As a motor trader, it is important to have the right insurance cover in place. This will protect you and your business from any potential risks that may occur. There are a variety of different motor trader insurance policies available, such as those offered by one sure insurance, so it is important to compare them before deciding which one is right for you. Here we will take a look at what motor traders can expect from their insurance policies.
What Motor Trader Insurance Will Cover
Most motor trade insurance policies will cover the following:
- The vehicles that you own or operate.
- Your tools and equipment.
- Your premises and contents.
- Your stock.
- Your liability to third parties.
When taking out motor trader insurance, you will need to specify the level of cover that you require. This will determine the premium that you pay.
A key part of motor trader insurance is for a garage to have cover for the vehicles under its care. This is because, although they are owned by the customer, their insurance cannot be expected to cover the vehicle while it is in the possession of someone working on it. So, a motor trader will need cover for any damage to the vehicle while they are driving or working on it and should they need to store it overnight. When specific parts are needed, after a repair is deemed necessary, a garage may have to wait for these to arrive.
We are not just talking about insurance for garages that repair vehicles, either, when we talk about motor trader insurance being required because it also provides cover for car showrooms that sell vehicles and those who valet or wash them. This can be instead of or complementary to working on the vehicles either mechanically or in terms of their bodywork. Anyone in the motor trade should have motor trader insurance. It is a specialist cover and protection for all those working in the industry in the capacity of a business owner or self-employed worker.
What Motor Trader Insurance Will Not Cover
There are some things that motor trade insurance will not cover, such as:
- Your motor vehicle – this will need to be covered by a separate policy.
- Any vehicles that are being used for illegal purposes.
- Vehicles that are not roadworthy.
- If you have any employees, their motor vehicles will also need to be covered by a separate policy.
It is important to check the terms and conditions of your policy to see what is and is not included. This will help you to avoid any nasty surprises if you need to make a claim.
Always be aware of who you are employing too, as younger and older drivers, or those with motoring convictions, will prove more expensive to insure. There are also age limits with motor trader policies.
Making a Claim on Your Motor Trade Insurance
If you need to claim under your motor trade insurance, you will need to contact your insurer as soon as possible. They will then be able to advise you on the next steps.
You will usually need to provide the following information:
- Your policy number.
- Details of the incident.
- The names and contact details of any third parties involved.
- Any supporting documentation, such as medical reports or police reports.
Once the claim has been processed, you will be able to get your business back up and running as soon as possible. Motor trader insurance is vital for any motor trader. It will protect you and your business from a variety of risks.
When you are looking for a motor trader or motor trade insurance, make sure you compare policies before deciding which one is right for you. This will ensure that you are getting the best possible cover for your business’s needs.
