Trade Plan Insurance
Motor Trade Road Risk Insurance FAQ's
How can I save money on my Motor Trade Road Risk Insurance?
Can my motor trade road risk policy cover me for imported vehicles?
Are there any reasons why I’d need to contact you after I’ve taken up my motor trade insurance policy?
Am I covered when I drive abroad?
Does the price include motor legal expenses cover?
When do I receive my Certificate of Motor Insurance?
Does my road risk policy cover me to drive any vehicle?
I’m under 25, can I still get a quote?
Do you offer flexible payments?
How do I cancel my policy?
How can I renew my policy?
Will you give me a low price now, only to increase it at my renewal date next year?
Many factors affect the cost of your motor trade road risk insurance. They include your occupation within the trade, where you live, your age, your driving record, claims history, the number of named drivers on the road risk insurance and their individual driving and claim records. The amount of cover in £’s you require per vehicle, types of vehicle you trade and number of years no claims bonus you have also affect your premium.
Ensure you’re the lowest risk possible
To reduce your motor trade road risk insurance premium you need to present the minimum possible risk to the insurance companies. Obviously some factors are out of your control, for example the insurance rating for your postcode and your occupation within the motor trade. However there are factors you can affect.They are as follows;
Set the right Indemnity Level;
Don’t over or under insure the maximum value of any one vehicle and the total value of all your vehicles.
If you set too high an indemnity amount you are over insuring yourself and effectively are giving money away to your insurance company. If you under insure and have to make a claim for a vehicle whose value exceeded the indemnity level you set, you will be out of pocket for the amount that the vehicle’s value exceeded your indemnity level. This could add up to thousands. So think carefully when setting your indemnity level. If you are unsure ask your broker for advice.
Drivers;
- Ensure drivers are over the age of 25
- Ensure drivers are claim and conviction free
- Only offer motor trade use for your employees
There are a couple of points that are worth considering that might save you money in the long term. Young drivers pay higher premiums as they are far more likely to be involved in accidents. If they are a named driver on a policy and they have an accident, the policy holder’s No Claims Bonus will be affected.
Keep your Vehicles Safe
Wherever possible at your home address park your vehicles off the street and in a drive or garage overnight. This makes it less likely that the vehicles will be damaged whilst parked, or worse still, stolen.
Select the Most Appropriate Excess Amount
An ‘excess’ is how much you have to pay towards a claim against your own insurance policy. The higher this excess, the less you’ll pay for the policy as some insurers will significantly reduce motor trade premiums if you set an excess of £500 or more.
However if you have an accident you will have to pay out more towards the claim. Though, if the claim is not your fault Plan Assist will act on your behalf to seek reimbursement of your policy excess.
Having a higher excess makes little odds to many people who tend to settle small claims themselves in order to avoid the loss of their no-claims bonus and increases in the future cost of their insurance.
Select the Most Appropriate Main Driver
The policy holder of a motor trade road risk insurance policy must be the proprietor of the business. Therefore it is not possible to have a proposer who presents a lower risk in order to reduce the road risk premium. If a claim occurs and the policy holder is proven to not be involved in the running of the motor trade business, the claim can be repudiated.
It is especially important that young drivers who are attempting to obtain cheaper road risk premiums take note of the above point.
Select the Most Appropriate Cover
Weigh up the cost between fully comprehensive, third party (fire and theft) and third party only cover on your road risk insurance. Does the potential cost of your vehicles repair outweigh the increased insurance premium for comprehensive cover? If you drive low value vehicles and one were to be stolen or involved in a fire, would the potential cost of replacing it outweigh the increased insurance premium for fire and theft cover?
Don’t assume Direct Insurers will be cheaper
Just because they are direct insurers doesn’t mean they will be cheaper than Trade Plan Insurance. At Trade Plan Insurance we deal with over 10 road risk insurers, including those that offer a direct service. With access to more policies than any other motor trade broker Trade Plan Insurance will find you the best cover at the lowest cost.
Shop Around
Fortunately Trade Plan Insurance will do the time consuming part for you. At Trade Plan Insurance we deal with over 10 road risk insurers. We’re able to find you the best cover at the lowest cost. It makes sense to deal with anmotor trade insurance specialist. Call 0870 066 6853 for your quick low cost motor trade road risk insurance quote.
Haggle with Trade Plan Insurance
The motor trade road risk insurance market is very competitive. Insurance companies want your business. If you’re with another broker we’ll be able to beat your renewal premium as we have good relationships with all the motor trade insurance companies.
If you’re not happy with your broker’s renewal premium or service give Trade Plan Insurancea call on 0870 066 6853.
The people that set the prices are intelligent, as a motor trade road risk insurance specialist we can often negotiate improved rates for your motor trade insurance.
Introductory Discounts
If you have been driving a company car claim free but don’t have No Claims Bonus in your own name we have special deals for you. Insurance underwriters will allow ‘introductory discounts’ equivalent to No Claims Bonus where a letter is provided from your previous or existing company confirming claim free driving.
So if your current rate isn’t as low as you hoped make sure you give Trade Plan Insurance a call on 0870 066 6853!
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Trade Plan Insurance are experts at providing insurance for imported vehicles. Finding the best price on imported vehicles requires specialist knowledge. To avoid any confusion we suggest you call Trade Plan Insurance on 0870 066 6853 to speak to one of our expert staff.
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You must tell us as soon as possible if any of the following occur:
- you take possession of a high performance or high value vehicle which was not previously advised on your motor trade policy.
