A Guide to Motor Trade Insurance
If you work in the motor trade then motor trade insurance can benefit you greatly. Whatever area of the motor trade you work in, whether it's a car showroom, MOT centre, auction house or even if you're a sole trader – motor trade insurance offers an ideal solution for insuring your vehicles.
Do I Need Motor Trade Insurance?
The short answer is – yes. If you're operating or working on a vehicle then you're legally obligated to have it insured. When there are a large number of vehicles to insure it would be a nightmare to try and insure each one individually, not to mention incredibly costly. This is why motor trade insurance is the best option for people working in the motor trade.
What Types of Cover Are Available?
Below are the types of cover you can get with a motor trade policy -
•Third Party – This is the lowest level of cover you can get and is suitable for business that are on a tight budget. It will allow you to legally operate your business although the cover is minimal. It will really depend on the type of business you own as to whether you think third party is suitable or not.
•Third Party, Fire & Theft – As the name suggests, this type of cover is the same as third party only fire damage and theft are also covered in the policy.
•Fully Comprehensive – Comprehensive insurance will cover the same as the above two options but will also cover your own vehicles should they be involved in a collision, even if you or your employees are to blame.
•Combined Policy – A combined policy is by far the comprehensive type of cover and is always recommended where possible. Not only are your vehicles covered but also your premises, stock, tools, cash etc. Basically everything related to your business can be covered with a combined policy.
•Part Time Policy – A part time policy is suitable when you only work in the motor trade on a part time basis. It can be tailored to suit your specific needs.
Do I Qualify For Motor Trade Insurance?
There are some minimum requirements that you have to meet in order to be eligible for motor trade insurance. These include -
•You must be between 21 and 74 years of age
•You must have a full UK driver's licence
•You must prove that you work in the motor trade
Who Can Benefit From Motor Trade Insurance?
•Vehicle Body Builders
•Service, Repair and MOT Garages
•Commercial Vehicle Repairers
•Mechanics Working From Home
•Part Time Motor Traders
•Vehicle Recovery and Breakdown Agents
•Vehicle Delivery and Collection Agents
•Vehicle Body Repair Shops
What Types of Vehicles Are Covered by Motor Trade Insurance?
A standard motor trade insurance policy will cover the following -
•Any vehicles that belong to the business
•Sometimes your own vehicles, although this isn't always standard
The types of vehicles that can be covered include -
•Almost all domestic cars
•Most types of motorcycles
•Vans that are no more than 3.5 tonnes
If you need to insure more specialists types of vehicles such as HGVs, vintage cars, super cars etc. then you should call the insurance provide and discuss the exact details of what you need.
Finding Motor Trade Insurance At A Good Price
Finding motor trade insurance at a good price is not difficult if you know the right way to go about it. There are many specialist providers of motor trader insurance online and the best way to ensure you get a good deal is to get as many quotes as possible. This will allow you to compare the quotes and see which insurance provider offers you the best value for money. There are many insurance comparison services online that allow to get quotes by simply filling in a single form so there's no good reason not to shop around.