Essential i4MT Motor Trade Insurance
Road Risk Insurance is the basic form of motor trade insurance mandated by law. If you work on vehicles that are not owned by you, if you deal in second hand and brand new vehicles or buy vehicles at an auction for the purpose of reselling them, you need a road risk policy as a minimum to satisfy the legal requirements of motor trade.
Usually, those who operate from their home, either on a part-time or full-time basis, need a road risk insurance. However, depending on your business premises, the number of employees you have, kind of vehicles you deal with and the nature of your motor trade business, you can take a more comprehensive customized cover that includes road risk insurance and several other additional policies.
An essential Motor Trade Road Risk insurance only includes vehicles you drive that are registered on Motor Insurance Database or MID. It does not include vehicles that you personally own and operate as part of your daily life. It also does not include vehicles necessary to run your motor trade business such as a mobile van for detailing or repairs. Neither does it include public liability or employer liability, which you may require depending on the scale and nature of your particular business.
To be precise, you or any named driver in your motor trade policy is covered to drive on public roads and property, a vehicle that does not belong to you or your business but is registered on the MID, for the purpose of conducting your business. Take, for instance, a vehicle you just purchased at an auction house. If you meet with an accident or an incident, then you are covered under the Road Risk Only Insurance. Likewise, think of a car you just repaired and are testing out on your neighborhood streets. You lose control and run into your neighbor’s backyard damaging property and landscape. Such incidents are covered as long as the car does not belong to you and is registered on the MID.
You can opt for three Motor Trade Road Risks Insurance covers, each successive policy costing slightly more but offering higher protection.
Third Party Only (Basic) – Such a Road Risk Insurance only covers damages to a third party including property and personal damages. For instance, in an accident, any property or individual damaged other than you and the vehicle you drive is covered. It is the standard protection suggested by experts.2010
Third Party, Theft and Fire– Such a Road Risk Insurance offers everything included in the primary Third Party Only Cover but includes additional benefits such as protection from theft or fire.
Comprehensive (Full Cover) – Our most popular Combined Motor Trade Insurance. As the name suggests, it includes all the benefits necessary for any motor trade business including those mentioned in the above two covers. Any customer vehicle in your care is covered if there is an accident or incident. Additionally, you can claim for personal injury in such an event, if you happen to be hurt.
As mentioned earlier, the Comprehensive Policy is our combined road risk cover, and it is designed to protect you and your business from all possible scenarios. The danger is not limited to theft, fire or from a third party. A comprehensive cover lets you concentrate on your business without worrying about the tremendous risks involved in your chosen trade.
If you buy or sell cars, repair them, run a valeting service, or are in any manner associated with the motor trade industry, you need a road risk policy by law. Without an appropriate road, risks cover you cannot conduct your business, even if you operate from your home. In fact, such policies are ideally meant for motor traders working from home. For those with business premises, you may want to take up highly customized Combined Premises, which entail a lot other than just the basic Road Risks Only Insurance Cover.
Just operating a motor trade business is not sufficient to take a road risk only insurance. You need to furnish proof of your work such as vehicle purchase and sales receipts, parts receipts and repair invoices, etc.
We offer policies with a lot more independence in how you maintain them. From adding additional covers to increased indemnity levels, we at Inssurance4MotorTrade work hard to provide you sufficient post-purchase services.
1. Choose Your Indemnity
Whether you repair cars, buy or sell cars, you choose the indemnity level you need for your cover. We offer varying levels of indemnity that you can decide from regardless of whether you want a cover less than £50,000 or £5,000.
2. Choice Of Add-ons
You choose the kind of protection you need. Third Party is the cheapest, but a comprehensive cover policy is wider with more cover thus protecting you from a lot more things, but without costing too much.
3. Demonstration Cover
If showcasing your vehicles is important to your business, you may need a demonstration clause. Without this cover, you cannot let your customers test drive on public roads. We can add secure demonstration cover on any of our policies.
4. No Claims Discount
Are you a seasoned motor trade businessman? If you have a few years under your belt with accumulated no claims bonus, we can give you a decent discount on any motor trade policy you sign. Our No Claims Discount depends entirely on the total year's bonus you have.