Motor Trade insurance in Ireland, Who is selling the best deals?

What is Motor Trade Insurance?

Motor Trade Insurance is taken out by a person running a business that involves either cars, motorbikes and vans. Companies that normally purchase motor trade insurance include businesses that buy and sell cars, or repair and service car or vans, valeting companies, and garages. Like personal car insurance, motor trade policies can vary in what is covered;

1. Third Party Only Motor Trade Insurance

By law, at very least, a Third Party Only policy is required by a motor trader if the trader a) repairs, services or restores vehicles, b) is a vehicle fitter, mobile tuner, or valet c) runs an MOT centre or garage. d) sells and buys vehicles for profit e) drives his/her own vehicle or that of a customer on the public roadway, has any of those vehicles on the business premises or at the customer's or his/her home address.Any driver who is named on the policy is permitted to drive any vehicles in relation to the motor trade and are covered for damage to the other party's vehicle.

2. Third Party Fire and Theft Motor Trade Insurance

Third Party Fire and Theft covers a trader for all those things mentioned above in Third Party plus also included is cover for the loss or damage to vehicles that are under the motor trader's control or for fire and theft. Any third party injury, damage or claims are also covered.

3. Comprehensive Motor Trade Insurance

On top of the things mentioned in third party and third party, fire and theft motor trade insurance policies, comprehensive cover also includes accidental damage to any vehicles that the motor trader owns or has responsibility for.

4. Motor Trade Liability Insurance

This includes public liability, employer's liability and sales and service indemnity. With employer's liability the motor trader is indemnified in the event of any employees sustaining an injury. With public liability the motor trader is indemnified due to any injury caused to the public plus loss or damage of property. With sales & service Indemnity the motor trader is indemnified for injury or accidental damage to any property due to the buying or selling of new or used vehicles, the sale or supply of products connected with the motor trade and the alteration, maintenance, inspection, repair, testing, servicing or cleaning of vehicles.

5. Combined Motor Trade Insurance

Combines insurance covers premises, money, tools, vehicles, liabilities and contents. In addition the motor trader's whole business is protected and it also covers traders who operate their business from home and business premises.

Hopefully, you now have a better idea of what Motor Trade Insurance covers.

How to find best deals of Motor Trade Insurance in Ireland

It is so important to get the correct motor trade insurance policy. It can mean the difference and savings of hundreds or even thousands of Euro per annum. There are several motor trade insurance policies available but it’s up to the individual to find one that both fits the area trade you are involved with as well as within your company's budget. People searching for the correct policy should carry out much research before purchasing a particular motor trade insurance.

In modern times the majority of clients looking for a policy will try searching the internet. There are many online companies offering several different types motor trade insurance. For those people who are not familiar with the World Wide Web, many insurance brokers and businesses can be contacted by telephone. Some people feel more content when speaking to another person rather than the less personal means of the internet.

Regardless of which particular method you prefer it will be worthwhile doing thorough research and not purchasing the first motor trade insurance deal you may think suits the needs of your particular business.

The do's and dont's of motor trade insurance in Ireland

1. Make sure your insurance provider understands your business needs

Always look for a motor trade insurance provider that can offer policies designed specifically for the motor trade. Companies and brokers should ask informed questions about your business needs.

2. Be clear on what you need to protect

Whilst you may be in the business of buying and selling cars, MOT's, restoration or repairs there are a number of other considerations that must not be overlooked; your fixtures, fittings, contents, customers' vehicles, employee'. An experienced motor trade insurance should advise you on the level and type of cover you'll need to ensure that you leave nothing uninsured and at risk.

3. Don't buy on price alone.

Cheap motor trade insurance cover will be attractive when you're shopping around but be aware of what each policy excludes. You'll always be sold insurance based on price and the benefits a policy includes but it's much more important to know what it does not include. Always weigh up cost against how appropriate the policy is for your business. An experienced motor trade insurance broker should explain to you the pros and cons of each policy offered by them.

4. Regularly review your policy vs. your business needs

Whether your business has grown or whether you've chosen to downsize, your motor trade insurance may need to be changed .