Motor trade insurance is a policy that covers businesses and their staff when driving or working on their customers’ vehicles or those the company owns. If at any point you and your customers’ vehicles come under the custody and care of your staff, you will need this type of insurance. In this article, you will find information regarding motor trade insurance and comparisons for finding the best option.
Motor trade insurance
What is a motor trade insurance?
Motor trade insurance, also known as trader’s insurance or road risk insurance, is a policy that covers businesses and their staff when driving or working on their customers’ vehicles or those the company owns. If at any point you and your customers’ vehicles come under the custody and care of your staff, you will need this type of insurance.
Motor trade insurance is often customized to each business, but it may include the following:
- Road risk insurance – If you take the vehicle on a public highway, this will be necessary for your coverage
- Employers’ liability insurance – Protects your business from claims by your staff
- Public liability insurance – Protects you and your staff from claims made by the customers and the public
- Product liability insurance – Protects you if a part in your customers’ vehicle is defective
- Material damage cover – Covers the vehicles and equipment owned, and is useful if you own a car dealership to insure unsold vehicles
- Combined motor trade insurance – Covers road risk along with equipment and even premises
- Extra drivers – The option of using ‘any driver’ vs individuals on staff
- Vehicle types – Covering only the vehicles you need covered
For taxis please see taxi insurance.
What is a part time motor trade insurance?
If you work with vehicles on a part time basis, or as supplemental coverage, part time motor trade insurance may be an option for you. Although the part time motor trade insurance may have different coverage depending on your business, the road risk insurance is still recommended for most policies.
What does motor trade insurance cover?
Motor trade insurance is a policy that covers businesses and their staff when driving or working on their customers’ vehicles or those the company owns. Depending upon the business, there are a variety of policies in the plan to supply the best coverage.
How does traders insurance work?
Motor trade insurance is taken out by someone when their business works with vehicles (cars, motorbikes, vans, etc) in a wide range, including selling, repairing, servicing, running a garage, etc.
Depending upon the business, there are a variety of policies in a motor trade insurance plan. It’s best to talk to a representative to best evaluate your business.
Can anyone get traders insurance?
You need to be a trader in order to get motor trader insurance. However, there are exceptions to the rule – for example, a hobby that involves car repairs – and those generally apply for the part time trade motor insurance.
Can I drive a car on traders insurance?
It will depend on the type of policy that you take out for motor trade insurance. There is often a drivers policy in the motor trade insurance to determine in the coverage who in your business can drive the vehicles, and which vehicles.
Is it possible to get a traders insurance if you are under 25 years old?
Yes, it is possible but it will depend on the policy that you need for your business. Unfortunately, the under 25 age range is considered high risk by insurance, and it will be more expensive. However, it is good to shop around to find an option that fits your business the best.
Where can I find the traders insurance policy and rules explained?
There are a few websites that explain the motor trader insurance policies, rules and terms explained comprehensively. The two websites linked below provide information on the terms of motor trade insurance:
Cheap motor trade insurance: Compare quotes and the market
The easiest way to get cheap motor trade insurance is to use one of the many online comparing services. We have listed some of the major players below:
Motor trade insurance at Go Compare
Go Compare is price comparison platform for insurance, travel and other products.
Read more: Go Compare
Car trader insurance cost
The motor trade insurance cost will depend upon your business and your staff, especially if anyone is under 25 years of age. It’s best to shop around and consult a representative to understand your potential price range.
Selected motor trade insurance companies and brokers
Here is a list of some selected motor trade insurance providers:
Motor trade insurance at Aviva
Aviva, one of Britain’s largest insurance providers, offers car, home, travel, and life insurance – along with savings, investments and pensions.
Read more: Aviva
References
https://www.confused.com/motor-insurance/get-covered/motor-trade-insurance
https://www.choicequote.co.uk/motor-trade-insurance/part-time-traders
http://www.motor-trade-insurances.co.uk/Motor-Trade-Insurance-Frequently-Asked-Questions.html
