance that covers your business domestically and internationally.

Another thing to look for, when it comes to motor trade insurance, is accreditation from trusted industry bodies. This will ensure that your insurance policy can be relied on to really protect your own fleet and the vehicles of your customers.

Motor Trade Insurance for New Vehicle Types

The world is changing, and driving is changing with it. What this means to businesses is that there are a host of new vehicle types out there, including hybrid, electric, connected and even autonomous cars. And if you take out motor trade insurance, you might need to ensure that you are covered for most or all of these vehicle types. This is where flexibility comes in, and the insurance provider you choose should be able to adapt to the latest developments.

On a final note, if you do decide to choose motor trade insurance, you might also want to ensure that your provider has plenty of experience. A well-established broker would be able to deliver all of the services listed above, ensuring that your business is covered and any vehicles you handle are taken care of.

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