If you are thinking of taking out this type of insurance, here are eight important considerations.
1 Design of policies
Motor trade insurance is a business or commercial insurance policy available only through brokers. The insurers favour issuing policies and dealing with claims, but leave the policy’s general upkeep to the broker who takes a percentage of the total premium.
2 No claims equals rewards
Your premium is computed using different rating factors. A major factor is the policy’s no-claims bonus. This gives the insurer the big picture of how the policy holder handles their insurance. If there are five years plus on a policy, major discounts will apply.
3 Younger drivers
You age is another important factor, as is the age of other named parties on the policy. It is generally understood that younger drivers are more reckless and more likely to make a claim, pushing up … Read the rest