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Motor Trade Insurance News

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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Are Spouses Covered Under Motor Trade Road Risk Insurance?

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.

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