Reasons Why Your Motor Trade Policy Could Be Cancelled

Getting the right motor trade cover for your business could be challenging at times. So, once you get the right cover for your business, you want to do whatever you can to make sure that it is run perfectly and smoothly.

To be able to validate your cover, an insurance company will consider different factors. So, in case you fail to advise your insurance company on some of the changes to your policy, or maybe you fail to give out the correct information, then the insurance provider might invalidate the insurance in question.

Cancelling of insurance can greatly impact your business. For instance, it might be difficult to get Traders insurance in the future, or it might great affect any future quotes with different insurers. So, what are some of the reasons that might cause a cancellation?

In Case You Have Not Provided the Full Information About Your Occupation

If you fail to disclose any other income-generating occupations you have, your insurer can cancel your cover. Invalidation can also happen when you are a full-time trader by the go for part-time motor trade insurance.

To avoid this cancellation, always be open about any other occupations that you normally have or whether the motor trade business is your primary or only source of income. If you provide the correct information, your cover will remain valid, and you can claim with confidence.

In Case You Haven’t Updated Your Address

Providing the wrong address or failing to update it can really affect your motor trade policy. To avoid cancellations, make sure that you always provide the right address when taking your insurance policy.

I know it might be tempting to submit an alternative address, especially if you feel that you are going to get a cheaper quote when you do that. When your insurer can be able to validate your address, then the chances are that your claim is going to be rejected.

When You Are Not Clear On Where You Park

The risk of theft and damage normally heightens depending on where you park your vehicle overnight. An insurance company will put this into consideration when serving you with the quote.

So, if you park your car on the street and in your application you stated that you usually park in a locked garage, then your insurance might be cancelled and may not be compensated in case some damage or theft occurs.

To avoid this kind of cancellation, make sure that you provide your insurance company with the right information on where your vehicles are parked when purchasing the insurance. Any time you want to change that, make sure that you have contacted your insurance company first. This way, they will either give you a different quote or okay your situation.