Category Archives: Auto Insurance

Finding A Cheap Fleet Insurance Package For Your Business

Having the right fleet insurance cover is crucial for big organisations that maintain a big fleet of vehicles, such as a taxi business. However, finding a cheap fleet insurance cover that will address all your needs and preferences can be a bit tricky. If this is your first time to purchase fleet insurance, then it is imperative that you carefully check each of the available options to make sure that you do not spend more money than necessary in getting the right insurance.

The internet offers a massive amount of information that you can use to find a reliable insurance company to work with. However, the sheer volume of data as well as the complexity of the insurance buying process can be quite daunting. Although many people would prefer to do the research on their own, others would opt to get help and use the services of specialist brokers to assist them in finding the most cost-effective insurance package for their fleet.
Ideally, the fleet insurance policy must not be selected purely based on the rate. You must be able to compare various quotes from a number of insurance providers. This will result to savings both in terms of time and money in the long run. Having sufficient coverage for your fleet will make sure that you will not be left hanging with an empty bag when you need to file a claim in the future.
There are a few things that you need to consider when searching for an affordable fleet insurance package. These include:

* The Insurance History of Your Drivers

A pool of reliable and experienced drivers with no or few recent claims will typically be insured at a lower cost compared to drivers who have had multiple claims and/or those who have been convicted. In particular, a driver with a history of poor driving can potentially increase your premiums significantly. Thus, it may be a wise move to have them insured separate from the rest.
* The Required Coverage Level

Similar to standard car insurance, fleet cover comes in three levels, namely full comprehensive, third party fire & theft, and third party only. While a third party option is cheaper than a full comprehensive policy, it would not pay for the cost to replace or repair your vehicle in case of fault claims.

It is therefore up to you to decide whether or not the amount you stand to save from a cheaper premium would be sufficient to cover the cost to repair or replace the car if anything happens to it. In most cases, it would not be enough.
There are various approaches that you can choose from to make sure that you land a cheap fleet insurance that can address all your needs and preferences.
An experienced insurance broker can help you find what you need. Because they buy insurance in bulk, they are able to negotiate for better rates and discounts which you may not otherwise get if you buy directly from the insurance company.

Types Of Motor Trade Insurance

Motor trade insurance is a form of financial protection available to people mainly engaged in the business of trading motor vehicles. It is not limited to the buy-and-sell business; it also covers valet services, repair and maintenance work, and other similar activities. A common misconception about this type of insurance is that it is only required for small businesses. However, small and large businesses are encouraged to avail of motor trade insurance policies in order to afford greater financial protection in case of loss or damage.

There are five general types of motor trade insurance policies. The first type is called the Third Party Only policy. The law requires that motor traders who engage in specific businesses be covered by the Third Party Only Policy. These engagements include vehicle repair, servicing or restoration, vehicle fitting, mobile tuning, valet, running a MOT testing centre or garage, buying and selling vehicles for profit, and driving vehicles on the public roadway, whether personally owned or that of a customers. This type of policy covers the driver in case of damage caused to a third partys property.

Compared to the first type, the Third Party Fire and Theft Policy has a broader coverage. Under this policy, traders are protected in case of loss or damage to vehicles that are under their custody and control, especially if such loss or damage is through fire or theft. The policy also includes damage, injury, and other third-party claims.
The third type is the Comprehensive Policy. Generally, motor trade insurance policies only covers the named driver so that he is permitted to drive different vehicles for trade purposes. Under the Comprehensive Policy, accidental damages to vehicles are also covered, whether or not they are owned by the trader. This is in addition to the loss, damage, or injury caused to third persons.

Another type is the Motor Trade Liability Insurance. Under this policy, a trader is protected depending on his liability. Employers liability insures the employer in case of injuries sustained by any of his employees, while public liability indemnifies the trader for loss or damages caused to the public. On the other hand, sales and service indemnity covers accidental injury or damage to any property caused by any motor trade-related activities.

Finally, the last type is the Combined Motor Trade Insurance Policy. This has the broadest coverage among the five policies. It protects the traders whole business, including its vehicles, the premises, tools, contents, and others.

In conclusion, motor traders have a variety of insurance options to choose from, and it depends on the extent of how they want to be covered. Prior to investing in an insurance policy, one must carefully assess the road risk level and ask for insurance quotes. This will help one determine which policy best suits the specific needs of his business. And with the growing popularity of the motor trade industry, there is all the more reason for traders to make sure that they will be indemnified in case of emergencies.