No claims bonuses are rewards for not making a claim on an insurance policy. This means that over time premiums become cheaper, reflecting the lower risk associated with the driver. No claims bonuses are available to drivers in the motor trade just as they are with private insurance, though there are some differences.
Vehicle insurance is a legal requirement. Motor trade insurance is recommended to anyone running a business in the motor trade. This applies to mechanics, dealers, vehicle valeters or any similar businesses and both full-time and part-time businesses need to take out cover.
‘The motor trade’ covers everything from showrooms displaying the latest models behind plate glass windows, or vast yards filled with new and used cars, to small traders who work part time from their own homes, for sales, repairs and servicing.
Who is eligible for motor trade insurance? Anyone who operates within any aspect of the motor trade industry, for example dealers, MOT and service centres, mechanics and salesmen, are all eligible.
It is worth checking the terms of your insurance policy. Some do not cover windscreen damage, others may offer compensation if the work is carried out by an approved company, while others allow owners to make their own arrangements and recompense them afterwards.
Motor trade insurance is essential cover for those who operate an automotive business, including dealers and mechanics. It provides protection for company drivers to operate customer vehicles, for example, driving around the business premises, road testing, and driving vehicles being bought and sold.
Are you purchasing your first motor trade insurance policy or looking to renew your current one? Help yourself to find the perfect level of cover – at an affordable price – by following our advice about what to look out for when looking for a new insurance policy.
If you rely on your part-time motor trade business for extra income, an incident you’re not covered for could cause significant financial damage. Part-time motor traders carry out the same work as those who work full-time so they should have the same level of insurance; having an adequate level of cover could help keep your […]
If you run a motor trade business, you’ll know how quickly circumstances can change. You could get new employees, install new equipment or expand your business, which would mean having more vehicles or members of the public on your premises at one time.
If you’re taking out a motor trade insurance policy, you’ll want to know how it affects your no claims bonus. A no claims bonus is a reward for not making a claim and gives the customer cheaper premiums for each year they go claim-free. If you have an accident and need to make a claim, […]
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