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What Effect Will Covid 19 Have On Motor Trade Insurance Prices?

Without a doubt the Coronavirus COVID-19 lockdown which began on 23rd March 2020 is having a significant effect on the UK's motor trade industry. Both globally and locally. Historically only perhaps the fuel crisis of the 1970s and World Wars would have had such an impact on the operational use of a policy, the cost of running a business and motor trade insurance prices on the whole. Year on year general vehicle insurance and motor trade premiums have been increasing. There appears to be wide acknowledgement that due to millions of vehicles being taken off of the road, less accidents are likely. In turn this should mean insurance companies are paying out less money. Current COVID-19 Government advisory is to only leave the home for essentials and exercise or to work. This has taken a lot of traffic off of highways and motorways.

Could COVID Lockdown Result In Lower Motor Trade Insurance Prices?

Though not in regards to the motor trade. Quite the traffic is lessened and if discounting car showrooms, car valeters - not a key worker and other non essential trade services. Then the majority of transportation companies and hauliers delivering goods across the country and into Europe where possible, are in high demand. Insurance works on a sub sector claims basis. If there are instances of high claims then the pool of money paid via monthly premiums increases. To remain competitive, low claims result in lower premiums. The fluctuations differ annually.

The question of lower premiums and lower motor trade insurance prices due to COVID-19 will probably only become evident after a quarterly experience of lockdowns, perhaps Q2/Q3. Year on year it could be that in 2021 the cost of motor trade insurance policies may remain the same as before the virus hit. Comparisons will of course be made. Though it is possible competition could result in lower costs for motor trade businesses from October onwards depending on economic recovery and the claims rate.

Other COVID19 Factors And The Cost Of Running Your Motor Trade Business In Lockdown

Insurance is not just based upon claims after an accident. Loss of business insurance or Business interruption insurance are both an added extra which you have quite rightly paid for. The last SARS virus concerned insurance leaders but didn't result in any form of lockdown in western society. A great many insurers started ensuring communicable diseases, epidemics and pandemics were written out of their policies. A policyholder would need to check with individual insurance houses like AXA and AVIVA to find out their position.

Insurers may allow such COVID-19 protection to be written in but at a much higher cost and after an underwriter's evaluation on an individual's business. This may only affect motor trade insurance prices if holding a Combined trader's insurance policy. Which could possibly also include employee benefits. If running a delivery company and the worker contracts and dies with COVID-19 there is a significant payout, much like the death payout for NHS workers during the Coronavirus crisis. There is no sign that this amount should change. If anything a Director may feel obliged to either supplement the worker's pay packet or increase such danger money and the premium with an insurer.

Indirect Coronavirus Protections In Place For Motor Trader's New Activities

The Financial Conduct Authority (FCA) in the United Kingdom which oversees contractual financial loans with regards to insurance has advised of several expectations that industry leaders should take on board. The FCA are the final arbiters of all contracted financial services and is the nationally recognised regulator of each individual sector. FCA cannot intervene with motor trade insurance prices but instead industry are bound by their behaviours and a statute that puts the protection of the paying customer at the fore. The FCA has recommended that due to the COVID-19 lockdown insurers should be aware that many business owners and workers will have to stay away from their main registered business address and work from home. Through no fault of their own. Therefore should valuable tools now be kept at a home address, vehicles parked at their place of residence or policyholder work directly from their abode, if claims arise, these should be dealt with in the correct manner affording the developing situation.

Adapting Your Motor Trade Business For The Lockdown

If a motor trade business is large enough it is possible it took the government's offer and furloughed staff and drivers for the interim. Though Directors will certainly be aware that downtime could see a competitor rise to pick up contracts. Only certain motor traders are affected. Yes retail distribution is down. With the majority of shops shut the transportation from warehouse to individual outlet is cancelled. However the growth of online trading is phenomenal. The ability to meet demand in a crisis while providing a key service, such as meeting food delivery deadlines, transporting fruit and veg timely and reinvigorating operations to provide home deliveries due to the increased demand in online orders, is certainly going to be a challenge. But with the correct motivations, changes to insurance policies, using a different or existing stock of vehicles an acceptable endeavour. There is a way to take the motor trade business to a new and different level and basically survive, retaining employees and making those all important Motor trade insurance prices mean something.

The COVID-19 lockdown will not last forever. Anyone that believes there will be one lockdown and everything will get back to normal is fooling themselves. The 1918 Spanish Flu had three main waves. Adjustment is a trait of a motor trader. Handling a stock of cars vs sales, expanding routes to deliver while replacing short notice cancellations with new clients. Whether there are two more lock downs or four over three or five years motor trade insurance prices will react to the wholesale subscription value versus the claimant payout. On a quarterly basis providing the accident rate decreased during the Coronavirus lockdown, a Christmas bonus is not out of the question.

 

 

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Motor Trade Insurance Services


Motor Trade Insurance

Motor Trade Insurance

Finding the right cheap motor trade insurance policy can take considerable effort but we can help part time and full time car sellers and combine the best deal and the right support, first time every time. We offer free quotes for discount  motor traders insurance online with no deposit,
and have some providers that can include under 25s. How are you going to locate the most practical answer and advice in the shortest period and talk to an expert? Why should you settle for a high price when there are good traders insurance deals around. Can you find a better solution and see what is new  ventures get in the trade market?

