Motor Trade Insurance is any for anyone who operates in the motor trade. These pursuits could involve transportation, vehicle sales, restoration, and maintenance. Having traders’ insurance is also a requirement for any vehicle commercial operation that involves generating a profit.
Who Needs Motor Trade Insurance?
You must be employed in a motor trade employment and fulfil certain requirements and limits in order to obtain a motor trade insurance policy. Some consumers are unaware that a motor trade insurance coverage may cover other professions including auto electricians, paint sprayers, sign makers, and many more.
Please review the list of individuals who require motor trade insurance below:
- Motor Traders
- Car Jockeys
- Vehicle Recovery
- Tyre & Exhaust Fitters
- Collection & Delivery
How Does Traders Insurance Work?
Like many other insurance products, vehicle trade insurance provides certain defences against events that could have an effect on dealers. Motor traders’ insurance often provides a more comprehensive level of coverage than a private policy, making it potentially more useful in the case of a write-off. There are different tiers to the trade insurance coverage and you can choose from the following to be included as part of your protection:
Road risk cover
Road risk insurance allows you to display cars during test drives, drive cars to purchase and sell, and drive client vehicles that you are responsible for. To cut down on administrative costs, you may also add and delete vehicles from the motor insurance database (MID). Certain vehicle types, such as sports vehicles and high-end prestige models, are not covered by road risk insurance. Additionally, because it is exclusively for commercial purposes, it does not cover vehicles owned by relatives or friends.
Traders’ combined cover
Although road risks insurance may be the “minimum” degree of protection most traders want, a far more complete option is also available. The combination insurance for motor traders offers coverage for road risks as well as a number of extras tailored to your company’s requirements.
Most businesses require liability insurance, which shields you from costs and problems that may arise while working with clients. Conflicts, site mishaps, theft, and vandalism are a few actual instances. Additionally, you might want employers’ liability insurance to protect you in the event that an employee sues you or suffers an injury at work.
What Happens If You Don’t Have Traders’ Insurance?
A motor trade policy is not mandated by law but you are not protected to do business unless you have a current motor trade insurance policy. Additionally, you can suffer serious monetary and reputational harm.
Make sure to get road risks or traders’ combination insurance to prevent making a costly error.
Get Your Motor Trade Insurance Quote
Call our devoted staff right away to discuss your motor trade insurance on 01902829190 or fill out a quick and easy enquiry form. Visit our Motor Trade Insurance page to learn more about the various services we provide.