Car Broker Insurance

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Low cost car broker insurance policies

Designed for automobile traders selling new or used cars, car broker insurance is a type of motor trade insurance. It’s sometimes referred to as car dealership insurance and car trader insurance, but these terms typically refer to the same kind of insurance.

Businesses in the motor trade rely on car broker insurance to off-set some of the inherent risks they face in their industry. For most car traders, having the right level of insurance in place is absolutely vital. It provides protection against the unknown, enabling you to run your business with the confidence that even if something goes wrong, your business will have the financial support it needs.

Without the correct coverage, your business could face high costs to replace or repair stock or damage to your business premises. Your business may also be liable to meet expensive court fees and compensation pay-outs.

Finding the right insurance policies to cover these possibilities is essential, but it doesn’t need to be time-consuming. You can use Utility Saving Expert to find and compare the best value car broker insurance options.

Search through offers from trusted insurers and switch to a new insurance provider when you find the deal that best suits you. It’s quick and easy to use our online comparison service, which means it’s quick and easy to make smart choices for your business.

It costs you absolutely nothing to compare with and you will almost certainly save money for your business, making it a win-win trade-off for motor traders.

Is car broker insurance a legal requirement?

Other car broker insurance policies to consider

Insurance features to consider for your car broker bundle include:

  • Demonstration cover: Insurance that permits your customers to test-drive the vehicles you are trading as a car broker.
  • Trade plate cover: Cover if a car from your dealership using your trade plates is stolen or in a crash.
  • Business premises cover: Repairs to your business premises such as your showroom or stock yard are covered by this insurance.
  • Business interruption cover: If you have to close unexpectedly because of an event like a fire or flood on your premises, business interruption cover helps you with the loss of income.
  • Public liability insurance: Covering legal fees and compensation if a member of the public is injured on your business premises, such as slipping and hurting themselves in your showroom.
  • Insuring equipment, tools and stock: Covering the cost of all of your stock, machinery and tools, meaning insurers will pay for these to be replaced if they are damaged or stolen.

What is the cost of car broker insurance?

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Cut the cost of car broker insurance with Utility Saving Expert

To run a successful business, whether that’s within the motor trade industry or not, you need to consider your bottom line. Much like insurance coverage, smart financial choices can be a lifeline for businesses when they least expect it.

You should think carefully about the level of traders’ car insurance that your business needs. It’s important that you feel your car broker business is sufficiently covered, but you also want to be paying a price that is economically realistic.

To help lower the cost of car broker insurance, you can:

Value precisely: Accuracy is critical if you want to find the best quotes for insuring your car dealership. If you overestimate your stock, or the value of your premises or equipment, you could end up paying more for insurance than you should.

However, if you undervalue the worth, you might get caught short. If an unexpected event happens that means you need to claim on your insurance, you might find the amount you are insured for doesn’t cover your needs.

What’s more, if your insurance provider thinks you have been dishonest, they might invalidate your insurance altogether, which could have disastrous consequences.

Be as transparent as possible and give precise valuations to ensure your business has the best chance of good rates on your motor trade insurance.

Improve security measures: The safety and security of your business premises is important. If you leave your business vulnerable to the possibility of theft or vandalism, your dealership will appear to be a greater risk to insurers.

This means insurance firms will expect that your business has more chance of making a claim and they will protect themselves by increasing their quotes.

You’re likely to be given lower quotes if you make your business premises safer, for example by installing additional security features such as alarm systems and CCTV cameras to deter criminal activity.

Not only does this give you the practical benefit of less risk of a break-in, it also encourages insurance firms to offer you better deals.

Choose mature drivers: Most insurance provides will quote you above the odds for named drivers who are under 25, and some won’t insure young drivers whatsoever.

Statistics show that younger drivers who are not experienced behind the wheel are more likely to be involved in accidents, and your insurance provider will be well aware of this.

The best thing you can do is choose named drivers who are safe, experienced, over 25 years old and have clean driving licenses. By doing this, you show insurers that your drivers will be unlikely to cause an accident and your dealership would be unlikely to claim on insurance. In return, they’ll offer you better quotes.

Settle your insurance up-front: Paying for your premium in one lump sum is helpful for insurance providers because it reduces administrative load and removes the possibility that you might miss your payments.

This cuts the costs for your insurance firm, so they’ll reward you by offering a cheaper deal overall. As long as a single, annual payment is affordable, this makes good financial sense for your business.

Compare quotes: The best way to secure the cheapest car broker insurance deals is to compare prices and switch to another insurance policy using Utility Saving Expert.

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