subject: Important Considerations For Motor Trade Insurance Policies [print this page] Any form of vehicle is required by law to have adequate insurance in place if it is to be driven on public roads within the United Kingdom. A motor trade insurance policy can cover a single person or other named drivers to drive any motor vehicle for the purpose of trade. If you live in the United Kingdom and work in the motor trade industry then it is highly likely that a motor trade insurance policy will be suitable. Even if you need to travel abroad a motor trade insurance policy can be extended to a high level of coverage across areas of the European Union, giving you peace of mind that your adequately covered.
Motor trade insurance policies are often tailored specifically to the policyholder so they can receive the adequate cover they require for the type of vehicles that they generally deal with. When applying for a motor trade policy it is important to check both the quality of cover that is offered and the excesses that would be required if you were to make a claim. These can often range dramatically when looking at motor trade insurance and it is important that you understand what the overall cost of a policy would be if a claim was made.
Like standard car insurance there are a number of restrictions that can be placed on a motor trade insurance policy. Driving restrictions are often placed on an insured only basis, but can be extended to named drivers, or any drivers. However there are limitations with any drivers as they are often required to be over the age of twenty five and under sixty five, with them having had a UK driving licence for at least two years.
The type of vehicles you can drive on a motor trade insurance policy depends on what type of cover you wish to take out and that which applies most to your business. Average policies are generally only for typical vans and cars valued up to a certain price. If cover for heavier commercial vehicles, or high performance vehicles is required then this can be included or excluded as an additional policy term.
Even if you only work part time in the motor industry you can use the insurance policy in conjunction with your job and other insurance policies that you may require. However this can bring additional costs and it is worth weighing up the pros and cons to see if it is worthwhile.
by: Neil Anderson
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