Archive for February, 2012:
Why You Need Good Motor Trade Insurance
Why motor trade insurance is so important to get right
Businesses that are involved in the motor trade must have a good insurance policy to cover any problems that may occur. As every business is different, so are the policies available. A company or sole trader must consider what one is right for them but will have the help of an insurance sales team who are obliged to get the best deal for a particular motor trade business if there are not entirely sure.
However much each individual policy will be different there are five main types; Third Party Only policy, Third party Fire and Theft policy, Comprehensive policy, Liability policy and the Combined policy. Each has their own advantages with varying levels of cost.
Firstly there are the Third Party policies which include Third Party Only or Third Part Fire and Theft. If a business is involved in the motor trade insurance in areas involving the trading and repairing of such vehicles, this policy would appeal to them. Many MOT and other garages have this type of policy. Valier and other people involved in vehicles should at least have this kind of cover. It is not only for insurance but is also required by law. A comprehensive policy is an addition to the Third Party policies which includes accidental damage concerning fire or theft. A Liability policy is for the larger motor trader insurance companies. It allows and covers the general public on the premises while repairing motor vehicles and the spare parts. Employees are also covered by this package. Within the Liability policy there are three sub sections of insurance; Employers and Product, Public and Sales and Service Indemnity. Again a business would have to consider which is best for them. Finally the Combined policy is the policies already discussed in one deal. This is for companies involved in all types of the motor trade.
A motor trade business must evaluate which policy is most suitable and cost efficient and decide from there. Not all circumstances can be predicted but by covering what is a possible problematic outcome for a company can save a lot of money in the long run.
Firstly there are the Third Party policies which include Third Party Only or Third Part Fire and Theft. If a business is involved in the motor trade in areas involving the trading and repairing of such vehicles, this policy would appeal to them. Many MOT and other garages have this type of policy. Valier and other people involved in vehicles should at least have this kind of cover. It is not only for insurance but is also required by law. A comprehensive policy is an addition to the Third Party policies which includes accidental damage concerning fire or theft. A Liability policy is for the larger motor trade companies. It allows and covers the general public on the premises while repairing motor vehicles and the spare parts. Employees are also covered by this package. Within the Liability policy there are three sub sections of insurance; Employers and Product, Public and Sales and Service Indemnity. Again a business would have to consider which is best for them. Finally the Combined policy is the policies already discussed in one deal. This is for companies involved in all types of the motor trade.
Some Basics of Professional Indemnity Insurance
Professional indemnity insurance is a form of insurance which protects certain individuals and businesses from any lawsuits brought against them. Due to the fact that it protects them against this, it can also protect their own personal assets and businesses as legal costs and compensation payouts come out of the professional indemnity insurance brokers funds and not their own business.
Is it a Legal Requirement?
This depends entirely on the industry we are talking about. For some industries it’s up to the individual in question, but for industries like the medical industry it’s a legal necessity.
Why do I Want It?
If you are involved in an industry where you are either carrying out sensitive work or are giving out highly-important advice you are at constant risk of being sued. Taking out the right type of cover from a professional indemnity insurance brokers means that you are transferring the liability from your shoulders to the insurance company itself. So any legal costs will be borne by the company and not by your own pocket.
Different Types?
When it comes to professional indemnity insurance, there are different policies for different professions. For professions like the medical profession, there are malpractice indemnity insurance policies because doctors, surgeons, and nurses are under pressure to not make a mistake. For professions such as accountants and solicitors there are policies which cover any negative effects which could arise from giving out bad advice that could have an adverse affect on the client.
What to Consider?
When taking out professional indemnity insurance, your broker will take a look at you, your company, and its history of claims before providing you with a quote. If you or your company have a history of lawsuits then the premium on your professional indemnity insurance will naturally be higher than those with a better past record.
Consider taking out a professional indemnity insurance cover which continues even after you leave an industry or your business closes. This is because many professionals forget that they can still sustain lawsuits even after they leave their industry or close their doors, but at this point they have let their insurance elapse so when a lawsuit comes around they are no longer protected.
Specialistrisks are professional indemnity insurance brokers and also provide all other insurance types.
Cheap Classic Car Insurance? Not On Your Life!
