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This guide will explain the key features of Motor Trade Cover from essential elements of insurance to optional add ons, to ensure that you and your business have the right cover.

 

What is Motor Trade Insurance Cover?

A Motor Trade Insurance Policy is insurance that provides protection for any risks that you may face as a Motor Trader.

If you own a business in the Motor Trade Industry, whether it be a car dealership, a mechanics garage or even a franchised valet firm, working with cars requires cover to protect you and your company against your legal liability that you have towards your customers and their vehicles.

 

The main difference between a Motor Traders Policy and a Private Car Insurance Policy is that with trade cover, the person is specified on the policy – whereas with private cover, a car must be specified too.

This means that a single policy will cover you to drive vehicles that you use for your business as well as those belonging to your customers.

 

Do I qualify for a Motor Trade cover?

A Motor Trader is a person actively operating a formal business for profit, involving the selling of vehicles or providing a service relating to repair or maintenance of motor vehicles.

Your business must be connected to the Motor Trade in order to qualify for Motor Trade Insurance. If you have to make a claim on the policy you may be asked to provide trading records in relation to your Motor Trade business.

 

Do I have to work Full Time?

No, you don’t. But, if you work in more than one trade, then you will more than likely need to take out separate cover for that activity.

For example, a builder might choose additional cover for his business as well as covering his vehicles.

However, if you run a business that is involved in multiple motor trade activities, you can choose additional cover for this on a Motor Trade Policy.

 

What cover can a Motor Trade insurance policy include?

Motor Trade Cover can be arranged to protect all aspects of your business. Cover can include:

  • Road Risk
    To cover you driving vehicles belonging to your customers or those in your stock. This can also include anyone in your employment as well.
  • Motor Trade Public Liability Insurance
    If you have customers or members of the public visit you at your place of work then you will need cover to protect you should they have an accident or damage their property due to your negligence as a business owner. For example, slipping on an unmarked wet floor.
  • Employers Liability Insurance
    If you employ any staff whether full time or voluntary then EL Insurance is a requirement by UK law. This will cover you should an employee have an accident or fall ill as a direct result of working for you or your negligence as an employer.
  • Tools Cover
    If a piece of equipment were to be damaged or be stolen preventing you from carrying out your work, Tools Cover can cover the cost of replacing them. Tools can be expensive and essential to your business and therefore should not be undervalued.
  • Buildings Cover
    In case any damage should occur to your property, whether this be accidental damage, fire or flood. Not only can Buildings Cover help pay for the costs of repairs but also provide temporary accommodation should you need it to continue with business.
  • Trade Value
    If the loss is of your own vehicle, only the trade value is covered. If it is a customer vehicle then retail price can be paid out.

 

If you have any questions about your Motor Trade cover, our advisers are here to help.

Contact one of our experts by requesting a call back here or calling 0333 003 0042

We can generate a range of personalised quotes over the phone and have you covered in minutes.

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