Category: Motor Trade Industry News

News on Motor Trade Insurance

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The Additional Cover for Combined and Road Risk Policies

You may think that trader’sinsurance just stops at the basic policy and that you will have to take outadditional insurance to cover unique aspects of your business.

Well, not necessarily.

Both Combined Traders Insurance and Road Risk Insurance are extremely versatile with a lot of policy extras you may add to better protect your business.

The Additional Covers for Most Motor Traders

Motor Legal Protection

Although legal covercomes as part of a lot of policies, there are some legal expenses that may notbe covered.

Additional cover forlegal expenses can help you recover the cost of things such as:

– Loss of earning
– Car hire
– Travel
– Clothing (if appropriate)
– Policy excess
– Other legitimate costs

This additional coveris also general speaking extremely affordable. Quite often it will be asolicitor that will help you with all these areas above.

Liability Insurance

Liability cover isoften included within a combined policy but it can be added to a road risk onlyif you employ people OR want to cover members of the public on your privatepremises.

Motor Trade Public Liability Cover is there to protect you against claims orcompensation pay-outs arising from members of the public who may hurt themselveson your property OR damage to their property through a result of your or your employees’actions.

Employers Liability Cover is a legal requirement for anyone who employs staff.Should an employee injure themselves or full severely ill through working foryou, they may be able to make a claim against you or your company.

Claims like this canoften result into costing thousands of pounds. As such, if you employ people,make sure you have employer’s liability in place.

Own a larger motor trade business or combined business?

Quite often having alarger business or operating a motor trade business that has premises such as adealership can require the need for insurance above and beyond the cover listedabove.

Additional cover for the larger business can include some of the following.

Commercial Legal Expenses

Not every solicitor canadvise at the higher commercial level. As such, a more qualified andexperienced solicitor may be required of which may cost more than your agreedstandard legal expenses.

A more in-depth legalpolicy can help cover the costs of things such as legal advice, court costs,defending costs within a court case etc. It’s won’t cover pay out costs though inthe event you lose the case. This would be covered by a professional indemnityor liability policy.

Motor traders oftenfind themselves requiring commercial legal cover for things such as:

– Contract disputes
– Tax, VAT, NIC and PAYE Investigations
– Landlord disputes
– Debt recovery
– Fee’s relating to court

You may be happy totake the chance on your existing legal cover, but if you think you may requiremore, then we suggest you ask about commercial legal cover.

Excess Protection

Excess protection is growingas people increase their excess in a bid to bring insurance policies down.

In the first instanceof wanting to make a claim, you will still be required to pay the excessyourself. However, the excess protection would kick in to pay back the cost ofthat payment at a slightly later date.

Management Liability Cover

Directors and senior managementof any company have the legal obligation to run the company morally and legitimately.

In the event thecompany is not run morally or legally, employee’s, customers, other directorsor even shareholders should you have them, can accuse you of such and take youto court.

In the event of suchthing happening, your personal assets could be at risk where you are found tobe liable, especially where your actions have cost the company and thereforeits fellow shareholders money.

Management Liability Coveris designed to protect you from such and cover against court costs, settlements,payouts and more. This policy aspect has many areas and you should talk to theunderwriter about exactly what is right for you.

If you are stuck or unsureif any of this is relevant to you, speak with one of our agents who will beable to connect you with an appropriate advisor to assist you.

toyota camry

Toyota Camry To Be Brought Back To The UK Market After 14 Year Layoff

It has been 14 years since the classic name of the Toyota Camry has graced our new vehichle forecourts – but now out of the blue Toyota has announced that it is looking to bring it back to the UK market place. This will be the Camry’s eighth incarnation and will be in the form of the Camry Hybrid and will replace the Avensis which is on its way out and will become Toyota’s D segment challenger.

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A quick guide to Motor Trade Insurance

If you are feeling confused about what type of insurance you need within the motor industry, you are not alone. Many businesses in the motor trade are unsure which policies exist and what the policies cover. To help you find the right motor trade insurance, we have put together this useful guide.

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Why claiming on your insurance is a bad idea

Living in a faster paced society, and commonly having to work harder for our money than we did 10 years ago. Many people look at their insurance as a quick way to make some money when the smallest of accidents happen.

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Dealers not working their sales leads correctly

Sales leads don’t come cheaply and can be a major source of income for car dealers if used correctly and treated in the manner they should be. New data has just come out by digital marketing firm Marketing Delivery that 37% of sales leads are incorrectly noted as “lost” by dealer’s staff when in fact they’re still actively looking for a vehicle to buy and are very much in the marketplace.

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Don’t Forget to Update Your Motor Trade Insurance Database

If you are purchasing and selling numerous vehicles as a motor trader, you must make sure you have a cheap motor trade insurance policy, however once the motor trade insurance policy is confirmed you must also be sure to update your Motor Insurance Database (also known as MID).

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Drivers could miss out by not shopping about for Insurance

A new study shows that differences in cheap traders insurance policies could be costing some motorists up to an extra £1,500 every year.
According to the study, drivers who don’t do their homework and search the market for the best possible deals, could be paying upwards of thousands of pounds on outdated, over-inflated policies.

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When do you need a Combined Cover Policy?

There are many different types of motor trade insurance policies which can provide coverage of all your business’s facets. Getting insurance coverage not only protects you from liabilities and damages, it also fulfils a legal requirement for all motor trade businesses to have an insurance policy.

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How to find the Best Motortrade Insurance for your Business

There are literally hundreds of companies offering insurance policies specifically for the motor trade industry. It is hard to navigate through them and find the policy that will provide your business the right protection, yet still has affordable premiums.

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Before you get an Insurance Policy, you should…

Motor trade insurance is a necessity for anyone operating a business in the motor industry. The insurance needs of every motor trade business have created space for many new insurance companies. Many of these companies offer their clients assistance in their time of need, by offering the right motor trade insurance policies.

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