Road Risk Insurance

Who needs Road Risk Insurance?

Road Risk Insurance is vital for any business owner who deals with car repairs, maintenance or sales.

At the small end of the spectrum, you could run a car valeting business on a supermarket car park or repair alloy wheels part time from your garage at home.

Customers will leave their car in your care, or you may have a large number of your own stock vehicles. By law, the absolute minimum cover is for professional third party cover to be in place.

Going beyond that is a matter of choice. But if anything were to happen to these vehicles, whether caused by fire, flooding, theft or even an accident not caused by yourself, you could be held accountable.

If your customers chose to open a law suit, you could not only be forced to pay the legal fees, but also replace the car and pay out compensation if instructed to.

Setting aside the damage to your reputation, could you afford to pay out for all of this as well as continue business as usual? If the answer is no, then a fully comprehensive Road Risk Insurance is necessary for your business.

Speak to one of our advisers now on 0800 542 2741 or request a free Call Back.

What does Road Risk Insurance typically cover?

A typical Road Risk Policy will cover any of your day to day business activities, whether this be driving a vehicle from client to work place or garage, to a third party supplier (a valeting business, for example) or carrying out a sale.

It’s worth noting that a vehicles left in your custody or control will be covered for road risk driving purposes only. Personally owned vehicles declared on the policy maybe driven for pleasure, social and domestic use by drivers named on the policy appropriately.

The list of additional policies below can be arranged to compliment your road risk cover;

• Tools Cover
  To replace or repair any of your tools of equipment. It is important to not underestimate the value of your tools. They are the backbone of your business.
  Could you afford to replace all of your tools in one go and carry on trading?
• Public Liability Insurance
  In the event of a member of the public if customer having an accident on your premises.
• Employers Liability
  A requirement by Law if you have any employees, whether paid, part time or volunteers.
• Professional Indemnity
  In case someone suffers as a direct result of advice that you have given them.

We can tailor a policy in to suit your specific needs. So if you need to discuss your requirements further, call a member of our team on 0800 542 2741

Alternatively, submit your details for a  Call Back and  get cover in minutes.

Why compare Road Risk Insurance with Plan Insurance Brokers?

At Plan Insurance Brokers, our staff are trained to exacting standards to ensure that our customers receive the best service and advice possible.

With a focus on technology, we aim to be where our customers need us, whether that be via email or in our UK office.

As an independent broking service, we aim to get to know our customer’s business as well as we do our own to fully understand their insurance needs.

This means that we are able to tailor policy cover specifically to your requirements so you have all the cover you need, without paying for cover that you don’t.

To get a range of fully comprehensive quotes, call a member of our team now on 0800 542 2741, or submit your details to receive a free Call Back.

Does a road risk policy cover me to drive any vehicle?

A common mistake made by motor traders is the thought that they can drive any vehicle no matter what type or no matter who owns the vehicle.

All road risk insurance policies allow the proposer and named drivers to drive any vehicle registered to or owned by the policy holder, and any vehicle in the custody or control of the policy holder’s business in connection with the motor trade. Friends and family members vehicles are not covered unless evidence can be provided that they are in your possession for the purpose of your business.

Your employees will only be covered for road risk use on your vehicles unless otherwise stated.

Vehicles registered to the policy holders spouse can be covered if needed but only on referral to the insurance company with full vehicle details.

Under no circumstances can a vehicle registered to or owned by an employee or named driver on the policy be covered under your road risk insurance policy.

All road risk insurance policies have limitations to the gross vehicle weight that they will cover you to deal with. Most basic policies will cover up to 7.5 tonnes. However with our extensive panel of insurers we can offer cover up to a maximum of 44 tonnes if required.

It is essential that you check your policy documentation if you are unsure whether you are insured to drive a vehicle. Please call Plan Insurance Brokers on 0800 542 2741 to confirm cover

Ensure you’re the lowest risk possible

To reduce your road risk insurance premium you need to present the minimum possible risk to the insurance companies.

Obviously some factors are out of your control, for example the insurance rating for your postcode and your occupation within the motor trade. However there are factors you can affect. They are as follows:

• Set the right indemnity level
• Think about your drivers
• Keep your vehicles and keys safe
• Select the most appropriate cover
• Select the most appropriate excess
• Shop around with Plan
• Admit what your best premium is

Set the right indemnity level

Don’t over or under insure the maximum value of any one vehicle and the total value of all your vehicles.

If you set too high an indemnity amount you are over insuring yourself and effectively are giving money away to your insurance company. If you under insure and have to make a claim for a vehicle whose value exceeded the indemnity level you set, you will be out of pocket for the amount that the vehicle’s value exceeded your indemnity level.

This could add up to thousands of pounds. So think carefully when setting your indemnity level. If you are unsure ask your broker for advice.

