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Car Broker Insurance NI
Whether you own a company, are self-employed or work part time, you will need to have car broker insurance that protects you and your business. Without this cover you could leave your business open to financial loss, liability claims and legal fees that you will be responsible for covering alone.
With car broker insurance NI you are able to choose and combine specific levels of cover that align with the scope of services you provide. This means you will only pay for the cover you need.
To qualify for this type of insurance you will need to be able to provide your insurer with proof that you are currently trading as a car broker. This is typically done by simply providing any invoices or records of payment you have taken while brokering cars.
Cheap NI Car Broker Insurance
When you’re trying to run a business it makes sense that you want to keep insurance costs as low as possible. And if you want to know that you’re getting the best deal, it pays to shop around and compare quotes from multiple insurers.
If you compare with us, you can be sure that the prices and results you get are completely transparent and unbiased. We are regulated by the FCA and do not have any investments in insurance brokers and are not owned by any insurance companies.
How much does car broker insurance cost in Northern Ireland?
Car broker insurance is a type of motor trade insurance that can be personalised to give the cover you need for your brokerage work. Unfortunately because of this, prices vary from business to business so it’s nearly impossible to give an average cost.
But to give you an idea, the cost of this insurance often depends on:
- The services your business provides
- How many vehicles you are insuring
- The value of your vehicles
- How many employees you have
- Your employees’ driving history and age
- Your location
- The levels of coverage you want
- The insurer you choose
- Your claims history
How can I get cheaper NI car broker insurance?
Insurers consider a range of things when setting your premiums. Some of these you might already be aware of, but here are the key ones you need to consider to find cheaper NI car broker insurance:
- Know what insurance you need – Car broker insurance allows you to choose the coverage you need. And if you don’t know what that is, you could overspend by covering things that are already protected under a different policy. Check your existing insurance cover and be clear on what you need before you buy.
- Choose your drivers carefully – If any drivers you are insuring, yourself included, are considered low risk, this could save you money on your insurance premium. This usually means that drivers need a clean driving licence and are ideally over 25 years old.
- Proactively protect against claims – There are a few things you can do to indicate to insurers that you will be less of a risk to insure. These can include improving your security with CCTV, alarms or immobilisers. It’s also good practice to do risk assessments and have risk management measures in place throughout your business.
- Build a no claims discount – Building a no claims history on your policy can save you money in the long run. But in the mean time it is worth checking if your insurer will allow you to transfer your personal no claims history to your trader’s policy. Only some insurers allow this.
- Pay your premium annually – Like with other types of insurance, you can get a discount for paying for the full year rather than paying monthly.
- Choose higher voluntary excess – This can reduce premium costs but it still needs to be an amount you are willing and able to pay in the event of a claim.
- Compare quotes from various insurers – Taking the first policy and price you are offered is rarely a cost effective strategy. Comparing quotes can ensure you are not paying over the odds for your car broker insurance policy.
Does the location of my business affect the cost of my car broker insurance?
Yes, insurers consider your location when setting your Northern Ireland car broker insurance premiums. Mainly they will look at the rate of claims from similar businesses in your area. They also take into account crime rates and road risks in your location as these also indicate how likely you are to claim.
However, if you live in an area that negatively affects your costs you can counter this by taking proactive steps that negate risks to your business. This could be simply improving the security of the vehicles or equipment that you want to insure.
What does NI car broker insurance cover?
NI car broker trade insurance allows you to combine different cover in one policy to best suit your business. Here are some of the most common types of protection available on this insurance:
- Road risk cover – This covers any vehicle that you need to drive to carry out your business. For example, if you need to test drive a customer’s car or pick up or deliver a vehicle.
- Social, pleasure and domestic cover – This is needed if you drive a business vehicle for personal activities outside of the scope of your business.
- Demonstration cover – Insures customers if they want to test drive vehicles outside of your business premises.
The following options can be covered under your car broker insurance, but they’re often included in other policies too, so it is important to check that you are not already covered for them elsewhere:
- Employers’ liability cover – This is required by law in Northern Ireland if your business has employees of any kind.
- Public liability insurance – This covers your business against claims from members of the public and any of the associated costs.
- Product liability insurance – Covers claims and the associated costs that come from accidents or incidents that are a result of your work.
- Business premises cover – This can cover your business premises and its contents against damage caused by events outlined in your specific insurance policy.
Do I qualify for car broker insurance?
This insurance is not just for large or limited companies. If you are a self employed car broker you will also be able to qualify. But you will need to prove to insurers that car brokerage is your occupation. You can do this by providing invoices or records of any payments that you have taken for your work.
Some insurers will have additional conditions, but these are usually pretty straightforward. An example would be that some insurers will ask that you are over 25 years old, or that you have held your UK driving licence for a minimum of 12 months before buying NI car brokers insurance.
Can a price comparison site help me find cheaper NI car broker insurance than a specialist broker can?
Whether you’ve bought car broker insurance before or are shopping for the first time, no one will expect you to be an insurance expert. Using a specialist broker is one option. But when you shop at CompareNI.com you are quickly matched with a range of insurers who are experienced in working with NI businesses. And importantly, you will have the freedom to choose the final policy and price you want without any external pressure.