Motor trade insurance is designed to protect car dealerships, garages and others in this busy sector against issues that may lead to financial loss. It covers the various risks that businesses operating in the motor trade face, including loss or damage to customers’ vehicles while under your care.
Businesses in the motor trade industry that need motor trade insurance include:
Car repair garages
MOT testing stations
Additionally, businesses dealing with the import or export of vehicles and those buying and selling vehicles for a profit also require motor trade insurance.
Motor trade insurance can also offer a range of extras, either included in more comprehensive policies or bought as add-ons. These include:
The cost of motor trade insurance depends on several factors, including:
The size of your business
The number of employees
The types and number of vehicles typically being used, traded or worked on
The level of protection required
How many years of no claims you have
Your age (younger policyholders typically pay more)
It’s important to compare quotes from different insurance providers to find the best policy for your business.
If a job requires you to drive vehicles that aren’t yours, it might be a good idea to add a road risks policy to your motor trade insurance. For example, you may need a larger van if you’re a landscape gardener and need to excavate and remove a large brick fish pond.
You can select the level of cover you need so you are covered for the type of risk you might encounter. These are:
Third party, fire and theft
Road risks cover is worth considering even if your motor insurance allows you to drive other vehicles. This is because the terms of your insurance will invariably stipulate that the purpose of the journey must be for social or leisure and not for work.
Motor trade insurance can cover a range of different vehicles, including cars, vans, motorcycles, and even commercial vehicles. However, the types of vehicles that can be covered will depend on the policy chosen.
Most motor trade insurance policies allow for additional drivers to be added to the policy. However, you’ll need to provide details about the additional drivers and their driving history in order to get an accurate quote.
Your motor trade insurance may be cancelled for any number of reasons. These include, if you don’t make your premium payments on time, if you provide false information on your application, or if you’re found to be engaging in fraudulent activity.
If you’re self-employed or part-time and operate a business in the motor trade industry, you’ll still need motor trade insurance. This is because the risk of accidents, theft and other types of loss still exists.
If you’re only working on your own vehicles, you may not need motor trade insurance. However, if you’re trading cars, or repairing or servicing other people’s vehicles, you’ll need motor trade insurance to protect yourself and your business.
Combined motor trade insurance is a type of insurance that combines multiple types of coverage into a single policy. This can include cover for vehicles, tools and equipment, business premises, and liability insurance.
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