Tradewise Motor Trade Insurance Review Underwriter Specialist

Tradewise Insurance Review

TRADWISE  Motor Trade Insurance Review

This review of Tradewise insurance shows just what this firm has to offer the driving public in the UK. They are the UK market leader in the Motor Trade Insurance sector. This is an insurance firm with the trading name of Tradewise Insurance Company Limited that underwrites their policies. They are also a leading provider of temporary insurance for names that include Insure4aday.

Tradewise offers many types of policies but they are best known for their coverage in the Motor Trade industry. 

What is available from Tradewise in Motor Trade coverage?

There are two levels of coverage for the motor trade industry. This includes both Road Risk and Combined policies.

Road Risk Policy

  • This coverage has three different levels being Comprehensive, Third Party Fire and Theft along with Third Party.
  • The variable Indemnity coverage makes it possible for this part of the policy to fit your motor trade business. The higher resale price of your vehicle is, the more coverage you need.
  • Demonstration coverage is available which covers the vehicle when a prospective buyer test drives it.
  • For businesses with an accumulated No Claims Record, there is a discount on your premium costs.
  • The policyholder can add and take a vehicle off the list of vehicles covered when they need to. This allows for only the vehicles being driven on UK roads to be covered and legal on the road.

The three basic types of coverage for the vehicles when they are on the road include;

Combined policy

This is a policy for people in the motor trade business that operates out of a secondary location. For those small motor traders that operate out of their homes or residence, this add-on is not necessary, but still added by some small motor trade professionals to help keep their homeowners premium cost as low as possible. The combined coverage includes;

  • Protection for the building you use to work on and store the vehicles.
  • Public Liability & Employer Liability
  • Stock coverage protecting the spare parts you have on site.
  • Protection to cover the theft of money kept on the site.
  • Tools and machinery are protected in case they are damaged or stolen.
  • Can I take out a policy directly from Tradewise Insurance?

As part of the business model, Tradewise Insurance deals with brokers only. They offer their policies to brokers, who are the direct contact between their policyholders and their business operations.

In Summary

Tradewise insurance has been open for business since 1994. This business was founded by a group of brokers and still today only deal with brokers to offer and sell their policies.

Motor trade insurance is cover aimed specifically for those that deal in the buying and selling of cars within the motor trade industry. The cover extends beyond trading to include repair, servicing and auto part dealers. This can also be referred to as Road Risk insurance, this is simply cover to allow the dealer to drive other cars as part of their business. Tradewise motor insurance competes against others that include AXA motor trade insurance and Aviva’s traders insurance. All these brokers can offer competitive quotes and it is best to get multiple quotes and then compare what is on offer. We can help by providing you with a selection of quotes from a select panel of UK brokers, To get started Select the Quote button below.

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