If you run a business in the motor trade industry, whether you’re repairing, buying, selling, cleaning or transporting cars or other motor vehicles, you need to be covered by a motor trade insurance policy.
Some people are unsure on what the differences are between general car insurance and motor trade insurance, but it is important that you are aware of the differences and have a policy that is suitable for your needs. Failure to do this could cause you significant problems further down the line. Even if you only work with motor vehicles on a part-time basis, you will still need motor trade insurance in order to be safe and protected. Therefore, to make things that little bit clearer for you, we have put together this guide on motor trade insurance that will provide you with everything you need to know!
What is Motor Trade Insurance?
Motor trade insurance is largely a catch-all concept that can refer to a large number of different policies to suit the different capacities that the insurance policy is used for. The overall purpose of motor trade insurance is to ensure that all individuals or businesses that are working within the motor industry are legal and are protected by the law. Motor trade insurance policies are tailormade for businesses or individuals that have ‘care, custody, or control’ over a vehicle that doesn’t belong to them.
Who Needs it?
The list of individuals and businesses that require motor trade insurance is a long one, and as long as you work with other people’s vehicles you should assume that you need to get yourself an appropriate policy. From scrap dealers, to breakdown and recovery firms, to valets and mechanics, all these typical vehicle industry professionals need to be covered by a motor trade insurance policy.
What does it Cover?
Due to a motor trade insurance policy being more complex and specific than your run of the mill car insurance, it covers the insurance policy holder for more risks and issues. However, it is important that you look into the different risks your job is more likely to face and tailor your policy around that. However, the most popular policies tend to include comprehensive coverage and product liability.
How Much Does It Cost?
As motor trade insurance is a lot more specialised and tailored than a generic car insurance policy, there is a lot of variation in price. The larger your motor trade business, and the more risks your policy covers your business for, the more you can expect to pay. However, it is important that you get extensive coverage, as not having the correct insurance when you need it can land you with a large bill!
While motor trade insurance is likely more expensive than your personal car insurance, by using the popular comparison site Quotezone.co.uk you can easily find a policy that suits your needs by filling in a quick form. The site will then connect you with a wide range of UK-based insurance providers that are willing to insure your particular motor trade business.
Getting a motor trade insurance policy for you or your business doesn’t need to be complicated, and by using a comparison site you can easily find an affordable policy that suits your needs. We hope that this guide has provided you with the information you require and that you are now confident in what motor trade insurance is and whether you require it.
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