Drivers

• Ensure drivers are over the age of 25
• Ensure drivers are claim and conviction free
• Only offer road risk use for your employees

There are a couple of points that are worth considering that might save you money in the long term. Young drivers pay higher premiums as they are far more likely to be involved in accidents. If they are a named driver on a policy and they have an accident, the policy holder’s No Claims Bonus will be affected.

Select the most appropriate main driver

The policy holder of a road risk insurance policy must be the proprietor of the business. Therefore it is not possible to have a proposer who presents a lower risk in order to reduce the road risk premium. If a claim occurs and the policy holder is proven to not be involved in the running of the road risk business, the claim can be repudiated.

It is especially important that young drivers who are attempting to obtain cheaper road risk premiums take note of the above point.

Keep your vehicles and vehicle keys safe

Wherever possible at your home address park your vehicles off the street and in a drive or garage overnight. This makes it less likely that the vehicles will be damaged whilst parked, or worse still, stolen.

Also keep your vehicle keys out of sight and reach of thieves. With vehicle security on modern cars being much improved thieves often aim their efforts directly at obtaining the vehicle’s key. So try to keep them on you or in a safe place at all times. Definitely don’t leave them in sight of your front door over night as thieves often manage to hook them through your letter box. If you operate from a premises a locked key cabinet may be a requirement of your insurance policy.

Select the most appropriate cover

Weigh up the cost between fully comprehensive, third party (fire and theft) and third party only cover on your road risk insurance. Does the potential cost of your vehicles repair outweigh the increased insurance premium for comprehensive cover? If you drive low value vehicles and one were to be stolen or involved in a fire, would the potential cost of replacing it outweigh the increased insurance premium for fire and theft cover?

Select the most appropriate excess amount

An excess is how much you have to pay towards a claim against your own insurance policy. The higher this excess, the less you’ll pay for the policy as some insurers will significantly reduce road risk premiums if you set an excess of £500 or more.

However if you have an accident you will have to pay out more towards the claim. Though, if the claim is not your fault Plan Assist will act on your behalf to seek reimbursement of your policy excess.

Having a higher excess makes little odds to many people who tend to settle small claims themselves in order to avoid the loss of their no-claims bonus and increases in the future cost of their insurance.

Don’t assume direct insurers will be cheaper

Direct insurers aren’t always the answer.  Plan Insurance Brokers are a leading road risk insurance broker and deal with an extensive panel of risk insurers, including those that also offer a direct service. With access to a wide range of policies Plan Insurance Brokers are able to select the best cover for you at the lowest cost.

Shop around

Fortunately Plan Insurance Brokers will do the time consuming work for you. It makes sense to deal with a road risk insurance specialist who will search the leading road risk insurers’ premiums to save you both time and money. Call 0800 542 2741 for your quick low cost road risk insurance quote.

Haggle with Plan Insurance Brokers

The road risk insurance market is very competitive. Insurance companies want your business. We’ll be able to beat your renewal premium as we have good relationships with all the road risk insurance companies.

The people that set the prices are often willing to negotiate. As a road risk insurance specialist we regularly obtain improved rates compared to the quoted screen price. If you’re not happy with your broker’s renewal premium or service give Plan Insurance Brokers a call on 0800 542 2741.

Introductory discounts

If you have been driving a company car claim free but don’t have no claims bonus in your own name we have special deals for you. Insurance underwriters will allow ‘introductory discounts’ equivalent to no claims bonus where a letter is provided from your previous or existing company confirming claim free driving.

So if your current rate isn’t as low as you hoped make sure you give Plan Insurance Brokers a call on 0800 542 2741

Admit what your best premium is

When asked what their best premium is a lot of proposers either make up an unrealistically low figure or refuse to admit what their best premium is.

Unlike most brokers at Plan our quick quote computer gives us instant quotes from an extensive panel of leading trade insurers. We know what the market rate is. We appreciated people will shop around to obtain the best premium. That’s why we’ll always give you our best rate straight away.

However if the premium we’re up against is ridiculously low we know that the person on the other end of the phone is either making the price up or that the company they’ve been dealing with have made a mistake.

If they have made a mistake it will only become a bigger problem and more hassle for you further down the line. So we’ll be able to advise you where they’ve gone wrong.

If the premium you’ve had is genuinely cheaper than our screen rate we’ll contact the underwriters and see if they’re prepared to make a special exception and lower their screen rate for the benefit of all.

Are there any reasons why I’d need to contact you after I’ve taken up my road risk insurance policy?

