How much does Motor Trade Insurance cost?
One of the first questions we hear from motor traders is, “How much is motor trade insurance?”
The simple answer is that there isn’t a fixed price. The cost of Motor Trade Insurance depends on your business, the risks involved and the level of cover you need.
At SEIB Insurance Brokers, we arrange tailored Motor Trade Combined Insurance to suit your business, rather than offering a one-size-fits-all policy. By understanding how your business operates, we can ensure you have the right level of protection without paying for cover you don’t need.
What affects the cost of Motor Trade Insurance?
Your premium is calculated using a range of underwriting factors, including:
- The type of motor trade business you operate
- Your annual turnover
- The number of employees
- Claims history
- The value of vehicles on site
- Where your premises are located
- Security measures in place
- The level of cover you choose
Every business is different, which is why underwriters assess each case individually.
Why should I choose Motor Trade Combined Insurance?
The level of cover you need will depend on your business. While some providers offer standalone Road Risk Insurance, SEIB specialises in arranging Motor Trade Combined Insurance, which provides broader cover for businesses operating from business premises.
A Motor Trade Combined policy can include:
- Buildings (where required)
- Contents
- Tools and equipment
- Stock of vehicles
- Employers’ Liability
- Public Liability
- Business interruption
- Commercial Legal Expenses
This wider level of protection naturally costs more but provides greater peace of mind for many businesses.
Why does SEIB arrange tailored policies?
No two motor trade businesses are the same.
Rather than offering an off-the-shelf policy, our specialist motor trade team works with you to understand your business and recommend cover that matches your needs.
Where appropriate, we may arrange a site visit to better understand your risks and identify whether you’re underinsured or paying for cover you don’t need.
We may also be able to assist you with your risk management processes.
Is Motor Trade Insurance expensive?
Premiums vary depending on your business and the cover required. A comprehensive Motor Trade Combined policy will generally cost more than a basic Road Risk policy because it protects far more than just the vehicles you drive. The best way to understand the cost is to obtain a quotation based on your individual business and risk profile.
What could affect your premium?
Insurers will also consider the condition and safety of your premises.
For example, they may ask whether you have:
- Up-to-date and maintained fire extinguishers
- First aid equipment
- Current electrical inspection certificates
Having health and safety measures in place helps demonstrate good risk management, which is an attractive feature for insurers.
Can I spread the cost of my Motor Trade Insurance policy?
Yes. SEIB offers interest-free credit facilities, allowing eligible customers to spread the cost of their premium rather than paying it all upfront.
Why choose a specialist Motor Trade broker?
Choosing a specialist broker means you’re dealing with people who understand the motor trade industry.
At SEIB, we can:
- Arrange bespoke cover tailored to your business
- Review whether you’re underinsured
- Explain the differences between Road Risk and Combined policies
- Help you find the right level of protection for your budget
Whether you’re a sole trader or run a larger motor trade operation, we’ll help you find insurance that’s built around your business.
Need specialist motor trade insurance?
At SEIB, we stay ahead of industry trends to ensure our clients have the right cover.
If you’re in the motor trade and want to discuss your insurance requirements, get in touch with our expert Motor Trade Insurance team today on 01708 850 011, email motortrade@seib.co.uk or request a quote here.