There can be a world of difference between ‘cheap’, and ‘inexpensive’, when it comes to classic car insurance – focus on the first, instead of the second, and you could be in for a world of pain. Although both words mean, ‘not high in price’ – a big positive, ‘cheap’, also speaks to the quality of a thing, but in a negative way. To avoid falling into the cheap classic car insurance trap, let’s look at seven ways to keep costs down without sacrificing the quality.
- Don’t include the names of every possible driver of your classic – the fewer drivers, the less perceived risk to the vehicle. If you need to add another driver, contact the insurance firm and add them to the policy, but only for the relevant dates.
- Negotiate your excess upwards – the higher your excess, the lower your premium. In the likely event that it is not you who is responsible for an accident, the party at fault will pay your excess.
- Estimate and agree to restrict the distance you will drive your car and save on premiums. If you find you need to exceed your agreed distance, contact the insurance company and make necessary changes.
- If risk of theft is a concern, have alarms, tracking devices, or engine immobilisers fitted to your car. Not only will such devices help save your car, but they will save you money on premiums.
- Instead of obtaining the usual three quotes, take advantage of the ease of obtaining quotes online and get six or more. Statistically, the more quotes you get, the more likely that you will get a better deal.
- Seek out insurance firms that do not penalise your rights to their no-claims bonus even in the event that it is you who is at fault in an accident. Although you may have to pay slightly more for this protection, the potential savings in premiums from no-claim bonuses are worth the little extra.
- Ensure you cover your classic according to its true value. You can value your classic by referring to a reliable industry price guide which will provide a range of values according to a car’s condition. Set a fixed value for your car by determining its condition using an industry Condition Rating System.
If you are looking for classic car insurance, check out this site – http://www.classic-car-insurance.co.uk for some pretty good deals.
Private Van Insurance: it is Always Better to be Prepared
Once we are out on the road, we can never say what is going to happen to us. Something good and something bad, both have an equal chance of happening to us. When it comes to our van, we may drive carefully but nothing can be said about the other people venturing the roads. So it is better to get private van insurance.
Private van insurance covers the van that you are using for private or commercial use. The van is covered against any kind of losses that it faces. This includes collision coverage, comprehensive coverage, third party coverage etc. this will save the money of the car owner if he is faced with such a situation.
Collision coverage provided by Private Van Insurance covers any losses that are caused to the van in an accident. Any damage caused by a collision, irrespective of what caused the collision, is covered by private van insurance. The people sitting in the van are also covered under private van insurance.
Another aspect of private van insurance is the comprehensive coverage. This provides a cover to the van when any damage or loss is caused to the car because of theft, natural disasters like earthquake, volcano, fire, etc. Loss caused by the van or a part of it when stolen will be reimbursed by the insurer of the van. The premiums can be lowered by installing safety measures in the van as the probability of the car being stolen is reduced.
By researching online, the van owner may get private van insurance at low premiums. Since there are many insurance companies that are ready to give insurance therefore competition is very stiff. So, low premium policies are available online.
With private van insurance, now the van owners can take a sigh of relief. Now all the money that they have invested in a van will not just get wasted even if the van meets with an accident or a mishap.
Types of Motor Fleet Insurance
Car fleet insurance
To qualify for car fleet insurance, there needs to be a minimum of three cars to insure. If there are less than three, then individual car insurance applies, which is a far more costly experience. If you are a commercial enterprise looking for fleet insurance, it is better to employ drivers who are older, as the car fleet insurance package then becomes less expensive.
Defining the age group
• Licenced drivers over thirty
• Licenced drivers between twenty-five and thirty
• Licenced drivers between twenty-one and twenty-five
The employment of the older drivers is will actually you money, as the cost of your fleet insurance structure will ensure that you have a far larger discount.
With expensive cars such as limousines, or sports type cars, if your insurance company is aware that you will only use older drivers for them, this will be eligible for a further saving on your car fleet insurance premium.
Defining the cover
• Fully comprehensive
• Third Party
• Third party, fire and theft
There are further extensions to policies available, such as
• Breakdown cover
• Windscreen cover
• Courtesy cars
• Legal expenses insurances
Haulage Fleet Insurance
It is essential when taking out haulage fleet insurance to make sure that you have included every possibility. At the same time, you want the policy to be cost effective. Like other policies, haulage fleet insurance policies are flexible, but with a premium paid for them. If the majority of the business is for driving in the UK, a discount becomes applicable, applied as well to include drivers requiring annual foreign use to Europe.
