Motor Trade Insurance
Motor Trade Insurance for road risk and liability for part time motor traders buying, selling and delivering cars as well as car jockeys, vehicle test, repair, body shops, demonstrators and test drives can include premiss insurance and breakdown and recovery.
If you buy and sell cars part time or full time your need motor trade insurance so that the vehicle your driving from or to an auction or delivering to a customer or just taking for a test drive or allowing your prospective customer to take for a test drive has insurance.
Your want insurance for any driver so that your customers are insured when they are driving your cars and insurance for any vehicle so that as you buy different cars your insured to drive any type of vehicle you have purchased.
Motor Traders Buying And Selling Cars
Itís not just motor traders buying and selling cars that need motor trade insurance, if you valet cars and drive customer cars during the process of valeting the cars then your also need motor trade insurance, body shops taking customers cars for a test drive will also need motor trade insurance.
If your a car jockey driving different cars all day long, delivering cars, taking cars for sale and to customers then your need motor trade insurance to insure the vehicle on the road and your also need liability insurance so that if anything happens to the car for example dents, scratches or the vehicle is written off, your insurance will pay out any compensation claims to your customer.
What is motor trade insurance?
Motor trade insurance is the name given to a range of insurance polices for use by people buying, selling or driving a range of customers cars, the insurance might include road risk insurance to provide the legal cover to use the vehicle on the road as well as liability cover to insure the car against accidental damage, other insurance options available are Used Car Warranty and Car Breakdown Insurance.
Part Time Motor Traders
Part time motor traders can get motor trade insurance that covers the essentials of vehicle insurance or what is known as road risk as well as liability cover which is insurance that will pay out to the owner of the vehicle should any damage be caused to the vehicle for example when the vehicle is taken out for a test drive or if the vehicle should fall off a trailer, online motor trade insurance specialists will insure the part time home based motor trader as well as the full time motor trader.
For cheap motor trade cover get your insurance from a specialist motor trade insurance company online, simply complete the online form and your immediately receive a quote, agree the quotation and pay the first months premium and your immediately insured, you can also pay annually as well as by direct debit.
Car Broker Insurance
The reason that car broker insurance dedicated to the motor trade is better than the high street insurance companies are that mass market insurance (which motor trade insurance is not) does not cater for the needs of the motor trade, domestic polices cannot be used for a business.
If your a motor trader importing cars from the USA, Japan or Europe your also need separate Imported Car Insurance which insures your car whilst it is in transit, so should something happen to your car whilst it is on a container ship for example then your be able to claim compensation from your insurance company.
Combined Motor Trade And Liability Motor Trade Insurance
Combined motor trade and liability motor trade insurance is popular where your insured to drive any car legally on the road and the car is insured against damage, you might for example accidentally dent or scratch the vehicle and if your delivering the vehicle to a customer they will want the damage put right, with motor trade insurance the compensation you can claim from the insurance company will pay for the vehicle repairs.
As your driving a great many vehicles the chances are high that you might suffer a breakdown so breakdown and recovery insurance is a must, here your be able to phone a breakdown service and they will either repair the vehicle at the side of the road or if it canít be repaired the recovery service will tow you to an insurance approved garage for the repairs, if you also take out an extended warranty on the car then the cost of any mechanical breakdown will be paid for by the insurance company directly to the garage.
Extended warranties are an excellent way for the motor trader to offer the customer a guarantee, buying an extended warranty for the customer will insure that for one, two, three or more years depending on the length of the insurance purchased, the vehicle is guaranteed against mechanical breakdown and if the vehicle does breakdown the insurance company pays for the parts, labour and all repairs.
Experienced drivers can get cheaper motor trade insurance as they can often transfer their no claims discount to their motor trade policy saving themselves money, younger drivers under the age of 25 or under the age of 21 will find that individual motor trade insurance will be more costly, however if the insurance is for several drivers then the addition of a younger driver onto the policy will probably have little effect on the monthly premium.
All Motor Trades
All motor trades are covered whether you are a part time or full time motor trader, buying and selling cars or if your a valet driving cars to be cleaned and detailed and returning them to the customer or if your a car jockey delivering cars to customers and moving cares between showrooms, or a car salesmen needing to drive a range of cars and have your customers drive the cars for testing purposes.
