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What is Motor Trade Insurance?
Motor trade insurance concerns those who deal with vehicles in the public domain such as motor mechanics, vehicle sales, valeting or body shops (just to list a few).
Motor trade insurance usually comes as two types: Road risk, and premises cover.
Although the term “motor trade insurance” may suggest that this type of insurance only applies to those that buy and sell vehicles, this is simply not the case – check the list below to see if your profession can be covered by motor trade insurance.
Many people are wondering if motor trade insurance is really vital in a business. A motor trade insurance policy is really important especially if you are involved in selling and buying or even fixing any kind of vehicle. This type of insurance is very beneficial to the owners of the business and even to the employees at the same time. It would prevent them from losing their hard earned money in case there is an unpleasant event that may occur.
However, buying trade insurance is not as easy as it seems. You must first determine what kind of policy is meant for your business. You can see from the insurance quotes the differences in their features, coverage, as well as premiums.
There are actually five kinds of motor trade insurance that can be availed by business owners related to car trading industry. This includes the Third Party insurance, the Fire and Theft policy, the Liability insurance, the Comprehensive insurance, and a combination of any of the said motor trade policies.
When buying a motor trade insurance policy, you have to make sure that you know all the needs of the business. This would aid you in determining the kind of policy which is perfect for you and your employees. Some of the insurance quotes include policies that have administrative benefits and allowing the use of particular employees to use the vehicles for personal reasons.
The third party motor trade insurance usually has policies for the car trading business owners who provide general vehicle repairing services. Moreover, this is also an important insurance for those who repair or restore vintage cars. Out of all the motor trade policies, this is the most basic motor trade insurance that can only cover only the third party damaged property and third party injuries.
On the other hand, the fire and theft motor trade policy covers the damages in the motor trade business that was cause by accidents, fire or theft as long as it is connected to the business.
However, if you want motor trade insurance that would cover more than just the damages in your business, then the comprehensive or the liability insurance is the answer to your needs. More often than not, these policies also cover insurance for the employees working for you. Aside from that, your business is also covered or insured even if it is your employees who have done the damage to the vehicles related to your motor trade.
Why do I need Traders Insurance?
Being in the motor trade industry means making sure you don’t risk buying or selling cars that you know will not give you a return on your investment. Bearing this in mind, you will certainly want to take a similar approach to your motor trade insurance as taking the risk of not having effective and comprehensive cover could result in financial or reputation damaging effects. Luckily, getting motor trade insurance is very easy to obtain and it ensures that you get the most effect cover to match your motor trade business.
One of the main risks involved in not having adequate motor trade insurance is the financial damage it can cause. Some traders may think it would be cheaper to not invest in motor trade insurance and to pay for any claims themselves should one arise. However, although this sounds like an easy option, it is the most financially damaging route to take. It may seem like a cheaper option to take due to not having monthly payments to your insurance provider however in the event of a claim you can never be fully prepared to how much you may have to pay out.
Motor Trade insurance brokers measure the risk of claims and how much these claims could costs. If you simply think you can pay for these claims yourself, you could find that claims cost far more than you would have anticipated. This can lead to you risking the financial standing of your motor trade business.
Another main cause for concern if you do not take out adequate motor trade insurance is that the effects of not being fully covered can severely affect your business and customer relationships. Customers are more likely to sell their car, buy a car, or have their car fixed by a motor trader who has valid and full motor trade insurance. This is because the customer will feel comforted to know they are protected from all claim situations. Not being a fully insured motor trader could mean you risk losing customers or can’t even attract customers to your business, this would cause a great drop in the financial stability of your motor trade insurance.
Therefore it is best to always have effective motor trade insurance, it simply isn’t worth the risk of going without it. Investment into motor trade insurance today ensures you will continue to attract customers over time by following the correct guidelines in the event of claim.
What industries are covered within motor trade insurance?
- Vehicle sales – part time and full time
- Roadside Recovery
- Accessory fitters
- Auction Houses
- Mobile Mechanics
- Vehicle restoration
- Body Shops
- MOT and Vehicle servicing
- Car Jockey’s
- Exhaust and Tyre fitting
- And many more
Road Risk Vs. Combined cover
Make sure that you understand what the difference is between road risks and a combined policy so that you know what policy suits you and your needs.
The last thing you want is to put your business in jeopardy because your policy doesn’t cover the aspects of your trade that you thought it did.
Road Risk policies typically include Comprehensive cover and are a must have if you are looking to start in any industry that requires motor trade insurance. Comprehensive policies will cover customer vehicles for all different types of collisions including ones that hold either your or one of your employees liable. Comprehensive policies are also able to cover your vehicle for fire damages, theft, vandalism and accidental damage while the vehicle is stationed at your premises of sales.
If you work from a business premises, you may want to consider a combined policy. Combined policies will provide protection for both your premises and the vehicles at the premises (either yours or your customers). Optional if an accident were to arise on the premise, your tools and equipment will be covered as well as the vehicle that you were working on. Combined policies can be tailored to your specific needs to ensure that you have complete peace of mind when it comes to being covered for all possible occurrences at the workplace.
Here are some other types of cover that you can choose to have as an add-on to your motor trade policy.
- Legal Expenses – Legal expenses allow you to be able to fight a claim in court without it affecting your own wallet.
- Breakdown Cover – Just as the name suggests, breakdown cover provides cover if your vehicle breaks down at all and provides rescue and recovery services
- Public Liability Insurance – Public Liability Insurance makes sure that you are covered for costs regarding any legal action that may arise if a third party gets injured or damages occur to their property either at the business premises or if you are working at their home
- Employer’s Liability Insurance – It is not just the public claims that you have to anticipate; sometimes claims may come from your own employees. Employer Liability Insurance covers this scenario by covering expenses arising in employee claims.
Want to save on your policy?
Here are some useful tips and tricks to make sure that you can accumulate the maximum savings on your policy.
- Pay annually – Though annual payments may appear less appealing than monthly ones, you can save quite a bit more on your policy than you otherwise would. A great tip here would be to always put a little bit of money aside throughout the year; that way, when your renewal comes you are able to pay the lump sum off and save yourself a pretty penny in the meantime.
- Shop around – Now, this one seems obvious, but its surprising how many people are content on renewing with their current policy provider. Make sure you always shop around when looking for renewal prices, you could end up saving yourself hundreds of pounds whilst maintaining the same level of cover.
Security – Heightening your premises security will more than likely result in a drop in renewal price, as insurers will be more confident that your vehicles are secure and have a smaller possibility of being stolen or vandalised.
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