You must tell us as soon as possible if any of the following occur:

• you take possession of a high performance or high value vehicle which was not previously advised on your policy
• you want to use a vehicle for a purpose not included in your schedule
• you become aware of any medical condition of any driver named on the policy which may affect their ability to drive
• you or any other driver named on the policy are convicted of a motoring offence other than fixed-penalty parking offences
• you change the address where you live or trade from if different from your home address
• you or any other driver named on the policy change their occupation
• you are involved in a motor accident

We will then inform your insurers who will re-assess your cover. An additional premium, and likewise a return premium may be incurred as a result of notification of these changes. Failure to notify your insurers of any changes may invalidate your insurance, and leave you uninsured. We may charge you an administration fee for any changes you make to your policy details during the period of cover. This is shown in your policy schedule.

Please call Plan Insurance Brokers on 0800 542 2741 to inform us of any changes to your policy.

Am I covered when I drive abroad?

Most policies will at least include up to 30 days third party cover for driving within EU countries. However all insurance policies are different. It is essential you check your policy documentation to learn whether the cover you require is included as standard by your policy.

If you require full cover as per your policy you will be required to pay a small additional premium dependent on the length of stay and the vehicle being driven.

If you are unsure please contact Plan Insurance Brokers on 0800 542 2741 and one of our experienced staff will be able to advise you.

Can my road risk policy cover me for imported vehicles?

Plan Insurance are experts at providing insurance for imported vehicles. Finding the best price on imported vehicles requires specialist knowledge. To avoid any confusion we suggest you call Plan Insurance Brokers on 0800 542 2741 to speak to one of our expert staff.

Does the price include motor legal expenses cover?

At Plan we provide a full accident management service to our motor insurance clients. Your accident management service is included FREE with your Plan Insurance Brokers policy. Plan Assist’s FREE legal expenses cover provides insurance in respect of solicitors’ fees to assist you in recovering any uninsured losses in connection with a claim (eg, your excess or damages for personal injury). Please see our claims page to find out more about the full range of benefits this service provides.

When will I receive my Road Risk Insurance certificate?

Your certificate of motor insurance is issued by your insurance company. Once we are in receipt of the necessary payment and documentation we will post it out to your contact address by first class mail.

In the mean time you will be sent a valid insurance cover note. This cover note acts as evidence of your valid road risk insurance.

I’m under 25, can I still get a quote?

From the age of 18 plus, if you have held a full U.K. license for over 12 months we can provide a quotation. However policies are usually very restrictive and costs are prohibitive up until the age of 25. After this age policy restrictions are often reduced and prices tend to be lower.

Do I need to contact Plan every time I take on a new vehicle?

As a motor trader you need to comply with the Motor Insurance Bureau. Please visit our MID FAQs page for detailed information regarding the requirements of the Motor Insurance Database.

What will happen if I take a break from trading for a period of time during the course of my policy?

If you are not planning to carry on trading in the foreseeable future, you will need to request that Plan notify your insurer. It is vitally important that you do so as in the event of a claim you will be required to provide evidence that you are active in the road risk industry. Failure to supply adequate documentation may well result in your claim being repudiated. As a result if you are not planning on trading for a prolonged period of time your insurer may require you to cancel your policy.

If you are definitely no longer trading on a permanent basis you will need to cancel the policy and if you still require motor insurance you will need to arrange alternative cover.

Unfortunately if you brought no claims bonus from a private car policy to a trade policy that you’ve held for over 2 years it may no longer be acceptable to many private car insurers.

Will my vehicles be insured for their full value?

A road risk insurance policy will only ever payout trade value on your personal vehicles.

Is private car no claims policy transferable to a road risk policy?

Most road risk insurers will allow a substantial discount for a no claims bonus obtained on a private car policy. Although the proposer will not be eligible for the full discount until they have operated a claims free road risk policy for a certain number of years. The number will vary from insurer to insurer.

For what reasons might I be ineligible for a road risk policy?

The most common reasons we are unable to provide proposers with road risk insurance quotes are if they have not held a full UK driving licence for at least 12 months, they are not a permanent resident in the U.K. or if they do not believe that if requested they could provide documentary evidence of trading.

Can I obtain cover for sports and high performance vehicle?

Due to the increased risk presented by high performance vehicles insurers will often place restrictions on policies in relation to these types of vehicles. In some cases they will decline to cover them at all.

Drivers under 25 will find it particularly difficult to arrange cover for sports and high performance vehicles on a road risk policy. However as a road risk insurance specialist Plan will select an appropriate insurer to cover the type of vehicles you will handling during the course of your policy.

Will my own vehicles insured on this policy?

So long as you have informed your account handler honestly and correctly at the outset of the policy then your personal vehicles should be covered. In certain circumstances your account handler will need to have contacted your insurer to confirm that your vehicle meets the insurer’s acceptable criteria and that the vehicle is covered to the level you expect.

If you change your personal vehicle during the course of your policy to one that differs greatly in either nature and/or value then you will need to contact your insurer to confirm that the new vehicle is acceptable to them. You must also ensure the new vehicle is added to your record on the motor insurance database.