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Motor trade insurance is designed to protect those who work in the motor trade industry in much the same way that regular car insurance protects general road users.
This is exactly what we have put together for you.
Motor trader insurance is an insurance policy which is designed to protect those who drive a multitude of cars for their jobs.
As with personal motor insurance, there are different levels of cover available.
Third-party is the most basic level of policy that is available and it is the bare minimum when it comes to what you need to have legally.
Were you to have an at-fault accident, this type of policy would only cover the repair costs of the other car involved, the policyholder would have to foot the repair bill for the vehicle that they are driving.
This covers the repair costs if you were in an accident in the same way as if you were to hold a third-party only policy but with this type of cover, you are also covered should the vehicle that you be driving be damaged by fire or if it were to be stolen whilst in your care.
This type of policy will cover everything previously mentioned but will also cover accidental damage to the vehicle that you are taking care of.
If you were to be involved in an accident, whether it was your fault or
not, for instance, the vehicle that you are driving will be covered for
repairs as well as the other vehicle involved.
If you are driving customers' cars as part of your business then it is likely that you will need some form of motor trade insurance.
Many people mistakenly think that when they take out a private car insurance policy that means they are insured to drive any car.
Often, this is the case but written into most policies is a clause that states you will not be insured if you are operating as a motor trader.
Not having motor trade insurance in place, could, therefore, leave you with a high repair bill should the worst happen and also potentially lead to you being banned from driving for breaking the law by driving without the correct insurance in place.
This could well mean disaster for your motor trade business.
It is always worth combing these with your motor trade insurance policy of your place of business is open to the public and employees.
Motor trade insurance can really cover anything that you need it to. Obviously, the more that you need covering the higher the motor trade insurance cost will be but it is worth fully considering your needs before taking out a policy.
We have already covered the basics of what each level of cover gets you with a motor trade insurance policy but there are also various add-ons or specifics of insurance that you could consider.
If you recover vehicles as part of your job, you might need this cover in order to ensure that any vehicle you recover is covered whilst in your care, not just your own vehicle.
Collection and delivery
If you collect or deliver vehicles you might well be doing so on trade plates. You might need to add this specifically to your insurance policy to ensure you are covered.
If you store vehicles on a compound, you might well need to add compound cover to your policy. Your insurer will most definitely need to know how long you store vehicles for on average and the average costs of the vehicles that you look after.
You might well need to add on some extra cover if you are a mechanic. Product liability, for instance, will be something that is essential, in order to protect yourself should something go wrong with your work.
You might also need some specific cover to protect your tools, whether they are on your premises or stored in your van overnight.
Motor trade insurance works much the same as any personal insurance cover would.
As with any other type of insurance, the motor trader insurance cost depends entirely on what you need covering, your personal circumstances, whether you have any no claims bonuses that you can use or the size of your business.
If you are looking for cheap motor trade insurance there are steps that you can take to keep costs down.
No, in order to be eligible for motor trade insurance you do need to be able to prove that you work in the motor trade industry.
Yes, if you trade part-time, you can get an insurance policy that will reflect this. It certainly helps when it comes to reducing your motor trader insurance cost.
There are websites that you can go to in order to build a quite for your motor trade insurance policy. They can help you think through all of the extra cover that you might need and put together the perfect policy for you.
If you are unsure about anything, however, you should always speak to a broker who can give you more detailed information.