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Third Party vs. Fully Comprehensive Motor Trade Insurance – What’s the Difference?

Simply put, Third party only insurance is the minimum level of cover you can purchase and will only cover third party damage, neither you nor your customer’s vehicles will be covered.

Motor trade insurance policies cover those who work in the motor trade – buying, selling, repairing and servicing vehicles. However, motor trade businesses come in all shapes and sizes and one size does not necessarily fit all. That’s why it’s a good idea to research the different types of motor trade insurance to find the ideal policy for your business.

The motor trade is a complex industry – motor trade businesses can be big or small, operate full time or part time and may or may not have their own premises. No two motor trade businesses are alike so the best insurance brokers assess your situation and tailor their policies to fit the exact needs of your business. However, as a general rule motor trade insurance can be split into three different types of cover.

Third Party Only Motor Trade Insurance

Third party only motor trade insurance is the most basic level of cover for motor traders and a legal requirement. It could also be known as a third party road risks policy and is required by law if the motor trader:

  • Drives their own or their customers’ vehicles on public roads
  • Repairs, services or restores vehicles
  • Buys and sells vehicles
  • Works as a car valeter
  • Runs a garage or MOT station
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This type of policy provides cover for you, your business and your employees in the case of third party injury, third party property damage and third party death caused by any vehicle connected to your trade.

However, motor traders should beware that this is the most basic level of cover. Therefore it is advisable to take out additional cover to protect your motor trade business from all potential risks.

Other Types of Motor Trade Insurance

Third party fire and theft policies provide additional cover for motor traders. As well as providing cover for third party road risks, this type of policy protects motor trade vehicles against damage caused by fire or theft.

Comprehensive motor trade policies provide all the above cover with additional protection against accidental damage. This is one of the higher levels of cover and ensures each area of your business has adequate protection. If you require enhanced protection for your business, a combined motor trade policy will cover your premises, tools, contents and money as well as your vehicles.

Lee Middleton – Google+

Information provided by Unicom Insurance


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