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.
Are part-time dealers or traders covered?
Yes, though you must be able to demonstrate that you are active within the trade for at least part of your normal working arrangements. Holding another occupation outside the trade does not exclude you from cover.
What types of policies are available?
Some insurers just provide basic cover in the event of accidents on the road, while others offer policies covering fire, theft and even offer combined policies. Make sure that you are happy with the level of cover you have, and that it satisfies all your needs.
Are there exclusions on what is covered?
Some vehicles are excluded from trade policies, in particular certain high performance cars and motorcycles. Each insurer will be able to make you aware of any makes or models which are not specifically covered.
What benefits are included in a policy?
Unlike private policies, some trade insurance excludes certain types of benefit. Exclusions can include courtesy cars in the event of an accident or breakdown, and windscreen cover. Other typical policy benefits, such as no claims discounts and the ability to add other people to the policy, are generally available. It is important to closely check the terms and conditions of any policy prior to taking out cover, and look closely at any exclusions or limitations.
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Am I covered at my business premises or place of work?
Again, this depends on the specific policy. Some policies provide cover against accidents or damage which occurs on the road, and others automatically include cover at business premises. Make sure you have the correct policy to meet your needs, so that if, for example, something is damaged while on your premises, you are sufficiently insured.
Will I be paid in full in the event of a claim?
Many trade policies will pay out for a claim using trade valuations. This is irrespective of whether you are dealing with new and used cars or vans, or for damage which occurs at a service and repair centre.