As a motor trade insurance policy holder you probably are aware of your cover wording. We have prepared below some definitions that may help you:

Road Risk Cover – Indemnity for damage or loss to any insured vehicle whilst being used on the public highway, temporarily parked during the course of a journey or parked at the home address of the insured.

Third Party, Fire and Theft – Loss by fire or theft of vehicles in the possession of the insured up to a maximum amount as declared and accepted by the underwriters. Trade value will apply to own vehicles. Excluding any loss whilst kept on or adjacent to any Trade Premises unless specifically covered on the policy – i.e stock of vehicles cover.

Accidental Damage – As per Third Party, Fire and Theft but including damage  to vehicles in your possession – to include accidental damage, vandalism, and malicious damage.

Demonstration Cover – Cover extends the policy to allow the prospective purchaser of an Insured vehicle to drive such vehicle before deciding on purchase. The person must hold the relevant full UK driving licence and be accompanied at all times.

MID – Because of the 4th EU Motor Insurance Directive the policyholder is obliged to provide the Motor Insurance Database (MID) with the registration numbers of vehicles that are owned by or in his/her custody or control for motor trade purposes and will be driven, used or parked on a road or public place. However, the policyholder is not required to provide details of customers vehicles in his or her custody or control for repair or servicing etc.

Split Indemnity – The ability to split the amount of cover given between your own and the client’s vehicles. Ie you could cover £10k for your own vehicles and £20k for customers resulting in a price saving

Carriage of Vehicles – Generally comprehensive cover, for vehicles in your possession on the back of a recovery vehicle.

Think Insurance specialises in Motor Trade Insurance.

Think Insurance can provide you with a cheap insurance quote today, whether you are looking for a motor trade, home, taxi or commercial insurance policy, leave your details and we will contact you.

The majority of people who have got a regular car insurance policy will be aware of the fact that by building up a solid few years of no claims bonus you should receive a lower premium for your cover. There will be a proportion of people who work in the motor industry though that do not realise that they can also get a discount on their motor trade insurance policy as well with their no claims bonus. The reduced rates will work out just like a private policy in the majority of cases but we have given a brief outline of some of the main areas below.

For anyone who is only moving to a traders policy now, they may be able to use any no claims bonus that has been accrued on their own individual private vehicle cover. Using your personal no claims policy for trade cover should not mean that your private cover is affected in any way so it can be extremely worthwhile looking into. You will usually find that you can get a bonus of up to five years no claims – although you will need to check with the specific insurer. If you do have the maximum amount of five years then you may find that you can get a massive reduction in the overall cost of the premium with discounts of up to 75% a possibility!

When you take out a traders policy you may still get the same protection for your no claims bonus as you can for your private cover. You should take note though that if you were to end up making a claim on your cover and then decided that you wanted to chance to a different provider, the new company may not necessarily acknowledge the previous protection that you had. Deciding not to protect your no claims will mean that if you do end up making a claim with your insurer, your bonus will either be reduced by a year or two (down to 2 or 3yrs) or, even worse, it could be rescinded altogether.

Whenever you are looking to take out a motor trade insurance policy, you should look into whether or not you are eligible to receive a no claims discount. Even if you have only built up your bonus on your own personal vehicle cover you will still usually be able to get a good reduction on the price of your premium so you should look into this before diving in.

Think Insurance can provide you with a cheap insurance quote today, whether you are looking for a motor trade, home, taxi or commercial insurance policy, leave your details and we will contact you.

Caution for Motor Traders Insurance holders

Clocking the mileage on a vehicle has always been a worry to anyone looking to purchase a second hand vehicle.  However, you may be surprised to learn that altering the mileage on a vehicle is not actually illegal.  Selling a vehicle and not informing the purchaser that the mileage has been altered is the actual crime – which can result in the seller being convicted for fraud.

BBC Radio 5′s Investigates show, revealed that out of 10 secretly recorded calls to 10 internet based mileage correction companies, six were prepared to reduce the mileage/clock the vehicle, even when knowing that this was being done to mislead a potential purchaser.

BBC also revealed that the recorded mileages on MOT certificates on over 600,000 vehicles, currently on our roads in Britain had decreased.  Motorcycle mileages had also decreased on over 26,000 bikes and again on over 19,000 commercial vehicles

As a leading Motor Trade Insurance Broker, Think Insurance, believes that the culture of clocking vehicles needs to be looked at as a bigger picture – it not only misleads potential purchasers but also increases the payment of insurance claims fraudulently – thus ending up costing you more on your insurance premiums!

Philip Swift of Claims Management & Adjusting Ltd – a company that deals with claims on behalf of some insurers said:”We are seeing lots of claims where the mileage today is lower than the recorded mileage 12 months ago, this can significantly reduce the value of a vehicle’

The answer? The only real possibility may lie with newer technology – this however will come at a price.

Think Insurance is a leading Motor Trade Insurance Broker in the UK. For more information on this article or to compare Motor Trade Insurance quotations please call Think Insurance on 0844 573 2850.

Think Insurance can offer tailored Motor Trade Insurance policies for people in this area of business.

Forecourt fuel prices are at an all time high and are continually rising. Whether or not prices will stabilise is hard to judge and in the meantime it may be adviseable to try and reduce your fuel outgoings. That leaves an opportunity for people in the trade to make a decent living from this desire to save money.

Liquid Petroleum Gas (LPG) conversions are becoming more prominent on our roads as LPG is significantly cheaper per litre than unleaded or diesel – the price per litre can be found to be half that of petrol or diesel.

Whilst this is true, there are some issues about converting to LPG. The public may be wary of carrying LPG, believing it to be more hazardous to have in the vehicle – a misconception. LPG prices have been steadily increasing over the last few years as demand for the product has increased so others may believe that it is not economical anymore to convert. Also, there can be an issue with availability of stations to purchase the fuel.

However, most petrol engines are suitable for an LPG conversion which means that you can enjoy the cost and environmental benefits – LPG emits a lot less carbon dioxide than Petrol. The vast majority of vehicles will be converted into dual fuel meaning they can run on both LPG and petrol, and as such have two independent fuel systems & tanks. This means that you shouldn’t be able to run dry when out and about!

So, if you find this interesting maybe you could have a conversion business? When you do don’t forget to give us a call for your Motor Trader Insurance policy.

LPG conversions should only be undertaken by an LPGA Approved Conversion Specialist.

Think Insurance can provide you with a cheap insurance quote today, whether you are looking for a motor trade, home, taxi or commercial insurance policy, leave your details and we will contact you.