Did you know you can add your significant other onto your Motor Trade Insurance policy? Did you also know that they can be added on for relatively low cost?

You can add your spouse onto your policy with most good insurance companies nowadays with very little fuss – and it can cost as little as 5% of your total premium! More good news is that you don’t even have to be married – most companies will now consider a common law wife/husband in the same way. So, as long as you co-habit you can add them on!

Let me give you an example of where you can save:

EG: You move into a house with your girlfriend/wife. You are paying insurance on two cars on two separate policies (approximately £450 on each one) as you both need to commute to work. You are a self employed motor trader who valets cars & vans. One of the cars is registered to you and one to your girlfriend/wife.

You take out a trade policy for £520(this is an estimate, generally a trade policy can be as cheap, if not cheaper than a private car policy anyway!). Why not add her on as well? You could then cancel her insurance policy and put her car onto yours. This will save you one set of insurance premiums. She will even be able to commute to work covered by your insurance. Your partner would not even lose her no claims bonus as you can cancel a policy and keep the important discount for up to 2 years without using it.

So, as long as you are a motor trader you can benefit from the fact that you can add multiple vehicles onto your policy for free. (Please be aware that the benefits stated in this article can be attributed to a spouse, whether common law or not, only. Other family members/friends/employees may be subject to different terms and conditions)

The ability to add your partner on to your Motor Trade Insurance policy is an often over looked benefit of working in the trade. Call us today and see how much you can save!

Think Insurance – Quality, Service and Price

As a Motor Trade Insurance Intermediary we like to think we can help in your search of sales. Below are some tips we hope may help.

Pre-Sale Preparation

Take time to make sure that everything is in place before the potential buyer turns up. Ask the purchaser before he arrives to bring his licence and proof of insurance (if not covered on your policy) so he can take a test drive. Ask someone to be with you when they turn up for peace of mind and added safety. Make sure that the vehicle has been cleaned, inside and out to a high standard. Make sure that any problems with the vehicle have been sorted or repaired. There’s nothing more embarrassing than a buyer pointing out obvious problems you’ve missed!

Buyer Arrives

Allow the buyer to have a good look around your vehicle. Do not interfere too much or the buyer may think you have something to hide. Let them carry out a check – whether by themselves, a friend, or a hired professional – this all helps to build their confidence for the sale. Answer any questions they might have honestly and professionally. Remain pleasant and polite even if you think they’re not interested – some people are just born miserable – it doesn’t mean they won’t buy your car!

Test Drive

Check they’re covered by their own or your insurance before you let them drive. Always accompany them on the test drive and take a friend if you feel it necessary. Always keep the keys on you when getting out of the car or swapping seats. Potential purchasers may drive your vehicle harder than you would like and this happens quite often – don’t be afraid to ask them to slow down if they are putting your vehicle, or the passengers, at risk.

The Deal

Be prepared to haggle! This is usual so don’t take the hump when confronted with it. Have a minimum figure in your mind and remind yourself of it during the negotiations. Don’t be rude if you decline an offer – leave the door open for the buyer to make an increased offer. Don’t be too rigid on your price – is it worth losing a sale for £25 if you have to readvertise the car? If you reach a stalemate don’t be afraid to throw in a sweetener – this could be a tank of fuel, a warranty or tax.

Remember – preparation is the key – preparation of the vehicle; preparation of your advert; and preparation of your sales technique. Finally – Good Luck!

Think Motor Trade Insurance – Think Insurance

A familiar theme amongst brokers (not Think Insurance of course!) this year seems to be a rise in Motor Trade Insurance premiums. Why you may well ask? Well, there are several reasons and hopefully the details below may shed some light on them for you.

The simple truth is a lot of insurance companies have been making losses for the last couple of years. Several insurance companies have pulled out, are selectively pulling out, or are raising their premiums across the spectrum. An example of this is HSBC, with whom a lot of you were/are insured with. They pulled out last year leaving a giant hole, and many brokers the headache of placing this type of trade business this year for prices similar to last year – no easy task when HSBC were one of the cheapest insurers in the land!

Other insurance companies blame the rise in premiums on personal injury claims and fraud.This is not only true for your policies, but for the general public aswell. The AA states that the average comprehensive car cover rose a whopping 18 per cent in 2009 alone – with more rises in 2010 expected!

It seems a claims culture is becoming “embedded” in the British motorists psyche and that insurance company payouts will not fall in the not too distant future. Aggressive claims management companies and personal injury specialists have also come under the spotlight accused of helping to promote this phenomenon.

And lets not forget a rising approximate bill of £2 billion a year for fraudulent motor claims!

These reasons, along with a snowy winter and the conclusion that price comparison sites have artificially kept the market low for insurance companies, means only one thing – price hikes for Jo Public.

Your insurance is a sizeable, yearly expense which most of us begrudgingly pay, but now it seems you may have to try that little bit harder to tread water on price.

Contacting a good broker, who can help to identify where you can/should save money, can definitely help to keep your rate down - but whichever way you look at it prices are likely to rise, at least for some, this year for Motor Trade Insurance.

This year the motto is – “Shop round and save money!”

Think Insurance – Quality, Service and Price

Motor trade insurance can be a minefield if you don’t know what you’re buying, with even experienced purchasers falling foul of shoddy commission based salesmen. We’re going to list 5 great tips that can help you avoid any problems, and even get more cover for less.

1)     Split Indemnity – What is split indemnity? This is where you can get more cover for the same cost! If you are a mechanic, a valeter, or anyone that needs to be able to drive customer’s cars, this can save you money. Split indemnity means that you can get say £10k worth of cover for yourself and your own vehicles, while getting £20k of cover on customer’s – for the same price! Insurance companies happily do this all day long and for the same price as giving £10k for yours and £10k for customer’s vehicles alike. Just ask your broker!

2)     Demonstration Cover – Do you really need it? Does a valeter or a mechanic really need this option? Even salesmen may not really need it. Whilst some companies will give it for free, most will charge.

3)     Pay in One – We all like to spread the cost of purchases, but be aware that insurance companies can charge up to 20% interest on instalments! Can you pay it off and save?

4)     Ask for a discount – If you refer your friends and colleagues to a broker ask for a referral fee! They may offer to discount your renewal or give you future credits!

5)     Excess – a larger excess can bring down your price – perfect for those who wouldn’t claim for small things!

I hope these tips can save you time and money! Remember – Motor Trade Insurance can be complicated – if in doubt always ask your broker to get you the policy you need. A good broker gives his advice for free and is happy to help.

Think Insurance – Quality, Service and Price