Accessing the correct experience and knowledge is very important and we invite you to see what solutions we can offer. Time and time again we help motortraders save money and save time and get happy customers recommending us to others.
So that you can get on running your car trade business in a successful way. What better way than speaking to us for the cheapest traders cover in the sector. We can combine a trade policy and include staff and buildings cover in one. We also  enable you to have any driver included within all facets of the policy.

What car traders say about us is truly amazing as the saving can be so large . In conclusion we aim to assist motortrade business owners seek and find the most suitable and honest deal that they really need and can back this up with excellent customer service.

What about new ventures and new set up I may here you say, well these can all be covered to and we have considerable expertise to zoning in on the correct cover and we are pioneers of helping operations getting going and including additional business use with the car sellers policy.  (read more)

To obtain a low cost quote please call 0800 121 7401 / 01782 444923

Road Risk Insurance

Road Risk Insurance

Evans & Lewis Insurance specialise in providing Road Risk Insurance for Motor Trade business’ and business’ that sell vehicles.  In recent times there has been a contraction in the Insurance market within this sector.  There are now fewer Insurers to provide these types of policies.  We  have an experienced team providing competitive quotes for Road Risk and also provide cheap combined Motor Trade Insurance.  We offer a range of payment options that can assist individuals to spread their payments over a variety of terms.

So whether you are looking for a Road Risk policy or Motor Trade Insurance with premises cover, it is extremely important to talk to a specialist in the Market like Evans & Lewis.  It will take a short time to go through your insurance requirements and we provide quotes for Motor Trade Insurance combined with Buildings and also Employers Liability and Public Liability. 

We  can offer a range of different levels of cover.  From third party only, third party Fire & Theft or fully comprehensive.  We also provide excess options from £250 - £1000.  There are also specialist policies which cover vehicles in transit, vehicles left at business premises and it is also possible to protect your no claims bonus.  (read more)

To get a competitive  Motor Trade Insurance Quote
Please call 0800 121 7401 / 01782 444923

Combined Motor Trade Insurance

Combined Motor Trade Insurance

When running  a motor trade business is very important to have the correct insurance policy in place to cover  all eventualities that can arise during the year. If you are employing staff and own a premises then the best cover is a combined motor trade insurance policy that will enable to put all the facets of your company under one roof. The main constituents of the policy are the road risk, employers liability, the public liability and the buildings cover. It is also greatly under estimated the importance of cover that provides revenue for you in the event of fire or flood or any other circumstance that may occur to your business activities.

In order to obtain the best costing it can be advisable to increase the excess as this can assist in lowering the motor trade insurance quote. Once you have identified all the attributes that you require with the policy it is best to speak to several firms who have significant experience and a dynamic approach to the service. Always choose a broker who has a reputable claims handling line because this is in essence what you are paying for.   (read more)

Telephone us now on 01782 444923/ 0800 121 7401

Motor Fleet Insurance

Cheap Motor Trade Insurance

How To Get Cheap Motor Trade Insurance Premiums Through Knowledge Knowing how to get cheap motor trade insurance premiums for your motor trade business can require some brainstorming.

Most operatives in the motor trade are clued up business men in the middle of a daily vehicular business and the last person they wish to deal with is a broker who doesn't know their trade. You know the ins and outs and wish to deal with an insurer which is straight and shows common sense. Understanding the needs of the individual business, premises, vehicles, liabilities, indemnities and drivers to be insured.

Our clients offer advice about cars as a dealership or making essential body and engine repairs as a mechanical repairer whose coverage needs to be the right level to offer customers guarantees on the work carried out. There are also car park owners who are tasked with the safety and security of thousands of cars on a weekly basis, entrusting Evans and Lewis with their livelihoods and insurance coverage. A vast swathe operate in vehicle recovery as a breakdown service or offer garage repairs as mechanics. Their customers expect the highest level of service and so should you. (read more)

If you would like to arrange a quote for insurance
Please call us now on 01782 444923 or 0800 121 7401

Under 25 Motor Insurance

Under 25 Motor Insurance

Motor trade insurance for the under 25’s has significantly contracted in recent years and there are now only 2 or 3 insurers in the market place who will cater for this type of risk.  Often enough the insurers will request a business plan that provide projecting financial forecasts.  If an individual is looking for a combined  motor trade insurance with premises, then again, a similar format would apply.  The insurers are increasingly wary of individuals who take out this type of policy but are not working within the motor trade.
We have an in depth and broad understanding of the motor trade insurance market and we have gained experience over the years to ensure we can deliver  low cost solutions to suit your business.  When starting off in the motor trade it is of paramount importance to contain all overheads that will enable the business to grow, rather than being lumbered with large costs.
The motor trade insurance that we provide is for vehicle sales, servicing and repair, windscreen fitters, valeters and tyre fitters.  So whatever trade you work in within the motor trade sector, we are confident of finding you the best insurance deal.  As we have worked with our insurers for numerous years, we can negotiate on your behalf to find a motor trade insurance with buildings  solution that is bespoke to each business.  

(read more)

Please call 0800 121 7401 or email info@evansandlewis.co.uk

 

8 Frequently Asked Motor Trade Questions

Where Do I Find a Traders Insurance Online Quote?

Who Does The Lowest Trade Insurance Cover Price?

What is a Car Road Risk Insurance Policy?

Who Has Discount Trade Insurance Offers?

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Advice on Starting a Motortrade Business

   

 

 

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