What is motor trade insurance?
You need insurance to protect your business vehicles and employees against claims if you work in the motor trade Industry. Our policy covers liability that may arise when driving a company’s or client’s car and during repairs and servicing. Even when you don’t carry out repairs or drive business vehicles, you need insurance to protect you from liability that arises from accidental damage.
What covers are available in motor trade insurance?
The insurance policy covers every motor trader to ensure you can conduct your business without worrying about liability. For instance, road risk insurance covers motor traders who drive a client’s car on public roads, mechanics, car sellers, valets and vehicle fitters.
Road risk is a basic cover required by laws, and it will cover injuries, damage or death caused by the motor trader’s vehicles. Motor traders with employees need a liability policy to protect workers and third-party claims due to injury or accidents within the premises.
What vehicles are covered under my insurance?
The policies usually cover vehicles used for business purposes. For instance, if you buy and resell cars, the insurance will protect all your business vehicles. If you have third-party liability, the policy can cover customers’ vehicles on your premises.
An unlimited number of cars can be added to your policy, provided they have an MOT certificate. If you have motorcycles, you can include them, but you will pay additional premiums and will need a valid motorcycle licence.
Who can have motor trade insurance?
Anyone working in the motor trade business can apply for cover. That includes tyre fitters, valets, vehicle recovery agents, MOT servicing centres, mobile mechanics, and car traders. You may need to provide proof of trading and disclose any criminal or driving convictions.
Even if you have a medical condition, you can still get cover. However, the medical condition should not put restrictions on your licence. Part-time and independent service providers like mechanics can also qualify for a policy.
What are the age requirements of motor trade insurance?
Most insurance policies for motor traders cover drivers above 25 years old. However, if you have a worker below 25 years old in your business, you need to insure them. Insuring young drivers often costs more since they are prone to accidents. Drivers under 25 years require a valid UK driving licence that has been used for over a year.
What benefits can I get with motor trade insurance?
Motorists and service providers with an insurance cover are fully protected against risks associated with their trade. Therefore, you don’t need to panic about accidents or damages to a client’s car during repair or servicing.
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The policy covers third parties against injuries sustained within your premises and other accidents. You can also insure your business equipment or stock against theft or fire incidents.
What happens if you don’t have an insurance policy as a motor trader?
The law requires motor traders to have basic insurance that covers vehicles and employees. When you don’t have insurance, you risk litigation and fines as well as having to pay for damages and repairs from your business account.