Category Archive: General

  1. How Does Motor Trade Insurance Work?

    Comments Off on How Does Motor Trade Insurance Work?

     

    How Does Motor Trade Insurance Work?

    Mоtоr trаdе inѕurаnсе is a ѕресiаl inѕurаnсе рlаn орtimizеd for реорlе in mоtоr or trade. Motor trade in thiѕ соntеxt rеfеrѕ tо thе business оf ѕеlling mоtоr vеhiсlеѕ – vehicles of all kindѕ; truсkѕ, саrѕ, mоtоrсусlеѕ, еxоtiс саrѕ, luxurу саrѕ, еvеn еаrthmоving and hеаvу еԛuiрmеnt under ѕоmе dеfinitiоnѕ. Nоw business рrосеѕѕеѕ аrе аѕ unique as thе products they ѕеll. And аll оf thеm hаvе ѕоmе fоrm оf inѕurаnсе suited tо thеir rеquirеmеntѕ. Mоtоr trаdе insurance iѕ аn inѕurаnсе рlаn dеѕignеd tо орtimizе fоr thе аutо trade industry in order to оffеr them coverage fоr thе riѕkѕ thаt аrе uniԛuе tо thеir trаdе.

    Nоw аnу buѕinеѕѕ wоuld hаvе ѕеvеrаl fоrmѕ of inѕurаnсе – insurance fоr thе building, inѕurаnсе for assets аnd рrореrtу, inѕurаnсе for vehicles, insurance fоr machinery etc. Prорriеtоr’ѕ often mаkе the miѕtаkе оf аррrоасhing different vеndоrѕ for diffеrеnt kinds оf insurance. Motor trаdе inѕurаnсе offers you соvеrаgе fоr еvеrуthing undеr оnе соnѕоlidаtеd plan. Now thе dеfinitiоn оf ‘еvеrуthing’ will differ according tо whаt you сhооѕе and hоw уоu customize thе plan. This is рrеttу much standard procedure on аll insurance рlаnѕ whеrе thе buуеr саn pick аnd сhооѕе аnd mаkе ѕurе thаt the mоѕt рrоbаblе riѕk factors are соvеrеd firѕt. This аllоwѕ thе buyer tо рriоritizе.

    With motor trаdе inѕurаnсе, уоu can сhооѕе whаt riѕkѕ you wаnt соvеrаgе fоr аnd hеnсе аvоid еnding uр рауing unnecessary mоnеу fоr riѕkѕ thаt hаvе a very low роѕѕibilitу of оссurrеnсе. Mоѕt businesses run in a ѕtriсt way, еѕресiаllу ѕtаrt-uр buѕinеѕѕеѕ whеrе every penny counts, in such a delicate ѕсеnаriо, motor trade inѕurаnсе hаѕ a triple bеnеfit. Firstly, as explained аbоvе, the plan iѕ реrfесtlу ѕuitеd for thе аutо trade induѕtrу and оffеrѕ a соmрlеtе end tо еnd solution. Prорriеtоrѕ nееd nоt go tо separate vendors fоr ѕераrаtе coverage аnd hence avoid hаving a disparate, diѕсоnnесtеd inѕurаnсе ѕуѕtеm whiсh entails a lоt оf time аnd paperwork.

    Mоtоr trade inѕurаnсе аlѕо аllоwѕ thе buѕinеѕѕ tо pay оnlу whаt it nееdѕ tо pay аnd if уоu have vеrу ѕаfе building layout аnd fееl thаt fire hаzаrd is nоt a major risk, then уоu hаvе thе option оf not paying a рrеmium for that. ѕuсh insurance will соmе tо уоur aid whеn уоu need it. Timеѕ аrе diffiсult and mоѕt соmраniеѕ, especially ѕtаrt-uрѕ will nоt have the resilience tо аbѕоrb thе imрасt оf a blow dеlivеrеd bу a ѕuddеn miѕhар.
    a motor trаdеr looking tо gеt a traders insurance, thеrе is uѕuаllу аn еxtеnѕivе liѕt оf роliсу that offers уоu thе chance tо сhооѕе frоm, whаtеvеr the case maybe еvеrу trаdеr can choose whiсh роliсу iѕ mоrе preferred.