The usual haulage insurance policy however, does not include ‘goods in transit’ cover. This is an entirely separate policy for taking out. With many of the haulage insurance policies, there is a compulsory excess of £500.
The same as other motor insurances, there is the equivalent fleet saving of a ‘no claim bonus.’ Savings on previous haulage fleet insurance ‘no claim’ ranges from 20% up to 60%, meaning that there is the potential for great savings for a proven record of claim free driving.
Fleet insurance is available from blueangeltech
All About Commercial Van Insurance
Vans used for commercial purposes, or having a commercial license, if used for personal transportation, is viewed by law as an activity that finds you liable to pay more taxes. It is important for all vans to be covered by an adequate van insurance policy. Insurance providers usually issue three certificates that are a proof that your van is covered.
The first certificate is called Certificate of Insurance, which is required under the Road Traffic Act. This document provides proof that your van is insured. The second certificate is called the Cover Note. It acts as a temporary insurance policy, and the insured receives it before the Certificate of Insurance. The last certificate is the commercial van insurance Policy Document. It clearly defines the terms and conditions of your commercial van insurance policy.
People taking up a commercial van insurance policy must read the Policy Document extremely carefully before agreeing to take the insurance. In case you are unable to understand the difficult legal language, it is better to ask your insurer to explain it to them.
It is important for commercial vans to undertake a van insurance policy. Insurance companies take into consideration the accident rates, the size and the weight of the vans while deciding on the insurance premium for it. Cheap van insurance can depend upon factors like the number of years of driving experience as well as the area where you live. It is a fact that insurance at some places is higher than at others.
In order to find the best deals in van insurance, it is necessary to survey the market and compare the quotes of various companies. Research of the market can be done using internet as the medium. There are a number of companies that offer van insurance policy covers online. It is advisable not to deal with the first company that you come across. Instead study a few of them and take up an insurance cover from the one that offers the best deal.
Getting Motor Trade Insurance
The most important thing that a motor trader wants while shopping for insurance, is a policy which will provide complete safety and protection. motor trade insurance is available also for vintage and classic cars and motorcycles. However, the premium for different kinds of vehicles is different, and it is usually high in these cases. Motor Trade Insurance does not cover cars which are used for racing or involved in speeding.
When you decide to obtain insurance for your motor trade, it is best to approach a broker if you want the ideal insurance cover at a suitable rate. In spite of so many insurance companies being present and the competition rising amongst them, there are still many motor traders who are paying high premiums and are not even getting the coverage they need. In order to avoid getting into such a situation, it is important to get help from someone who has experience. Brokers are the people who have that experience, and they can offer you their services while saving a lot of your time and effort.
Another advantage to getting a broker is that you know that you are in good hands – that way, you can make a more informed decision, because insurance brokers break down the plan for your better understanding. Brokers can also help you when you make your claim to the insurance company. Whether you are getting Motor Trade Insurance for the first time or renewing your existing insurance, it is always a good idea to benefit from the services of brokers.
All you have to do is to fill in a form to obtain a quote. While doing that it is important to give out accurate and complete information and clearly specify your needs and budget. Giving out false information can result in your policy becoming invalid. After the brokers source several quotes for you and select the one with the most suitable premiums, they would also be able to customise the features for you and negotiate the rates. Many companies provide very flexible payment options for motor traders, and also give discounts.
While purchasing Motor Trade Insurance, it is important to keep in mind that you don’t always opt for low rates if that means compromising on the coverage features. Getting the best rate for your Motor Trade Insurance can take some time but in the end you should be sure that it’s worth it.
After you get a quote, whether through a broker or by yourself, and decide on a particular insurance company, you would be required to send some important documents before you receive your policy documentation. The most important documents that you will have to send are copies of drivers’ licenses for all your drivers. Other than that, the insurance company can ask for your insurance history. Some companies provide a no-claim discount. In order to get this discount, you would have to provide proof that you did not make any claims to your previous insurance company.
Before agreeing to any Motor Trade Insurance policy, it is important to understand all the terms and conditions, and the exclusions and limits of your policy.