Why do I need Motor Trade Insurance?
Motor Trade Insurance is for anyone who deals with or handles cars as their job or as part of their business. Whether this is moving your own stock of cars around on your forecourt or driving customers cars to and from their home to your business premises, to need the correct cover in place to protect yourself, your business, your staff and the public – not to mention the vehicles themselves.
If anything were to happen to your customers cars when in your care, whether this is theft, a fire or even if you are involved in a car accident, you could face law suits from the car owners as well as having to pay to repair the car. A Motor Trade Insurance Policy could help cover the costs of repairing or even replacing the car as well as any legal costs.
What is Motor Trade Insurance?
A Motor Trade Insurance Policy is designed specifically for people who work within the Motor Trade Business. As a motor trader, you may be aware that there are specific insurance requirements that you must have in place by law. If you do meet the requirements for a Motor Trade Insurance Policy then cover can include:
- Trade Value Cost – If the loss is of your own vehicle, the trade value cost is covered. If it is a customer vehicle then retail price can be paid out.
- Business Driving Cover only – social domestic and recreational driving will not be covered under a Motor Trade Policy on customer’s vehicles.
- Any employed driver aged 18-80
- Extensive optional combined Motor Trade Policy
- Wind Screen Cover is not included in a Road Risk policy.
Be aware of specific exclusions under a Motor Trade Insurance policy. For example, some policies don’t automatically cover vehicles that are being stored on your premises, however we can also arrange for any required additional covers including:
- Employers Liability – If you employ any staff in the UK, it is a legal requirements to have EL Insurance.
- Public Liability – Should a customer or member of the public injure themselves or worse when in your work place.
- Tools Cover – If a piece of equipment were to break down or be stolen preventing you from carrying out your work.
- Buildings Cover – In case any damage should occur to your property, whether this be accidental damage, fire or flood.