Whether you are selling cars, buying cars or fixing up cars, when you first set up your motor trade business the first major consideration you should make is to whether you can find strong motor trade insurance. Having effective and comprehensive insurance cover means that you are protected against any unfortunate outcomes that may occur if you are in the motor trade industry. It would be highly unwise not to protect yourself with motor trade insurance, as this can lead to expensive costs and even criminal convictions if appropriate insurance is not taken out.
When you start the proceedings of starting up your own motor trade business, you will first want to check if you are actually eligible for motor trade insurance. Eligibility for motor trade insurance can be dependent on many different factors including making sure you have had a UK drivers license for at least a year and your age can also be a determining factor. Also if you will be using your motor trade insurance to insure your own car, it is easier to get affordable motor trade insurance if you have built up an impressive no claims history. Although, some insurance companies will still grant you insurance if you have had claims, it may be slightly more expensive.
Another factor to consider, when setting up your motor trade insurance, is the safety of your business premises. This is particularly important for those setting up car repairs garages as they will house expensive tools and materials in the garage overnight. If you do not have comprehensive motor trade insurance that includes theft cover, then you will find yourself at a loss should any items be stolen from your business and have to pay for replacements yourself.
Motor trade insurance is a legal requirement for anyone setting up a garage that also includes MOT tests. If you are running an MOT test centre without the correct insurance then you would be breaking the law and faced with police action. Therefore it is highly important that you research the motor insurance legal requirements so your business would be fully protected against any convictions. A great way of making sure you are fully protected is to take out specialised motor trade insurance cover. Having a specialised policy means you can tailor the insurance to your company’s requirements, so whether you need it for your MOT test centre business or for selling and buying cars, you will be able to create your motor trade insurance policy to match.Previous Post Next Post