     

    MOTOR TRADE INSURANCE POLICIES

    • Basic Trade Coverage for Cоmраniеѕ

    Thеrе аrе ѕеvеrаl орtiоnѕ when it comes tо finding соvеrаgе fоr motor саrѕ that rеԛuirе trаdе company inѕurаnсе. Road Riѕk insurance is the mоѕt basic роliсу. There аrе thrее diffеrеnt kinds: third раrtу оnlу, fire аnd thеft frоm the third party, and then comprehensive. The firѕt kind will cover injuriеѕ, dаmаgе tо property, and death from a vеhiсlе rеlаtеd to уоur buѕinеѕѕ. The second kind covers everything thе first kind соvеrѕ, аѕ well аѕ аnу damage to уоur vehicles frоm fire оr theft. Thе last kind iѕ thе broadest аnd will соvеr ассidеntѕ аѕ wеll as аll of thе above.

    • Liаbilitу Policy Coverage

    You will nееd tо purchase a liаbilitу роliсу if the gеnеrаl public is аllоwеd оn your business рrеmiѕеѕ. Thiѕ kind оf inѕurаnсе will еnѕurе you аrе рrоtесtеd against аnу dаmаgе аnd injury сlаimѕ that mау оссur аѕ a result of a mеmbеr оf thе рubliс being оn уоur рrеmiѕеѕ. Thiѕ mау аlѕо cover employer liability, fаultу wоrkmаnѕhiр, аnd sales аnd ѕеrviсе рrоtесtiоn.

    • Cоmbinеd Cоvеrаgе Pоliсу

    Thе mоѕt comprehensive роliсу iѕ a trаdеr Cоmbinеd Inѕurаnсе Plаn. Thiѕ соvеrѕ аnуthing tо dо with thе mоtоr саr trаdе industry that уоu may соmе in соntасt with. It will соvеr аnу lоѕѕеѕ аt your рlасе of business or аt уоur hоmе. For thоѕе who are intеrеѕtеd in ensuring that there аrе no соvеrаgе gарѕ, thе combined coverage роliсу is the best motor trаdе inѕurаnсе to gо with.
    The kind оf роliсу thаt уоu will nееd tо рurсhаѕе will dереnd on уоur buѕinеѕѕ requirements. It may bе uѕеful tо соntасt a соmраnу that provides mоtоr trade inѕurаnсе ѕо thаt thеу саn еxрlаin еxасtlу what thе diffеrеnt lеvеlѕ оf insurance соvеrѕ. Thiѕ will givе уоu the infоrmаtiоn that уоu nееd in оrdеr to mаkе a dесiѕiоn.

    In thе mоtоr trаdе induѕtrу, Sоmе mоtоr trаdе inѕurаnсе companies will hаvе сеrtаin rеԛuirеmеntѕ that muѕt bе mеt before they will even iѕѕuе a роliсу. Pоliсуhоldеrѕ may need tо bе over thе аgе оf 21 аnd hаvе hеld thеir driving liсеnѕе fоr аt least 1 уеаr. This саn cause problems fоr ѕоmе уоungеr mechanics who are just ѕtаrting оut running their own buѕinеѕѕ but it iѕ wоrth ringing rоund diffеrеnt insurance companies. It may juѕt mеаn thаt thе роliсу cost will be a lоt highеr than if the business оwnеr iѕ оldеr.

    You can use different sites tо соmраrе соmраniеѕ to make ѕurе thаt уоu аrе getting thе bеѕt deal. Sоmеtimеѕ thе сhеареѕt ԛuоtеѕ are nоt nесеѕѕаrilу thе bеѕt fоr your buѕinеѕѕ. Yоu nееd to mаkе ѕurе that the policy is bеѕt ѕuitеd to your company’s nееdѕ and аlѕо thаt thе insurance соmраnу рrоvidеѕ an еxсеllеnt ѕеrviсе. It mау be bеnеfiсiаl tо уоur соmраnу tо hаvе a ѕhор аrоund еасh year, this may mean thаt you gеt bеttеr deals inѕtеаd оf ѕtiсking with thе ѕаmе mоtоr trade inѕurаnсе policy уеаr оn уеаr. Mаkе ѕurе thаt you go tо аn inѕurаnсе company thаt hаѕ a good rерutаtiоn.

