Things to Look For in Motor Trade Insurance
Before you make an application for motor trade insurance, you need to be sure about the things that you are looking for. Normally you will need guidance on the entry criteria for that provider. It is also important that you get a provider that is known for settling claims early. You do not really want to spend 6 months trying to satisfy their overzealous investigator. The broker that you are using will try to get you the lowest possible premiums. When the time comes up for renewal you should take this as an indicator that you need to start shopping around for a cheaper provider. Things change over the year and you need to ensure that the deal is still as good as when you first found it. Before jumping into bed with the new provider you need to ensure that they are actually providing you with comprehensive cover. Far too often a cheap deal ends up being really cheap in terms of the coverage!
How to negotiate the motor trade insurance industry
The market for motor trade insurance is quite competitive. That means that the ball is in your court. However there are also certain monopolistic practices that can develop if you live in a jurisdiction where cover is compulsory. The internet has opened up the market so that you can browse hundreds of offers within a matter of seconds. If you have a personal computer then this can take you off your normal surfing for a few minutes. They are worth every cent and second that you spend. You should compare prices even if it means visiting the local internet caf?Ã¯Â¿Â½.
You have to learn to bargain with the current quotes that you have. Challenge the provider to beat the price that you are proposing. If they cannot beat it then you know that you can find a better deal. In most cases they will want to retain your custom and will consequently give you a much better deal than the one you originally had. The coverage on the policy is much more important than the costs of the premium. You need to look at all the exclusions that are in place. For example you might need to tell them if you are not working in official premises. Mobile garages need to ascertain their position under the motor trade insurance policy.
Exercise caution with your motor trade insurance policy
There are risks involved when you are getting a premium. First of all you might find that the coverage offered is less than you need. It will be very unfortunate if you only discover the reality of this fact when you try to make a claim. There is no going back if you lack coverage. The provider will simply wash their hands off you. Therefore you need to ensure that right from the beginning you are fully covered under the policy. If you have a lawyer they can help you to read the terms of the agreement.
The broker may be your representative but you should not lose sight of your responsibilities as a customer. Make sure that you are happy with all the conditions or the restrictions that are placed. This policy is not meant for drivers that cannot find coverage for high performance vehicles. In fact the insurance companies are catching up with this trick. They will ask for evidence that the vehicle has been bought and sold to ensure that they are not taking on unmitigated risks. You need to be honest about any factors that are relevant to the coverage. It might be the thing that helps you to avoid prosecution.