As younger drivers mature and manage to clock up several years (hopefully) of accident free motoring, they should expect to be rewarded in reduced premiums.
For those people requiring motor trade insurance, its important they get proper cover and specialist providers will be able to advise accordingly – but for those ‘none’ legitimate (none motor trade) drivers who are tempted to take up motor trade insurance in order to try to secure a cheaper price, buyer beware!
Many motor trade providers are now asking for trading invoices in order to verify authenticity when receiving an actual claim. There are many ways of checking legitimacy of claims and routing out fake documentation with drivers facing possible driving bans and points because they have been caught driving without the appropriate insurance.
It is perhaps rather surprising that despite the invention of airbags, seatbelts, antilock brakes and many other improvements to cars which are meant to keep us safe, traffic deaths aren’t really much lower than before such inventions emerged. By the very nature of such safety features, some drivers seem to develop a false sense of security in their vehicles and can as a result develop some poor driving habits. The sought after status of driving high performance vehicles, capable of great acceleration speed as well as attracting the attention of car thieves who steal to order, is also contributing to increased premiums for younger, less experienced drivers.
It’s easy to see then, why insurance premiums for younger drivers are increasing, compounded by the growing problem of drivers who are uninsured. It is estimated that about one out of every 20 motorists drives without cover, which costs every driver roughly an extra £30 a year. Uninsured drivers are five times more likely to be involved in road collisions, to fail to comply with other road traffic requirements, and to be engaged in other criminal activity, according the Motor Insurers’ Bureau (MIB). One in five uninsured drivers fails to stop at the scene of an accident they have been involved in. Motor Trader Insurance it is not designed for individuals who are struggling with getting affordable insurance cover for higher performance cars and Insurance providers have become wise to this.
To qualify for Motor Trader Insurance, drivers must have had a Full UK or European driving license for a minimum of 12 months and should be at least 24 years old.
Performance related restrictions typically apply to those below the age of 25 (this is when it is even possible to cover them – most insurers now only quote for over 25s!), limiting the engine size and use of turbos or high performance cars etc. based on age, with under 21s struggling to get above 2 ltr petrol; no turbos etc. Of course, essentially, the insured person must be a legitimate motor trade worker and be able to, if ever making a claim, provide evidence as such!