    Onсе уоu have dесidеd whiсh policy has thе right level оf cover fоr уоu and whiсh соmраnу саn рrоvidе thе bеѕt ԛuоtе уоu need tо bring thеm and givе them thе details оf your business. Likе all inѕurаnсе роliсiеѕ, it iѕ vеrу imроrtаnt thаt you givе thеm all thе соrrесt infоrmаtiоn otherwise you will nоt be covered. It is аlѕо imроrtаnt to lеt them knоw of аnу changes in circumstances as thiѕ will аlѕо affect уоur роliсу.

  2. Why should you get a motor trade insurance online

    Comments Off on Why should you get a motor trade insurance online

     

    Getting an insurance quote online

    This is a virtual world, we all approve of it for various reasons and contribute towards its development, and it shouldn’t come as a surprise that insurance quotes are no exemption from this trend- they are winning at this. Anyone in the field of motor business would understand the importance of either part time motor trade insurance or full-time motor trade insurance , it is crucial for sustaining the ups and downs that are part and parcel of the job. So what do you do? If you’ve been on the field long enough, you know that these are important decisions, decisions that need thorough research and a clear understanding of what exactly to extract from insurance quote. And the possible beat way to go about that is- doing it online.The fist thing that pops into your mind whenever you use the word online is accessibility.The convenience that it brings. You can access the details anytime, anywhere. Suppose it was a long day, tiring and hectic but the decision of which insurance to get for your business is still pending, and you cannot undermine the importance of a good motor trade insurance quote, what do you do? Drag yourself out and bear with struggle of doing that? Or simply access your options online as you sip a cup of tea or while you get 10 minutes to spare. It’s pretty simple. A blessing in this fast paced world. No waiting in queues, no taking out a specific time, no appointments necessary. No handwriting mess ups ot ink stains on application forms.

    Insurance policies at affordable prices

    It gets even better, online insurance policies are cost effective! Why? Because the distributor just saved a bunch of money bu not spending it on paper and brokers that explain the pros and cons as everything is digital and every aspect is given. When the distributor saved money on the distribution of its distribution, consequently the consumer would be asked to pay less. And who doesn’t love paying a smaller amount? This is why most of the online insurance policies are cheaper than ones you view while visiting in person.

    After accessibility and cost effectiveness comes the point of saving time. As someone who is operating a motor trade business, it is not easy to take time out or save energy to go and brainstorm on the various aspects of motor trade insurance policies at different offices. Most of the times you end up just drained mentally and exhausted and postpone the decision. Again, this is not something that can be decided upon without thorough consideration, and that requires time and energy which is saved when you view the details online as per your choice and convenience. The substantial amount of data that is provided online allows one to focus fully on the policy under consideration without wasting it on the lesser important annoyances that come with offline methods of visiting and reviewing.

    Online policies and coverage

    There are some companies that provide an array of insurance policies and coverage. The fact is that everyone judges by comparison and you cannot judge whether a particular policy suits you or not if you don’t have a quick comparison. Comparison of cost, care, custody and coverage- all the C’s important in a motor trade insurance quote.

    Being online can give you the luxury of just that, easily in a shorter period. The details of every policy can be reviewed, and an informed decision can be made without much hassle. Information gathering can otherwise be a daunting task, and without proper knowledge, a smart conclusion can never be deduced. So if you want a more efficient method of data collection, do it online.

    Reviews from existing customers

    Another very useful aspect online motor trade insurance quotes is that people have given it ratings and described their experiences in the review section. Actual people who have used the policy and tested it telling what they liked or disliked. Whether the policy lived up to their expectations or not? Whether it was flawed in any way, had loopholes of any sort that the insurer exploited (Good knows this happens a lot).

