Help For Motor Traders When Giving Insurance Advice
Motor traders are not permitted to give insurance advice unless authorised by the Financial Services Authority, there are a number of popular misconceptions which they can make their clients aware of.
Flint, UK (PRWEB) May 29, 2009 -- Staveley Head, one of the country's leading motor trade insurance providers is endeavouring to help motor traders with point of sale information regarding their clients' insurance requirements.
A spokesman for Staveley Head said "We realise that a major consideration for many people when buying a new vehicle is the cost of insurance, and while motor traders are not permitted to give insurance advice unless authorised by the Financial Services Authority, there are a number of popular misconceptions which they can make their clients aware of."
"Many people believe that speeding convictions do not affect their insurance. This isn't entirely correct. Some budget insurers do not allow ANY convictions, and if the conviction led to a driving ban most insurers will want to know about it. It's always safer to disclose all convictions.."
"Also, it is not correct that you can get cheaper insurance by putting the policy in someone else's name, with yourself as a named driver, if it is too expensive in your own name. Insurance companies will want to know how many cars and drivers are in the household and who is the main driver of each vehicle. A dishonest answer may well invalidate your insurance."
"It is also incorrect that your insurance premium will not increase, following a fault claim, if you have protected No Claims Bonus. Insurers will give you the same percentage discount, according to the number of claim free years you had at the start of the policy, but may well increase you premium to a higher basic amount depending on their reassessment of the risk."
"Many believe that reporting minor accidents will increase their premiums. This isn't necessarily the case. Insurance premiums are calculated on risk and providing you aren't a greater risk than the average driver in your class your premium will stay the same.
Also, many reported incidents do not lead to an insurance payout and therefore do not affect the next premium. It is worth remembering that most insurers require you to report ANY incident which may result in a claim as a condition of your policy. Failure to do so may also result in the invalidation of your policy. This is for the benefit of both the policyholder and the insurer."
If you want further information on this subject, Staveley Head will be pleased to assist. They have a reputation for combining quality with cheap motor trade insurance.
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