Road Risk Or Combined Insurance
Road risk or combined insurance refers to what motor trade insurers call vehicle insurance and liability insurance, this is the two most common types of insurance that a motor trader will need, insurance to use the car on the road so that any accident you have with another car allows the other driver to claim off your insurance and liability insurance so that if you damage the customers car you can claim on the insurance for itís repair.
Another popular choice of motor insurance is road risk and premisses cover, this insures your car showroom and itís contents (you cars) so that if there is a fire or flood or vandalism to your car showroom or body shop your be able to claim off your insurance for any repairs or replacements without you having to put your hand in your pocket.
Buying And Selling Vehicles
Buying and selling vehicles is one of the most popular part time jobs in the motor trade, but bare in mind that you need vehicle insurance and liability insurance at the very least when your driving a range of cars on the public highway and your probably want breakdown and recovery insurance for the wide range of vehicles that your be driving as they wonít always be in perfect working order, being able to offer your customer an extended warranty is a great way to get the sale as your taking the worry away from your customer that they might have to face any expensive bills for mechanical breakdown, with an extended warranty it is the insurance company that will pay for any mechanical breakdown, repairs and parts and not you or your customer.
If your carrying out vehicle repairs and servicing for example a vehicle body shop or garage then your need to drive cars to and from your customers and to and from specialist repair centres, your need both vehicle insurance for the legal right to use the car on the road as well as liability insurance for any damage that might be done to the vehicle for example, the vehicle might be scratched or dented or the vehicle might be stolen whilst in your care, liability insurance will pay out in such circumstances, you might also want breakdown and recovery insurance as breaking down on the side of the road when your meant to be taking the vehicle for a service is awkward to deal with and explain to the customer, with breakdown and recovery insurance you can be towed to your garage by the recovery service.
Valeting cars also requires motor trade insurance if your going to be driving the cars your need vehicle insurance that covers a range of cars and if your working on the vehicle then your need liability insurance for example the customer might accuse you of theft from the vehicle or scratching the vehicle, with liability insurance as part of your motor trade cover your be able to claim on your insurance for compensation which can be used to repair the customers vehicle or replace items damaged or stolen.
Road risk insurance is the name the motor trade give to the legal vehicle insurance you must have to use the vehicle on the road, your need road risk insurance for yourself and any employees to be able to drive any vehicle, this policy is typically called Ďany driver and any vehicleí and is an option on the form of most online motor trade insurance quotes.
As a mechanic your need insurance to both test drive the car before and after a repair and to protect the car and yourself against any claims of damage, to test drive the car your need road risk insurance (vehicle insurance) and to protect yourself against claims of vehicle damage your need liability insurance.
Premisses cover is an available option of most motor trade polices and is used when the motor trader wants one insurance policy to cover every aspect of their business, liability insurance, vehicle insurance and buildings and contents insurance where the building is your body shop, repair centre or showroom and the contents is the cars in the showroom and the tools in the garage, itís not compulsory to take out premisses insurance on a motor trade policy or any other type of insurance policy unless you have a mortgage on the building in which case you will need buildings insurance which would usually be a term in your mortgage agreement.
Motor Trade Insurance Policy
The motor trade insurance policy is one policy that covers all the cars you drive in the course of your business, the insured cars might be cars taken for a test drive, cars customers are driving as a demonstrator, cars bought at auction and being delivered to your showroom or any other driving of cars used as part of the motor trade, the insurance policy will cover you and if you state it other drivers to drive any vehicle as part of your business.
Any claims on the motor trade insurance will usually be at the trade value of the vehicle, meaning the trade price in ĎGlasses Guide or Parkerís Guideí or another motor vehicle new and used price guide, the trade value will be less than the customer price of the vehicle but if there is any damage to the vehicle you should get back what you have paid for the vehicle unless you paid over the trade value for the vehicle.
Road Risk And Traders Insurance
Road risk and traders insurance combined is the most common type of motor traders insurance as it is the bare minimum required to use the vehicle legally on the road (road risk) and be able to claim on the insurance for damage to that vehicle (traders insurance or more accurately liability insurance).
With the cheap cost of motor trade insurance part time traders should not worry that the cost of insurance will make them unprofitable, they will be far more unprofitable and in breach of the law if they donít have proper vehicle insurance and for the livelihood of their own business, liability insurance insures themselves against any damage to the vehicles they are driving.
The motor trade insurance will require that any repairs carried out to the vehicle under the insurance policy are by approved repair body shops, this insures that the work undertaken is of a high enough standard and that should any problems arise the insurance company has experience in working with that body shop and can sort out disputes easily.