    At what points did it fall short of the expectations of those that had their vehicles insured, what were the discrepancies in part time motor trade insurance and full time motor trade insurance. This first-hand experience is priceless and can give insight into what the policy is all about.

    Track of premiums, instalments, renewal of the policy

    The online platform is not limited to only buying the motor trade insurance quote, it is also an effective way for existing policyholders to keep track of their premiums, instalments, renewal of the policy and to make online claims. All of this can be done from the vicinity of your house or office. Buying motor trade insurance online is not just a one-time service. It is a system, a process that continues to add to your comfort every step of the way.

    Rainbow Motor trade insurance is an online platform that meets all the above demands, it is impartial and fair and draws quotes according to the requirements specified. It is an easy way for motor traders to access the best possible quotes for Motor dealer insurance, Valeter Insurance, Breakdown recovery insurance, Bodyshop repair insurance, Windscreen repair insurance, Breakers and salvage insurance, car sales insurance, Vehicle delivery insurance, Mechanic insurance and much more. There is the cheaper third party coverage to the full comprehensive coverage which is more expensive.

    It is accessible from wherever you may please. It is competitive regarding cost and provides the best possible quotes matching your requirements it gives an easy comparison as more than one quote is stated that suits your specifications, everything is online and hassle free and they also provide a considerate insurance expert who can explain the things that cannot be comprehended. All in all, it process the best packeges and an exciting, smooth transaction that is custom tailored to the requirements of the client. The best way to do it online.

  3. A Beginner’s Guide to Minibus Insurance

    Comments Off on A Beginner’s Guide to Minibus Insurance

    Some vehicles require specialist insurance due to the nature of their use or the number of passengers they can carry. This often applies to minibuses which are generally used to ferry people about, whether that be for free or for a fee. Generally speaking the more passengers your minibus can carry, the larger your insurance premium is likely to be.

    In this article we’re going to take a quick look at minibus insurance and when you’re likely to need it.

    What is a Minibus?

    A minibus is defined as a vehicle with nine to sixteen seats, including the driver’s seat. Anything under that will be classed by your insurance provider as an MPV (multi-purpose vehicle) or car and anything over that will be classed as a coach.

    Types of Insurance Associated with Minibuses

    If you own a minibus you need to be very clear on how you plan to use it as this will affect the type of insurance you take out and ultimately your premium. There are different types of insurance you can hold when driving a minibus:

    • Minibus Insurance
      If you’re using your minibus to ferry people from one place to another in a non-commercial situation then you’re going to need minibus insurance. This could be for a charity, church or a school or sports club.
    • Taxi Insurance
      If your minibus is being uses as to transport people for a fee then you’ll need to take out specialist taxi insurance.
    • Van Insurance (Commercial)
      If you are using your minibus for commercial purposes other than as a taxi, then it’s more likely you’ll need to take out van insurance. Van insurance doesn’t include the option of ‘social, domestic, pleasure and commuting’ class of use, so even if you use it just once to get to work you’ll need to have commercial van insurance.

    The important thing to remember about minibus insurance is to make it absolutely clear to your insurance provider what you are using the vehicle for. You should also keep your insurance provider informed of any changes in the way you use the vehicle. Failure to do this could result in your insurance becoming invalid.

    For more information on minibus insurance call and speak to one of our experts today on 03445 732 400 or visit our minibus insurance page for more details.

  4. Car Insurance Jargon Buster (Part 2)

    Comments Off on Car Insurance Jargon Buster (Part 2)

    Car insurance terminology can be confusing and there can be a lot of detail to take in when it comes to understanding the small print. To help cut through the confusing language and decipher some of those mysterious acronyms we’ve put together a two part car insurance jargon buster.

    In this our second part we look at everything from fault claims to write offs. For A-D please click here for part one.

    Fault Claims: When you make a claim but your insurer cannot recover the cost from the third party. This could be if you are deemed to have caused an accident or for other reasons that aren’t your fault but where there is no other known party involved such as theft or vandalism.

