Finding the right insurance policy is critical if you’re running a motor trade business. While no one wants to spend more money than is necessary, it’s best to find a cover that protects you for every likely situation. When calling a motor trade insurance broker, he/she will ask you questions about your daily operations and the business as a whole. Omitting some details may seem like a good idea and you may even get a cheaper quote.
However, if the insurer comes to your premises and confirms that some of the details you provided were incorrect, you could be denied cover.
Here are some more myths most people have about motor trade insurance.
Leaving out some drivers will make my policy cheaper
While this may apply in some cases, in majority of instances, the broker inquires on how many people are employed in the business for them to be included in the policy and not to hike up the cost. Do not leave out workers to reduce the cost of your cover as this could get you in trouble with authorities. What’s more, in case any of the left out employees get hurt, you could end up paying for it as you never included them in the policy.
There’s no need to list a gently used car
You have a car that isn’t used often and you’d rather not list it in your policy. Nonetheless, leaving this car could end up getting you in trouble with the law in the event that the car is driven and the automatic number plate recognition discovers that the car is not listed on the MID. The vehicle could be seized or you could end up paying a fine.
The bad part is that the car could get into an accident and you would have to deal with the costs of having an uninsured vehicle.
It’s okay to list the business address as my home
Some car dealers conduct their businesses in the city and insurers term this as a high-risk area. To save money, a lot of people are tempted to list their business address as your home, for them to cut costs.
This is termed as fraud and you could end up in trouble for it. Moreover, the insurer could pass your details to other insurers as a result.
The cheapest policy is okay
Cheap is not always the best. You could end up missing out on essential features. A quality policy will cover your business, premises, and even employees. Compare quotes from different insurers such as One Sure Insurance, to obtain the best deals.
Honesty is valuable if you’re looking to get the right cover. Ask questions and ensure that you understand the details of a cover before signing any deals.