Insurance For Trade License Plate Holders
For any motor trade business, having trade plates can always help speed up sales and reduce the cost of handling each vehicle. Without a trade plate, you may have to resort to taxing and registering each vehicle individually before you can take them out on public roads. Trade plates are an excellent way to circumvent this long winding process, and they can make all the difference between making a sale or not. Unfortunately, traditional motor trade insurance does not always cover trade plate vehicles.
It is good practice to inform us therefore that you will be using trade plates and subsequently intimate us of any new trade plate numbers you own so we can update the same on the MID. Our trade plate insurance is for those businesses who already own trade plates and need a motor trade insurance inclusive of trade plate registrations.
Trade plates are used on unregistered and untaxed vehicles in your possession, necessary to drive them legally on public roads. It is a cheaper alternative to registering and taxing every single car in your yard. Using trade plates saves time as well. Motor trade insurance covers accidents to vehicles in your possession only if they are registered and taxed (not on your name). Though, the policy document does not always include trade plates.
By opting for a trade plate insurance, you get a motor trade policy that has all the covers you need to run your business smoothly. It allows you to register all trade plates that you own so that vehicles bearing your trade plates are covered in the event of accidents on a test drive or otherwise.
Trade plate insurance could mean claiming for any repairs needed rather than eating away from the vehicle’s sales profit. It is always good practice to opt for trade plate cover along with a motor trade policy.
Obtaining trade plates is a relatively simple process. It is convenient and profitable. If you wish to get trade plates, then apply to the DVLA or Driver and Vehicle Licensing Agency. Trade plates can last anywhere from 6 to 12 months. Remember you can take a trade plate insurance only if you own trade plates.
You must understand the eligibility for using trade license plates. There are guidelines on the use of trade plates and going against them can result in a maximum of £5000 fine or in some cases even a jail term. Remember, trade plates are for vehicles in your possession that haven’t yet been registered. They are a temporary fix just until the time you sell the vehicle or transfer ownership. Also, each trade plate number can only be used on a single vehicle at a time.