    FCA: The Financial Conduct Authority regulated the car insurance industry as well as other financial services companies.

    Green Card: A document that proves to non EU countries that your insurance provider provides the minimum insurance necessary to drive in the country.

    Insurable Interest: This is the basic requirement of taking out car insurance and refers to the fact you have an interest in the vehicle being insured and would suffer a loss if it were damaged.

    Main Driver: The person who drives the car most of the time as stipulated on the insurance policy.

    MID: The Motor Insurance Database is a record of every insured car in the UK.

    Optional Extras: Also known as Add Ons, these are benefits, such as breakdown cover and replacement vehicles, that can be added to your policy for a fee.

    Policy: This is the main document between you and your insurance provider. It will detail all the terms of your insurance, including the premium and term. Not to be confused with the certificate of insurance, which is required by law.

    Premium: The amount paid to your insurance provider to hold the policy. This can be paid in monthly instalments or in one yearly sum.

    Schedule: This document forms part of the contract between you and your insurer and shows things like your excess and any endorsements you might have.

    SORN: Statutory Off Road Notifications can be obtained from the DVLA are required by law if you plan on not using your vehicle and are keeping it off the public road.

    Third Party, Fire and Theft: Will cover your vehicle for theft and fire as well as damage from third parties only.

    Voluntary Excess: This is the fee you pay to your insurance provider towards the cost of a claim. You can set your own voluntary excess before taking out the policy, with a higher excess usually resulting in a lower premium.

    Write off: If the cost associated with repairing your vehicle is more than your insurance company deems the vehicle to be worth then it will be considered a write off.

  5. Car Insurance Jargon Buster (Part 1)

    Comments Off on Car Insurance Jargon Buster (Part 1)

    To the non-initiated, understanding all the ins and outs of car insurance can seem like learning a whole other language. As well as the array of specific terminology there are a lot of important acronyms that it really pays to understand.

    To help you make sense of this confusing array of terminology we’ve put together this insurance jargon buster. This is part 1, with part 2 to follow in January.

    ABI: The Association of British Insurers is a trade body comprised of 250 leading insurance companies and accounts for over 90% of the UK insurance market.

    Act of God: An event which is not the fault of any individual and is unpredictable such as a lightning or meteor strike. Acts of God may not be covered in your policy and are often separate from extreme weather events like flooding or falling trees.

    Betterment: A payment made by an insured party that recognises the fact that their vehicle will be worth more as the result of repairs relating to an insurance claim.

    Certificate of insurance: This is a document that is required by law and shows the car being insured, who is allowed to use the car and the classes of use (see below).

    Class of Use: A term used by insurance companies to determine what you use your car for and how often. There are three classes of use: Social, domestic and pleasure; Commuting; Business use The class of use you select will often have a big bearing on your insurance premium. It’s very important you are certain what class you fall into as supplying inaccurate information could invalidate your policy.

    Comprehensive cover (or fully comprehensive): This will cover you and your vehicle as well as the vehicles of third parties if you are at fault.

    Compulsory excess: This is a set amount you need to pay to your insurer when making a claim. The level of your compulsory excess will depend on how much of a risk you are judged by the insurer.

    Conviction Code: If you commit a motoring offence the DVLA (see below) will add a four digit conviction code to your licence.

    Cover note: A document that shows you have temporary car insurance while your insurer is preparing your policy documents and certificate of insurance. Some insurance companies don’t issue cover notes and will instead issue you with a certificate on the day you accept the insurance.

    Duty of disclosure: When you take out a car insurance policy you have a duty to inform your insurer of any changes in your circumstances, such as change of address or a modification to your car.

    DOC: Drive Other Cars (DOC) is a type of cover that some insurance policies will include and means you are insured to drive another person’s car, with their permission. This will usually only be third party cover and cannot be for day to day use.

    DVLA: The Driving and Vehicle Licensing Agency is the body responsible for issuing licences and collecting car tax for all drivers in Great Britain.

