There are some insurance brokers that specialize in providing insurance for those people in the motor trade business. They will be able to find complete motor trader insurance that is best suited to your particular aspect of the trade and find the one which is also cheapest. A broker is an independent worker which means they are free from having to deal with only one insurance company like an insurance agent is. An agent is employed by one company and so the agent’s loyalty lies with that company whereas a broker, having no such loyalty, is required by law, in the UK at least, to show loyalty to their client above all else. This means that a broker can look at all the policies offered by all the insurance companies to ensure that they get the one that suits your needs the best and at a price which is reasonable. If you are in any aspect of the motor trade you will of course want to have appropriate insurance as that shows you to be professional and have real concerns for your customer’s interests.
Motor trade insurance is an insurance policy that covers any damage you may accidentally do to a customer’s car, perhaps whilst parking it if you are a valet or perhaps whilst test driving it as a mechanic. This ensures that the customer’s insurance company does not get involved and is especially important if that customer only has third party insurance. Anyone that owns a car is required by law to have a minimum of Third Party Insurance on that car, before it can be driven on public roads but Third Party Insurance does not cover any damages to that car, only to any third parties that may be injured or killed by the car or damages to property that may be caused by that car. Third Party Fire and Theft is very similar but that also covers any fire or theft to the vehicle. Comprehensive insurance will pay for damages to the car but often they are subject to certain criteria and even if they do cover the damage, the car owner’s policy payments may go up as a result of those repairs. It is possible therefore that potential customers for you, may ask if you have insurance and what type of insurance you have, before asking you to work for them.
Motor trade insurance though, is not a one fits all policy and there are many different policies offered by many different companies and as usual with any insurance policy, there is a lot of small print. A broker of course, will be familiar with all the small print that insurance companies like to use and especially if they specialize in motor trade insurance, will fully understand the differences between each of the policies regardless of which company is offering it. It is this experience and knowledge which can make all the difference between how much businesses pay for their motor trade policy.