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Trade Plate Insurance NI
If you are in the motor trade business, trade plates could be a great way to save money and make your life a lot easier. Trade plates are simply a second set of registration plates for vehicles you need to temporarily drive on roads as part of your motor trade business.
Using trade plates means you don’t have to worry about registration or tax for every individual vehicle you need to drive for your day to day business. But, it’s important to know that these do not exempt you from needing insurance.
The use of trade plates is tightly regulated, and the fine for misuse can cost you up to £5,000 and even time in jail. This is why it is important that you only use them for their approved use and have the correct trade plate driver insurance.
Cheap NI Trade Plates Insurance
Trade plates can be a great money saver for car brokers, valets or other motor trade companies. So you don’t want to undo those savings by overpaying for your trade plate insurance. Comparing quotes from multiple insurers can help you to find cheap NI trade plates insurance and give you peace of mind that you’re not paying over the odds.
At CompareNI.com we are regulated by the FCA and are not owned by any insurance brokers or insurance companies. So when you compare with us you can be sure that all of the results and prices you get are completely transparent and unbiased.
How much does trade plates insurance cost in Northern Ireland?
Unfortunately, there is no one answer for this as costs vary from business to business. But you can get an idea of what the costs might look like for you by considering what insurers use to set your premiums.
Factors that affect the cost of your trade plate insurance can include:
- The type of business you have
- The services you provide
- How many employees you have
- Your employees’ driving history and age
- Your businesses location
- The level of coverage you want
- The insurer you choose
- Your claims history
How can I get cheaper NI trade plates insurance?
When buying insurance for your business it’s natural that you want to keep costs low. Some things you can do to get potentially cheaper trade plates insurance include:
- Know what level of coverage you want – like with regular vehicle insurance, you have the options of third party, third party fire and theft, or comprehensive insurance. Knowing which option best suits your business means you won’t overspend buying cover you don’t need.
- Choose your drivers carefully – If you or any driver you insure are considered low risk, this could get you cheaper trade plates insurance. This typically means that you have a clean driving licence and are ideally over 25 years old.
- Proactively protect against claims – This lets insurers know that you are less of a risk to insure. You can do this by carrying out risk assessments and having risk management measures in place throughout your business.
- Build a no claims discount – Building a no claims history can save you money in the long run. But in the mean time you can check if your insurer allows you to transfer your personal no claims history to this policy. Only some insurers allow this but it is worth asking for.
- Pay your premium annually – Paying your premium annually rather than monthly usually comes with a discount.
- Choose higher voluntary excess – This can reduce premium costs but it still needs to be something you are willing and able to pay when you make 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 trade plates insurance policy.
Do trade plates cover insurance?
No, trade plates cover you for registration and tax but you will still need trade plate insurance. This can be covered under some motor trade insurance policies but it rarely comes as standard.
What does trade plates insurance cover?
When you apply for trade plates insurance you will need to provide your trade plate number to your insurers. At this point, you will already have an agreed range of activities that you can use your trade plates for within your licensing agreement. And your insurance will cover you for these activities.
Common activities you can be covered for with trade plate insurance include:
- Collecting and delivering vehicles
- Vehicle demonstrations
- Driving vehicles for sale to auction
- Driving vehicles to a test centre
- Driving vehicles to a mechanic or breaker
- Test driving a vehicle on the road
Depending on the levels of coverage that you choose when buying your insurance you may also have comprehensive cover or even legal expenses cover. But all vehicles driven on NI roads need a minimum of third party coverage by law, so you will definitely have a minimum of third party cover under your trade plates insurance.
What are the limits of trade plates insurance?
The only way to get legal trade plates in Northern Ireland is to apply through the DVLA. And the long and short of what your insurance will exclude is based on the boundaries of the licence they have granted you. So you need to take responsibility for adhering to it carefully.
Some of the basic requirements within this will be:
- Using your plates on one vehicle at a time
- Display the plates at the front and rear of your vehicle
- Do not cover the vehicle’s original registration with trade plates
- Make sure the vehicle is roadworthy and safe to drive
- Make sure the vehicle is insured
- Make sure the vehicle has a valid MOT or is exempt from MOT
- Make sure you are registered on the motor insurance database (MID). Some insurers will do this on your behalf but it is your responsibility to check that you are registered.
A few other important restrictions include where you can drive. Because trade plates are primarily used for motor trade business activities within the UK, you will not be able to use them in countries outside of this. This could affect you if you do business in the EU or the Republic of Ireland, but keep in mind that this could change as trade regulations between the UK and EU develop.
Trade plates insurance also excludes social, domestic or pleasure use. In fact, using trade plates for anything not outlined in your licence agreements will invalidate your insurance and could result in fines and criminal conviction.