     

  6. Boris Johnson Weighs into Uber Debate

    Comments Off on Boris Johnson Weighs into Uber Debate

    Links:

    https://www.theguardian.com/technology/2015/oct/05/boris-johnson-accuses-uber-of-systematically-breaking-the-law

    Currently Uber has 18,000 drivers (or registered partners as Uber likes to refer to them) in London alone. By offering cheaper fares and the ability for customers to effectively hail cabs via GPS and an app, traditional black cab drivers have accused Uber of undermining their business by flouting the law and allowing unlicensed drivers. In May they took to the streets to protest about it, bringing traffic to a standstill in parts of central London.

    Into this debate has weighed Boris Johnson, caught between proponents of Uber, who say it is offering customers reasonable taxi fares in the capital and creating thousands of jobs, and those who say it is destroying the black cab profession and pushing drivers into poverty.

    Transport for London (TfL) are currently in a high court row with Uber over whether its app acts as a meter, something which would make it illegal in the capital, as only licensed cabs are allowed to operate meters. Uber has retaliated, claiming that TfL is just trying to protect black car drivers by curtailing its business.

    TfL has also launched a consultation to consider proposal to force Uber drivers to wait at least 5 minutes before picking up a booked fare (the average time is 3 minutes).

    It’s worth noting at this point that, as well as being Mayor of London, Boris Johnson is also chair of TfL. This clearly puts him between a rock and a hard place, with some accusing him of supporting a black cab ‘cartel’.

    The fine line Johnson is walking can be seen in his Telegraph column, where he starts by defending ‘rampant, frothing, free-market Conservatives’ who ‘hate cartels’, referring to the TfL’s attempts to curb Uber practices and protect London cabbies.

    He goes on, however, to talk passionately about the professional black cab industry, by pointing out the distinction between private hire vehicles and hackney carriages, whose drivers must pass ‘the Knowledge’ before they are allowed to drive. Johnson then goes onto openly accuse Uber’s technology as facilitating law breaking:

    “You only have to consider the habits of many Uber minicabs – not all, but many – to see that this law is systematically broken; and that is because technology makes it so easy for it to be broken.”

    The ability for technological progress to constantly disrupt traditional industry is a historical fact not lost on Johnson. His calls seem to be for a balanced approach, where both parties can coexist; Uber as a convenient and cheap service and black cabs as a highly professionalised institution. Whether this is true intention is another question entirely.

     

  7. Motorists Warned About Problems Hiring Cars Abroad

    Comments Off on Motorists Warned About Problems Hiring Cars Abroad

    Motorists going abroad after 8 June are being warned they will need to take a special code with them if they want to hire a car.

    From that date the paper counterpart of British driving licences – which records endorsements and fines – is being computerised.

    Anyone wanting to hire a car abroad will officially need a code to show convictions for offences like speeding.
    To obtain it, motorists will have to log on to the DVLA website beforehand.

    But the code is only valid for 72 hours, so anyone wanting to hire a car more than three days into their trip will need to generate a new code while they are abroad.

    For those who do not have internet access, a phone number will also be made available.

    The RAC said many drivers were unaware of the changes.

    “Our research shows that with just over a month to go before the paper counterpart to the photo-card licence disappears, 55% of drivers are not aware of the planned change,” said RAC spokesman Simon Williams.

    ‘Belt and braces’

    The DVLA recommends destroying paper counterparts after 8 June.

    However the AA is advising people to hang on to the document, in case some hire companies are unaware of the new arrangements.

    “Not all car rental companies, or indeed traffic police abroad, will be aware of the changes, so a ‘belt and braces’ approach of also taking the counterpart might help,” said AA president Edmund King.

    But the AA also said that hiring a car abroad without a paper counterpart is not always a problem.

    Just as some car hire companies do not currently ask for a counterpart, not all will ask for a code after 8 June.
    The old-style paper licences, issued before the photo card was introduced in 1998, will remain valid, but holders will still need a code to fully validate them.

    To view a record of their convictions, motorists can log on to the View My Driving licence page of the government website.

    They will need their driving licence number, their national insurance number and their postcode.

    The changes do not apply to driving licences issued by the DVA in Northern Ireland.

    Source: BBC News