Despite significant slumps in most sectors, the motor trade has been seeing unprecedented growth through the recession. While the recession is far from over, 2013 is expected to be an even better year according to motor trade insurance brokers.
UK consumers purchased 12 per cent more new cars this year than in 2011. While this may not sound like a massive increase, the Society of Motor Manufacturers and Traders had only predicted growth of 5 per cent. This significant increase in sales welcomed by the motor industry and is a promising sign of growth as more motorists feel prepared to invest in new vehicles. This shift has seen the SMMT increase their 2013 forecast.
The ongoing success of the motor trade industry is largely down to motor trade insurers such as Quote Me Today who have given the industry enough protection to be adaptable in these economically challenging times.
The increased affordability of new and used cars is surely responsible for the increase of sales in dealerships – with a large range of vehicles becoming more attainable than ever before. With some of the lowest interest rates in the past 4 years and an ever-increasing amount of financing options, it’s of no surprise that 70 per cent of new cars were purchased on some form of finance agreement.
This is bad news for dealerships that are reluctant to offer a wide range of financing options for their customers. Having proper motor trade insurance is essential to the long term survival of many of these dealerships, and despite growth, some have been forced to close due to insufficient motor trade insurance policies.
Motor trade insurance is a vital back line for dealerships as it allows them to offer a wide range of financing options as well as sell vehicles from a forecourt. QMT Motor Trade Insurance packages offer comprehensive cover for those selling or repairing vehicles from a forecourt or privately, offering some of the best packages within the UK.
Motor trade insurance explained:
Motor trade insurance policies primarily cover three features:
- Road risk protection: this cover protects all vehicles associated with your business – e.g. your dealership.
- Public liability servicing and sales goods – this protects your business from public liability claims, your vehicles from third party damage and employee injury.
- Material Damage – protects your businesses buildings and vehicles within the premises.
As well as motor trade insurance, you get traders’ car insurance for any motor trade business type. By filling out a an online form, you can receive a quick quote online.