CRA Business Insurance Explored – South Africa
When people hear the words “motor industry”, the first businesses that come to mind are probably large dealership franchises.
But while those businesses are a large part of the local motor industry, they are part of a vibrant ecosystem that includes smaller and medium-sized enterprises. Whether you specialise in vehicle sales, repairs or servicing, you need the best insurance money can get you.
There are plenty of insurance companies to choose from, which is why the task of choosing an insurer might be harder than you think.
So, before you browse through online insurance quotes, here are a few tips to help you make the right choice…
Consider Your Needs
The nature of your business will determine what kind of business insurance policy you need.
If your vehicles are constantly on the road or have a high likelihood of sustaining damage, you’ll probably need a more comprehensive policy.
Assess your vehicle usage and determine what your needs are before you start looking.
Look Beyond the Price
Many people feel that price is the deciding factor when they look for an insurer. Whichever insurer offers the lowest price usually has no problem finding new customers.
But when the welfare of your business depends on having the best insurance cover in the event of damage or loss, price should not be the only deciding factor.
While some insurers offer lower premiums, they usually don’t cover certain things or might give you problems when you make a claim.
The money you save will not be a positive comparison to what you have to pay later if you have a claim. The best strategy is to strike a balance between saving money and getting the most comprehensive cover.
Consider What Happens Off Premises
Let’s say a technician takes a client’s car for a test drive to check if everything is in order after repairs.
Along the way, the technician is involved in an accident or is hijacked. Will your insurer cover the cost of repairs or recovery?
The same question can be posed when a potential client takes a car for a test drive and is involved in an accident. Who will foot the bill?
Motor Traders type insurance protects businesses from liability for damage to, or loss of vehicles in their care.
This gives business owners unmatched peace of mind. Put simply; this insurance policy covers all your needs.
Small to medium-sized motor traders deserve the same level of cover that’s afforded to large franchises.
They play an important role in the local economy and should have insurance that is both comprehensive and cost-effective.
You always advise your clients to have a good look at their car insurance quotes before they commit, right?
That same caution should be exercised when you look for a motor traders insurance policy.
This article is sponsored and supplied by MiWay.
MiWay is a licensed insurer & FSP 33970. Ts & Cs apply.
Feature image: MiWay