A Selection of Motor Trader Insurance Terms Explained
A Selection of Motor Trader Insurance Terms Explained
When you are taking out a motor trader insurance policy it is important that you understand as much of the wording as you possibly can. Obviously if you know what the different parts mean then you will have a much clearer picture of exactly what you are getting for your premium. We have given you a definition of some of the most common terms below.
Road Risk Cover Indemnity for damage or loss to any insured vehicle whilst being used on the public highway, temporarily parked during the course of a journey or parked at the home address of the insured.
Third Party, Fire and Theft Loss by fire or theft of vehicles in the possession of the insured up to a maximum amount as declared and accepted by the underwriters. Trade value will apply to own vehicles. Excluding any loss whilst kept on or adjacent to any Trade Premises unless specifically covered on the policy i.e stock of vehicles cover.
Accidental Damage As per Third Party, Fire and Theft but including damageto vehicles in your possession to include accidental damage, vandalism, and malicious damage.
Demonstration Cover Cover extends the policy to allow the prospective purchaser of an Insured vehicle to drive such vehicle before deciding on purchase. The person must hold the relevant full UK driving licence and be accompanied at all times.
MID Because of the 4th EU Motor Insurance Directive the policyholder is obliged to provide the Motor Insurance Database (MID) with the registration numbers of vehicles that are owned by or in his/her custody or control for motor trade purposes and will be driven, used or parked on a road or public place. However, the policyholder is not required to provide details of customers vehicles in his or her custody or control for repair or servicing etc.
Split Indemnity The ability to split the amount of cover given between your own and the client's vehicles. Ie you could cover 10k for your own vehicles and 20k for customers resulting in a price saving.
Carriage of Vehicles Generally comprehensive cover, for vehicles in your possession on the back of a recovery vehicle.
If there are any other areas of your motor trader insurance policy that you do not fully understand or if you just want some more details about any of it then you should speak to your broker and they will be able to provide you with all of the information that you need.
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