If you’ve taken out an insurance policy for a domestic vehicle as well as a motor trade insurance policy, you could be paying more than you need to. While motor trade insurance policies are usually only for those who work in the motor trade, most insurers will also allow you to add your significant other to the policy for a relatively low cost – allowing them to cancel their private insurance policy and save money.
There are many circumstances where it would make sense to add your spouse to your motor trade insurance policy. For example, if you move in with your girlfriend you could originally be paying for two insurance policies. If you added her to your motor trade insurance policy, however, you could cancel her insurance policy and save hundreds of pounds. Your motor trade business may also have a commercial vehicle that your spouse needs to use for domestic purposes such as taking the children to school or doing the weekly shopping.
However, although extra drivers can be insured on motor trade insurance policies, you should not assume that your insurer will let any driver drive the vehicle registered on your policy. Anyone who wants to drive your vehicles must be approved by the insurer and named on the certificate of insurance.
Other Optional Extras
Often road risks insurance alone is not enough to protect your whole business. If you operate from your own premises or have a team of employees, your business will be exposed to additional risks such as fire, theft and personal injury. In this case a combined motor trade insurance policy will be more suitable as it allows you to insure all aspects of your motor trade business under the same policy – giving you the flexibility to create a perfectly fitted insurance package.
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Most insurers also offer a range of optional extras; so when you take out a motor trade insurance policy with Unicom, for example, your specialist insurance broker will assess your business and discuss any suitable optional extras in order to protect your business in case of any eventuality.
Optional extras often include:
- Business interruption cover – if an incident such as fire or theft leaves your business unable to operate, this will cover your loss of income.
- Loss of money – this provides cover for the accidental loss of money up to a certain amount such as £10,000.
- Computer insurance – this provides cover for the loss, damage and destruction of your computer equipment.