Top tips for Traders with iQuote Insurance

When you purchase a Traders Insurance policy, we are committed to providing you with the most competitive deal on your Traders policy. Because you are covering your livelihood and vehicle stock, you shouldn't purchase insurance cover purely on price. You should also consider the level of cover required and whether you require additional benefits such as premises or indemnity cover.

We have listed some handy tips designed to save you money on Motor Trade insurance:

• Make sure that any additional drivers you add to your Traders policy are over 25 years of age. Any drivers younger on the policy will result in a significant increase of your insurance premium.
• If you haven't got any No Claims Bonus in the Motor Trade, ask your insurance broker if you can 'mirror' your No Claims from a private car policy. This means you could still get generous discounts even though your No Claims has not been earned in the Trade.
• If you have the available funds, pay for your insurance in one payment at the inception of the policy. Although most brokers can finance your policy, you will pay more for your insurance in interest charges.
• Many policies will not cover high performance vehicles, within your Motor Trader insurance. If you need cover for a Subaru Impreza, Mitsubishi EVO or other high performance vehicles, you must notify your insurance broker or insurer. Otherwise you may unwittingly end up without cover in the event of a claim.
• Consider the amount of additional cover you require, by limiting the amount of premises cover or increasing the voluntary excess you are willing to pay, you can make large savings on the cost of your Motor Trade policy.

To find out more about our Motor Traders Insurance and how much you can save - Get a Motor Trade Quote with iQuote Insurance.

Car Dealers offering independent scrappage schemes

The government scrappage scheme was widely acknowledged as a huge success within the Motor Trade industry, by the time the scheme had run it's course in March 2010 it had accounted for 400,000 vehicle sales. When vehicle sales had been predicted to plummet, the scheme provided a much need boost for Motor Traders.

Since the schemes expiration earlier this year, many manufacturers have since provided their own offers to recycle your old car for a newer model. Although not government backed, there are still many bargains to be had when shopping around within the range on offer from car dealers. Nissan, Kia and many others are offering schemes to recycle your old vehicle when you purchase a new car. This is helping to drive new car sales and put cleaner, greener vehicles on Britains roads.

Looking for a better deal on your Traders Insurance? Find out how much you can save when you get your Motor Trade Insurance Quote with us.

Motor Traders asked if scrappage should continue

The vehicle scrappage scheme has had a positive impact on new vehicle sales in the UK. Although due to the investment required to fund the scheme in discounts there have been mixed reactions from manufacturers and car dealers. The Retail Motor Industry Federation is currently discussing with it’s members if they should lobby government to extend the scheme.

Currently the vehicle scrappage scheme is over half way through the allocated Government funding (£300m) and is expected to end before the allocated time of February 2010. There have already been over 150,000 orders for new vehicles under the UK scheme. There has been a significant footfall reported by car dealers in showrooms up and down the country, which more importantly has translated into increased vehicle sales. This has helped the Motor Trade during particularly difficult trading conditions.

The scrappage scheme has helped car dealers, iQuote Insurance are also able to assist dealers with cheaper Car Dealer Insurance. Get an online quote for your Motor Trader Insurance and you could save up to 40 percent off your traders policy.

OFT investigate the Motor Trade and used car sales

Due to the number of complaints from the public, related to used car market and the Motor Trade sector, the Office of Fair Trading is conducting a study set to complete by the end of 2009.

Within 2008 there were 68,000 complaints related to second hand car sales. The purpose of the OFT study will be to understand the reasons behind the high level of complaints and to assess whether the current legislation offers sufficient consumer protection.

Despite the beginning of the economic downturn in 2008, the used car market in the UK was worth £35 billion. It is in the interests of used car dealers and consumers that confidence is maintained in the market. The main areas of concern in complaints were defective vehicles, servicing and misleading selling.

For used car dealers, Motor Trade Insurance is an important consideration. If you are looking for the right cover for your vehicles, premises and indemnity cover - iQuote Insurance will save you money on Car Dealer Insurance.

Motor Traders resilient despite the recession

In a recent survey of Motor Traders in the UK, over half were confident of their businesses position despite the tough economic conditions. Less than one in four had immediate fears about their ability to continue to trade and only 8% were considering leaving the Motor Trade voluntarily.

A significant number of Car Dealers sited the issues with gaining finance for both their customers and the businesses themselves as an ongoing issue. Although 70% of the respondents saw an increase in their used car business, which has gone some way to alleviate the issues with new car sales.

However since the introduction of the vehicle scrapping scheme last month in the budget, the balance is set to return to a more equal balance within the industry. The incentive of £2,000 to trade in your older vehicles is expected to drive sales of new cars.

Any increase in sales is welcome news for Motor Traders, further good news was announced last week by iQuote Insurance: Applying online for Motor Trade Insurance could save you up to 40% off your Motor Trade Policy until 31st May 2009.

RMIF call on Government to action vehicle scrapping scheme

The Retail Motor Industry Federation has again called on the Government to implement a scheme which gives an incentive for owners to scrap vehicles over 9 years old. This has a dual benefit, both environmental and economic - typically newer vehicles produce less emissions, so a scheme designed to take older cars off the road will have a beneficial impact for the environment. The scheme would also bring renewed impetus to the ailing Motor Trade

The potential scheme has been welcomed by Motor Traders who are struggling in the uncertain economic climate. iQuote Insurance have also extended a hand to struggling Motor Traders to beat the credit crunch. Until the end of March there is a 10% discount on any Motor Trade Insurance Policy.

When a similar vehicle scrapping scheme was introduced in Germany the government offered €2,500 to motorists to scrap older vehicles. This has kick started the car sales market, with a 300,000 unit increase expected in 2009 as a direct result of the scheme. Before the move in Germany sales were predicted to fall by 10%, so a 300,000 increase would be a significant achievement.

Within the last week there have been discussions both within Government and in the House of Lords. iQuote Insurance are keen to extend our support to the growing swell of voices in support of this scheme. This scheme can deliver benefits to the environment and to the Motor Trade industry and should become legislation as soon as possible. Any delay will have an impact on the long term prospects of the industry as a whole.

Motor Traders encouraged to sign up to code of practice

The Retail Motor Industry Federation has called on all it's members to sign up to the Motor Industry Code of practice (for service and repair). Currently take up is strong within dealer networks, but much lower in the independent sector.

Currently Government bodies are looking to the code as a yard stick for the success of self-regulation within the industry. So the RMIF is recommending that all it’s members sign-up to ensure the future protection of the retail motor industry.

It’s hoped that the code will become the standard for visibility and public consumer confidence in the Trade. As a professional it is also important to have the right motor trade insurance cover for your business, a Motor Trade policy from iQuote Insurance; will ensure you get the right cover at the right price.