Identifying gaps in the existing policy of a motor trade client

As an experienced Motor Trade insurance broker, NLIG is frequently approached by potential clients requiring a review of their existing policy to see if wider cover or a more competitive premium is available. Our Motor Trade department, managed by Darren Gowers, has many years’ experience arranging cover for all aspects of the motor trade, from sole traders buying & selling Vehicles from home, to garages and workshops through to mobile units and vehicle recovery companies, and knows exactly what to look out for, often finding areas of omission and error on the part of other brokers.
 
“My team has a lot of experience,” he says. “I’ve been with NLIG for over 30 years, two other members of the team have 20 years and 14 years respectively, and the remaining two have around 4 years’ experience each. It means there’s not a lot we haven’t seen and we’re pretty good at uncovering inconsistencies and mistakes. Inevitably, a client comes to us looking to save money, but ends up staying with us because we identify issues or omissions with their existing policy that we are able to put right, ensuring their business is fully protected.”
 
One such case involved a motor trade client who approached NLIG around 4 years ago, whose business included, along with other aspects of the motor trade, mobile tyre fitting. Darren takes up the story: “The client operated three different companies from the premises and we found, straight away, that only one was listed in the policy title. This meant the other two companies were effectively uninsured. The policy also required a description of all business activities, with any not included being uninsured. We identified immediately that the client’s mobile tyre fitting activities were not included, which meant they were not covered.”
 
The story goes from bad to worse. The policy schedule showed that cover was provided for any single vehicle up to a maximum value of £150k. Darren learned that another aspect of the client’s business involved the recovery of large commercial vehicles, coaches & London buses that frequently exceeded this limit. Some of the client’s recovery vehicles are also worth between £300k and £400k apiece, which meant these vehicles were not insured under the terms of their existing policy.
 
Upon highlighting the gaps in cover, NLIG was appointed as the client’s new broker and Darren was able to rectify the situation as quickly as possible. All three companies were listed under the policy title, the description was extended to include mobile tyre fitting units, and cover widened to include the higher value vehicles. This meant that, although the premium might have increased, all aspects of the business were now fully insured, highlighting the importance of gaining a full understanding of the client’s business and checking the policy wording to ensure it provides adequate cover for all aspects of the business.
 
To arrange a review of your existing policy and ensure you are fully protected, call NLIG on 01992 703007 or email insurance@nlig.co.uk