Motor Trade Insurance for Young Drivers is a tricky subject. Lots of young people are interested in the motor trade, tinkering with cars, and learning the ropes in the motor industry. It makes sense that some young people will want to try their hand at making a living out of their passion for cars.
If you are interested in entering this trade then you will need to consider taking out a motor trade insurance policy, this is likely to be a road risks only policy, unless you have business premises and require wider cover.
A road risks motor trade policy usually covers you to drive and keep your vehicles on the public highway as well as allowing you to drive customers’ vehicles that are in your possession for the purpose of your motor trade – so far, so good.
The bad news is that motor traders insurance for anyone aged under 25 can be difficult to obtain and if you can obtain a quote, it is likely to be very expensive.
The reason is similar to the reason private car insurance is expensive for young drivers – they usually have less experience and are statistically more likely to be involved in an accident than older drivers.
With a motor trade policy there are additional risk factors that the insurers have to take into account;
Although the number of insurers willing to offer a quote is far lower for anyone aged under 25 there are still some specialist insurers who may provide a quotation.
As already mentioned, these quotes are likely to be expensive but it may help if you can satisfy some of the following;
The best advice is to speak to a specialist broker – like Lifestyle. We have over 15 Years experience in placing motor trade insurance risks and have access to a wide range of insurers who may be able to help.