Motor Trade Insurance Tailored to Meet Your Business Needs
If you work in the motor trade industry then you will require an additional insurance policy which more than standard vehicle insurance. This policy protects firms such as car dealerships, MOT test centres and other motor vehicle businesses.
It is important to note that this type of insurance does not protect companies that involve the transporting of goods or passengers. These require courier or public hire policies not covered by the motor trade policies.
There are two type of policies available, Road Risk and Combined Policy.
Road risk is very similar to standard vehicle insurance, and there are three choices of policy; comprehensive, third party fire and theft and third party.
These are the same as their standard insurance counterparts. Should you be involved in an accident which has been caused by you, third party only covers other drivers vehicles, not your own. Third party fire and theft still only covers the cost of repairs to any other vehicles, but also protects your own in the event that it should be stolen or caught on fire. Comprehensive is the most inclusive policy, protecting the cost of your own vehicles in addition to everything third party fire and theft covers.
Combined Policy not only protects your vehicle, it also covers your business, materials and any equipment used in your motor trade business.
As such it is more costly than standard road risk insurance, however it also gives much greater safety and security for you and you company. By covering any tools and equipment that you may be using, such as hydraulic ramps, you end up covering many thousands of pounds worth of property.
There are other policy options available as additional extras. While not compulsory they all offer additional cover to your policy should you require it.
Legal Expenses Insurance covers all legal and court costs should there be any issues with your claims. In some cases this even means that the insurer will represent your case in court for you.
Transported Good Insurance covers any goods in transit that may be on your vehicles. This effectively is the same as a courier insurance policy, however by combining it with a motor trade policy you can cut costs and receive additional discounts.
Business Disruption Insurance protects any loss of earnings caused by motor vehicle accidents. This means that should you suffer additional business costs due to being unable to use your vehicles your insurer will compensate you for your losses.
Should you require transport of customers you will require an insurance policy for transport similar to that of a taxi firm, with all of the regulations and stipulations that apply to them. A standard motor trade policy will not cover you should any customers be driving any of your insured vehicles, including any test drives.
By combining all the policy options that you require you can tailor an motor trade insurance policy to your specific needs and requirements. In most cases it is beneficial to use an insurance broker to find you the cheapest, reliable and most suitable policy for you.
About the Author:
Paul Headley is a specialist insurance article writer. Staveley Head are a leading UK insurance broker for
motor trade insurance
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