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Does Motor Trade Insurance Cover Loss of Earnings?

Known as Uninsured Loss Recovery (ULR), this is sometimes offered as additional coverage to clients who already hold an existing commercial motor trade insurance policy. ULR is not usually provided with motor insurance, but can be purchased through a broker or insurer – usually referred to as ‘legal expenses insurance’.
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How can I get Part Time Motor Traders Insurance?

Am I eligible?

Whether you’re a part time motor trade industry worker or own your business on a part-time basis, a policy can be arranged whatever your interest – be it repairs, tyre and exhaust fitting or even car valet servicing.

From buying and selling cars to carrying out repairs during the weekends, it doesn’t matter what part time hours you work; a motor trade insurance policy provides essential coverage whatever your operations. Covering you to drive your own vehicles as well as those being tested and driven, you can also register the vehicles for the Motor Insurance Database (MID).
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How do I Update my Motor Trade Vehicles to the Motor Insurance Database?

What do I need to do to amend my Motor Insurance Database record?

Once you have your motor trade insurance policy, the first thing you will be required to do is provide your insurance broker or insurer with the relevant information regarding your vehicles – applying both to your own as well as stock motors. When arranging your motor trade insurance policy ensure you ask the relevant authority (insurance broker/insurer) how exactly you wish to display your vehicle information.

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What is Defined as Motor Trade Use?

Motor trade insurance is a particular type of insurance policy that provides coverage for anyone running a motor business – either on a full-time or part-time basis.

This provides coverage for UK companies, with businesses including car dealerships, commercial vehicles as well as motor traders. Specially developed to align with the policyholder’s specific requirements, this policy lets you choose the appropriate protection through expert advice as well as the relevant resources.
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How Does Motor Trade Insurance Excess Work?

How does motor trade insurance policy excess work?

Motor trade insurance covers a wide scope of different areas, including road risk and liability insurance. In the event that you need to make a claim on your own policy your insurers will request a contribution to the claim, which is known as an “Excess” – and is usually a set, agreed amount.
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Where Will my Vehicles get Coverage on a Motor Trade Road Risks Policy?

Your vehicles will be covered for damage or loss if on the road or parked for the duration of a journey/at the home address of either the policyholder or business partner, however, the majority of road risk insurance companies may exclude cover on or within 400 metres/1 kilometre radius or any motor trade premises.

Most insurers will not pay unless in the course of a journey, so it is important to check your insurance policy in full detail just in case. In relation to whether or not coverage can be provided for vehicles maintained at your motor trade business address, this can be done – but there are a variety of factors to consider.
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Cover Your Motorbike as Part of Your Motor Traders Insurance

Cover your motorbike as part of your motor traders insurance

If you own a motorcycle but also hold a motor trade insurance policy, you may be wondering if it’s possible to add this to your existing coverage. The good news is yes: you can.

The only prerequisite you need is to have been in possession of a full bike licence for one year or longer – and if you tick these boxes, then there should be no problem in adding this cover. It’s important to bear in mind though that while some policies may offer cover equal to your existing policy, others may provide Third Party for motorbike coverage. However, if you are required to tax or operate a motorcycle then this is still helpful to have.
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Do I Need Motor Insurance?

Am I required to have motor insurance by law?

Anyone operating in the motor trade industry must legally hold motor trade insurance. However, depending on which area of the motor trade you work in it is also important to note what type of motor trade policy you wish to take out to ensure relevant coverage.
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With Unicom you can also...

Use our Insurance Renewal Reminder Service
Get help with claiming on your insurance policy
Update the Motor Insurance Database
Download important documents and information

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