Motor Trade Insurance

Ways to Avoid Scam with Fake Motor Trade Insurance


Getting involved in motor trade business soon? Or are you already running the business now, but you feel that there is something lacking in it? Have you ever thought of insuring your business in order to protect your assets? If not, you must do so now. Motor trade business is no joke, or like any other forms of business, but the difference in losses is great. Motor trade could either be selling and buying cars or repairing them. Just imagine the financial losses you will get when an unforeseen incident happens. Motor trade insurance is important for your motor trading business and you need to search for the right things if you wish to get your business insured properly.

Basic Guide to Motor Trade Insurance

The key to getting the right coverage for your insurance depends on the scale of your business and the budget that you have. Not every motor trade business owners should get coverage they deem useful. At least the most important ones should be purchased first. Even other motor trading business owners rely on the minimum required insurance.

Next step is to find an insurance company to handle your policy. This step is where a lot of business owners get ripped off of their money. A lot of fraudsters have victimized innocent business owners into buying their insurance policies when they never functioned, operated or employed as agents in an insurance company. The reason why a lot of business owners are victimized is because of how these fraudsters offer great benefits, that seem too good to be true, that entices innocent business owners into purchasing from them. Offers like an interest-free overdraft, paying a fee over the Internet and just visit a certain bank where you can start claiming your policy, etc.

No matter how much the experts warn the public about being wary of such things, there are still victims along the way. People should take careful consideration when talking about purchasing insurance for their business. No matter how enticing the advertisements made by these agents are, it is only normal to do a simple research first. You can ask family, friends or acquaintances about the insurance agents or companies that have come up to you for their offer.

Insurance companies also have it tough. They are fighting back against fraudsters because there are also fake agents that abusively use their name when in fact they have no connection at all. In order for you to help insurance companies fight back against this scam, you should not buy any insurance that are offered via social media links such as Facebook or Gumtree. You should also avoid buying insurance that are offered through a mobile phone.

Still, this is not enough. There are ‘ghost brokers’ existing as well, and they make convincing advertisements that even the most educated individual still gets scammed. The best way, and one of the old ones at that, is to make sure that the insurance company of your choice has a full address of where they are operating, they are licensed to operate and make sure that they are registered with the FCA or Financial Conduct Authority or similar regulatory board that checks up on every motor trade insurance company if they meet the standards to operate.