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Shopping for Motor Trade Insurance: How to Escape Scams!

Without insurance, it can be hard to live a life without protection or coverage. Health insurance can cover the cost of any emergency treatments you may be required to have. Motor trade insurance can protect your business from any sudden events that could damage your financial situation and reputation. This is why you should have insurance for any eventuality.

     

When it comes to looking for different motor trade insurance policies, this insurance company has competitive rates and can offer you the right amount of coverage that you need. Not only do you need to make sure that the company you are using have great plans, but you also need to ensure that they are not scamming you, as this could further affect your financial situation going forward.

In the following guide, you will be able to understand just how you can escape the different types of scams in order to find the best policy for your motor trade business.

Check Their Reputation

Reputation is everything. Without it, it can be very hard to find success in your chosen industry, and the same applies when it comes to finding motor trade insurance. If you don’t have any prior knowledge about the type of coverage and protection it can provide you with, you may ultimately decide to enlist the help of a professional insurance broker or company. You may have found them by using certain comparison sites on the internet, or because they had been recommended to you by a friend.

Regardless of how recommended they are, you should still take the time to learn everything you can about them, so you know that they have the potential to offer you the best service possible. A good place to start could be to see if the company has been registered with Companies House, as well as clarifying if they have a full address, and whether they are recognised by the Financial Conduct Authority. As well as this, simply browsing their website and getting in touch with them to ask about their services is another great way to check that they are legitimate and don’t come with any baggage.

     

Avoid Fraudulent Brokers

When shopping for motor trade insurance, you need to make sure that you aren’t enlisting the help of fraudulent brokers, as this is a popular method that scammers decide to look into when they want to build their wealth by taking from others. This type of fraud occurs when someone takes out a type of insurance cover from an individual who is pretending to be a professional insurance broker. This could have a detrimental impact on the person who is looking to buy motor trade insurance, or any other type of insurance, as when they try to make a claim, it won’t be processed as it should and this will be because they were never insured in the first place.

Whilst it can be hard to know for sure whether someone is operating as a fraudulent broker or not, you should repeat the steps in the first paragraph as checking to see if they are registered with the relevant authorities should always be your first port of call. Looking at reviews and getting in touch with the company or individual before applying for insurance can help you to learn everything there is to know to determine if they are legitimate or not. Don’t rush this process, as this could be the difference between enlisting the help of a professional or not.

Ignore Unsolicited Calls

No one knows for sure how it happens, but some people are able to find your phone number and can try and scam you into paying for something that you know for definite hasn’t come from you. You may also receive messages asking you to do the same thing, and whilst many people know to avoid these types of calls and messages, there are still many people who think this is legitimate and may feel that they are under a lot of pressure to give them what they are asking for. In turn, this could leave you out of pocket.

Regardless of how legitimate they sound, you should never trust this type of process, as it’s only going to leave you and your business in a terrible situation. If you’re really concerned, follow up and do your research, as this will likely tell you that this is a scam and should be ignored. If you can, find out who they are, and report them to the relevant people so they don’t have the chance to scam anyone else. If you don’t give them any attention, they will leave you alone.

     

Getting tricked into scams can be scary, but if you know how to deal with such eventualities, you will have a much better chance of applying for insurance with a legitimate broker and company, who can provide you with the best deals on the market.

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