- you want to use a vehicle for a purpose not included in your schedule
- you become aware of any medical condition of any driver named on the policy which may affect their ability to drive
- you or any other driver named on the policy are convicted of a motoring offence other than fixed-penalty parking offences
- you change the address where you live or trade from if different from your home address
- you or any other driver named on the policy change their occupation
- you are involved in a motor accident.
We will then inform your insurers who will re-assess your cover. An additional premium, and likewise a return premium may be incurred as a result of notification of these changes. Failure to notify your insurers of any changes may invalidate your insurance, and leave you uninsured. We may charge you an administration fee for any changes you make to your policy details during the period of cover. This is shown in your policy schedule.
Please call Trade Plan Insurance on 0870 066 6853 to inform us of any changes to your policy.
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Most policies will at least include up to 30 days third party cover for driving within EU countries. However all insurance policies are different. It is essential you check your policy documentation to learn whether the cover you require is included as standard by your policy.
If you require full cover as per your policy you will be required to pay a small additional premium dependent on the length of stay and the vehicle being driven.
If you are unsure please contact Trade Plan Insurance on 0870 066 6853 and one of our experienced staff will be able to advise you.
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Plan Assistprovides a Full Accident Management Service to our clients. Your Accident Management Service is included Free with your Trade Plan Insurance policy. Plan Assist' Free Legal Expenses Cover provides insurance in respect of solicitors' fees to assist you in recovering any uninsured losses in connection with a claim (eg, your excess or damages for personal injury). Please see Plan Assist to find out about the full range of benefits this service provides.
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Your Certificate of Motor Insurance is issued by your insurance company. Once we are in receipt of the necessary payment and documentation we will post it out to your contact address by first class mail.
In the mean time you will be sent a valid insurance cover note. This cover note acts as evidence of your valid motor trade road risk insurance.
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A common mistake made by motor traders is the thought that they can drive any vehicle no matter what type or no matter who owns the vehicle.
All motor trade road risk insurance policies allow the proposer and named drivers to drive any vehicle registered to or owned by the policy holder, and any vehicle in the custody or control of the policy holder’s business in connection with the motor trade. Friends and family member’s vehicles are not covered unless evidence can be provided that they are in your possession for the purpose of your motor trade business.
Your employees will only be covered for motor trade use on your vehicles unless otherwise stated.
Vehicles registered to the policy holders spouse can be covered if needed but only on referral to the insurance company with full vehicle details.
Under no circumstances can a vehicle registered to or owned by an employee or named driver on the policy be covered under your motor trade road risk insurance policy.
All motor trade road risk insurance policies have limitations to the gross vehicle weight that they will cover you to deal with. Most basic policies will cover up to 7.5 tonnes. However with our extensive panel of insurers we can offer cover up to a maximum of 44 tonnes if required.
It is essential that you check your motor trade road risk insurancee policy documentation if you are unsure whether you are insured to drive a vehicle. Please call Trade Plan Insurance on 0870 066 6853 to confirm cover
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From the age of 18 plus, if you have held a full U.K. license for over 12months we can provide a quotation. However policies are usually very restrictive and costs are prohibitive up until the age of 21. After this age policy restrictions are reduced and prices are much lower.
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Plan Finance offers you numerous easy payment options at low rates. You can choose to pay your motor trade insurance premium in one lump sum or, if you prefer, for a small additional charge, the cost of your motor trade road risk insurance can be spread over the year by paying in instalments by direct debit. For more details of our direct debit scheme please visit Plan Finance.
We accept the following credit and debit cards;
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If you're not satisfied with the cover provided by your motor trade road risk insurance policy, you have 14 days to cancel. If you decide to cancel, you must return your Certificate of Motor Trade Insurance to Trade Plan Insurance at 1 Purley High Street, Purley, Surrey, CR8 2AF.
As long as no incidents have arisen which could result in a claim under your policy, we will refund the part of the premium you have not yet used, less an administration fee to take account of our costs in providing your policy. The fees will be detailed in your Schedule.
If you don't exercise your right to cancel during the 14 day period, your policy will continue as normal. If you decide to cancel after this 14 day period, you must return your Certificate of Motor Trade Insurance to us. The policy will be cancelled from the date the returned certificate is received. As long as no incidents have arisen which could result in a claim under your policy, we will refund the part of the premium you have not yet used, less an administration fee to take account of our costs in providing your policy. The fees will be detailed in your Schedule.
Cancelling your direct debit does not mean that you have cancelled your motor trade insurance policy. We'll cancel your policy from the date we receive your Motor Trade Insurance Certificate. If you have lost your Motor Trade Insurance Certificate we'll ask you to complete a Lost Certificate Declaration and your cancellation will not take effect until the date we receive your Certificate of Motor Insurance or Lost Certificate Declaration.
If the amount due when you cancel your policy is more than the amount you have paid, you must pay us the difference. If a claim has been made, we'll cancel your cover but not refund any premium. If you are paying by installments, you must still pay us the balance of the full annual premium.
We also have a right to cancel your policy at any time by giving you seven days' notice in writing. We'll send our letter to the latest address we have for you. If we do cancel your motor trade policy, we'll refund the part of your premium you haven't yet used. If you or we cancel your motor insurance at any time, we'll automatically cancel any motoring legal protection or breakdown assistance cover purchased with it.
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Around 3 weeks before your policy expires, we'll send you a renewal notice by post which will show details of what your new premium will be and how you may renew.
We will have re-quoted your policy with our extensive list of insurers to make sure the price we’re offering is the most competitive on the market.
If needs be, we'll provide you with details of have you go about saving money by changing insurers.
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45 years is how far back our book of business goes. Once people have found Trade Plan Insurance, they tend to stay with us.
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