A closer look at Motor Trade One

Estimated Read Time: 2 minutes 45 seconds

Motor Trade One, which launched in December 2018, is already bringing numerous benefits to both brokers and clients alike.

Combining two products into one easy-to-use offering, Motor Trade One offers more cover, better functionality and greater flexibility.

We take a closer look at some of the key benefits and chat to one of our brokers about their experience with the product so far…

Key Benefits of Motor Trade One

More cover

  • Increased limits and new extensions at no extra cost for your clients
  • There’s a greater range of covers as standard – for example, Engineering Damage and Business Interruption are embedded sections. And Terrorism is now available as an optional section rather than a separate policy

Making it easier to trade

  • Premises and Road Risks are combined into one simple policy
  • New schedule format shows limits clearly
  • Documentation is clearer– with an improved schedule and wording
  • Documents are available instantly, can be emailed in PDF format and are stored conveniently on TheHub
  • More concise commission breakdown per section will be available to help you reconcile your accounts  

Saving you time

We’re forward thinkers and we’re streamlining the renewal process. From 2020 Motor Trade renewal declarations will be pre-populated with existing risk information to make things easier for both brokers and clients.

Effective, time-efficient and flexible – a broker’s thoughts on Motor Trade One

We think Motor Trade One is a great product, but don’t just take our word for it. Stuart Walshaw, account executive at BQI Group, has been trading Motor Trade One – we chatted to him about the benefits it brings for him and his clients.

“We’ve found Motor Trade One to be hugely effective and a real improvement on previous products,” says Stuart. “The functionality is great and being able to get instant access to documentation is a huge bonus – for both us and the client. Some insurers are still sending everything by post, which can take days, but clients have already paid their money and want to receive their documents asap. With this product we can offer a better level of service, plus staff don’t have to spend their time chasing things up.

“Another big advantage is the increased standard vehicle limit. Motor Trade One offers £250k as standard, while some competitors are still only offering £20-30k. The increased limit gives our clients confidence that if a more expensive vehicle does come in then they are covered to take it for a diagnostic test drive without having to make extra phone calls and pay a supplement. This is really important as ultimately businesses can’t always predict what cars will turn up day-to-day and this product gives them the flexibility to just get on with running their business.

“It also offers a lot more covers as standard than similar products on the market, including uncommon ones, like fidelity guarantee, so we can tailor the product to clients’ needs easily and without having to charge lots of supplements.

“Combining the two previous motor products into one offering has been a great move. It’s simpler and clearer for us and clients, as there’s only one schedule.

“Ultimately, we find Motor Trade One a really effective and up-to-date product which will easily adapt to market changes and help us offer a better level of service to our clients.”

For more information on Motor Trade One, visit the product page on nig.com to see all the benefits, features and exclusions. Alternatively contact your Senior Business Development Manager or Regional Manager at your local office.