Motor Trade Insurance For Full Protection
Motor trade insurance is classified under a commercial policy to cover for the insurance
needs of businesses in the motor trade that are not within the provisions of a private vehicle insurance policy. These include transfers of brand new or second hand vehicles from depot to showroom, test drives, valet service, and the like. It covers for a specified driver who is authorised to drive any type of vehicle that is part of the motor trade business. This differs from car insurance where the coverage is for a specific person for a specific vehicle.The basic choices for a motor trade insurance coverage are no different from the private insurance policy. The protection may cover for the following:
1.Third party insurance only; which is the minimum legal requirement that gives protection to passengers only.
2.Third party fire and theft; protection is not only for passengers, but is extended to damage caused by fire and loss due to car theft.
3.Comprehensive; your protection encompasses passenger, fire, theft and damage to your vehicle due to accident regardless of whether the negligence was from your end or not.
The above benefits are classified under the road risk cover. Other add-on coverage that will give full protection to your motor trade business are material damage and liability cover.
Material damage, which is also called "all risks" or a combined policy, provides protection for your stock of vehicles, your office building or warehouse and its contents. A liability cover on the other hand protects you from public liability claims that will also cover for litigation expenses and employee liability.
The driving restrictions that you should take into consideration and should be strictly implemented so as not to complicate any future claims consist of the following:
Insured Only; meaning only the specified driver stipulated in the policy is the person covered.
Insured and specified drivers; more than one driver is specified in the policy. However, the more drivers that you include, the higher your premium rate will be.
Any driver; this literally means that the coverage is for any driver without the necessity of identifying their names. This usually applies to medium and large motor trade business entities who require more flexibility in employing as many drivers to perform the prescribed tasks in the movement of various motor vehicles.
However, for an "any driver" policy, the insurance provider will usually require age limits to your drivers like they should not be less than 25 years old and not more than 65 years of age.
The premium rates will again vary depending on the various factors that we just mentioned above. What is important is you can shop around for the best rates and service from the various insurance providers and brokers serving your area. Don't be easily swayed by smooth talking agents. Motor trade insurance may not come cheap so it's important to get a coverage that best suits your needs, and that can fully protect your motor trade business. You can get quotations online and ask for a complete list of what they cover, how much their add-ons and restrictions are.
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