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How much should I insure my Motor Trade business for?


How much should I insure my Motor Trade business for?

Limits and Excess

The variability of motor trade policies means you should determine a cover limit that adequately protects your business. You can do this by considering the average value of vehicles in your care multiplied by the average number of vehicles in your care at any given time. 

For example, if the average value of your customers’ vehicles is £30,000 and you tend to have 10 vehicles on hand, then you should select a limit of £300,000.
You should also select a per-vehicle excess that you would pay in case of a damaging accident in which your business was liable. The insurer then covers the remaining amount up to your limit. This will also vary depending on the number and value of your vehicles. If your vehicles are numerous and inexpensive, a smaller excess would be smarter. On the other hand, only a few very expensive vehicles would call for a higher per-vehicle excess.
Whatever type of motor trade business you run, you need to survey the available cover options in order to ensure your company is fully protected. That’s where Higos comes in. We know the cover you need and give helpful advice and guidance. It is not left to guess work. 

Manage Your Risks

Your business is exposed to numerous special risks. A complete appraisal of what you face and a bespoke policy will help protect your business and ensure future profitability.

Contact Higos Insurance Services Ltd today on 01458 270 428 for more information on crafting a robust motor trade insurance policy.

For more information on how we can help protect your business, visit our Motor Trade page or complete our online quote request form.


Posted by: Higos Insurance Services Ltd