Amidst difficult times Trade Plan Insurance sees turn over in its Motor Trade Insurance policies grow by over 25%
Since its establishment in 2001 Trade Plan Insurance has established itself as a significant player in the substantial motor trade insurance market. Trade Plan’s book of motor trade policies has consistently grown year on year thanks to a combination of effective marketing, and an ability to deliver incredibly competitive rates whilst maintaining high levels of customer service.
Yet like at most SME’s, the management team of Trade Plan Insurance feared the worst in recent months as financial institutions tumbled around them and the wheels of the economic system seemingly ground to a halt. However in the fall out of these unprecedented times Trade Plan Insurance’s turn over has continued to grow at a rate of over 25% for the first quarter of their new financial year.
Cynics might say that the increase is mainly down to rate increases but whilst many insurers have muted rises and others plan them shortly, increased rates have yet to take affect on the market. However it appears in the motor trade that one market’s loss is another’s gain.
As main dealers and larger franchisers reportedly suffer as consumers either struggle to acquire the necessary credit to purchase new vehicles or opt to wait and see how the economic turmoil affects their job security, there has been an upturn in activity amongst motor traders operating from home looking to take out insurance to cover their road risk liabilities.
Trade Plan Insurance’s Manager Daniel Dove explains the reasons for the high volume of new business enquiries as follows, ‘With our specialist knowledge of the motor trade insurance market, close working relationships with a number of key insurers, the levels of customer service our staff provide aided by our bespoke computer system that streamlines the post sales process, and an excellent claims service we’ve always received large numbers of recommendations.
And we’ve also managed to maintain a strong marketing presence both on and offline despite the tough financial climate. However in recent months we’ve seen a surge in enquiries for our motor trade road risk products well above normal levels.
On closer analysis the reasons behind the increased market activity appear to be three fold, and each owes something to the current economic difficulties;
- Traders being released from larger franchises are using their redundancy packages to attempt to set up their own business from home.
- As domestic overheads increase and bosses offer less hours rather than full redundancy, some traders are seeking to earn a little extra each month from a bit of part time trading from home.
- Motor Traders who have been in the trade for some time but are feeling the pinch are actively searching the market for better renewal terms.’
Thus it appears that although the waters are turbulent the entrepreneurial spirit amongst British motor traders is buoyant. For further information on the motor trade insurance policies offered by Trade Plan Insurance please visit Trade Plan Insurance.
Trade Plan Insurance is a trading name of The Plan Group Ltd. The Plan Group Limited offers an extensive range of insurance products via specialist departments Plan Insurance, Commercial Plan Insurance, Chauffeur Plan Insurance and Trade Plan Insurance.
*NB – since this post date we have undergone a re-brand to update our image and our brand. The various sub-brand departments that were within Plan Insurance such as Taxi Plan, Commercial Plan, Trade plan etc. were brought together under the one name of Plan Insurance Brokers. Read more about our re-brand here.