Points To Remember When Taking Out A Motor Trade Insurance Policy
People who are in the business of buying and selling vehicles are required to get a motor trade insurance policy
. These policies offer insurance coverage for the person driving the vehicle, which gives the driver the freedom and flexibility to take the vehicle for a test drive and demonstration.When getting an insurance policy for your motor trade business, you need to provide insurance companies with details on the number of vehicles you own and the type of vehicle owned.
For example, if you own a fleet of commercial vehicles, you must inform the insurance company the number of commercial vehicles you own. You must also specify the nature of your business to make sure you get the right insurance policy. It is important that you provide the insurance provider with all the required details, so they can offer you a policy that covers all your business risks. The policy offered by the insurance provider will also depend on the risk coverage required by the motor trader. There are some traders who opt only for road risk coverage, while there are others who look for a broader coverage.
Traders who are in the business of buying and selling vehicles will require an insurance policy that allows demonstrations, test drives, vehicle pick-ups and deliveries and all other covers that protect their business interests.
There are different levels of covers available, depending on the requirements of the motor trader. It is compulsory for all motor owners to obtain Third-party only insurance cover for their vehicles. If you are looking for complete protection against most risks, you can take out a Comprehensive insurance policy. When taking out an insurance policy, the insurance company will require you to provide information on the vehicles registered by you and the vehicles that are in your care. This will help the insurance company in assessing your risk, and provide you the right insurance policy.
There are some policies that exclude coverage for vehicles that are driven to and from the workplace. If you plan to include cover of a vehicle for personal use, the insurance company may increase your insurance premium. If you do your business in a showroom or garage, you could consider getting premises insurance included in your motor trade insurance policy. Taking out premises insurance will not only provide cover for your property but also for tools, machines and personal items in your premises.
You can also include liability cover in your insurance policy. Liability cover will offer protection against liability to staff and customers who get injured on your premises or when using your vehicle. Liability cover is not compulsory and it can be opted for by motor traders if they have a history of cases filed by customers and employees. However, motor traders are required by law to take employer's liability insurance to protect the interests of employees.
There are many insurance providers that are willing to provide tailor-made policies to suit the requirements of their customers. Before you take out a policy, make sure you check the covers offer by the policy. There are many insurance providers who offer cheap motor trade insurance policies that don't cover all your risks.
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