Motor Trade Insurance

What is Motor Trade Insurance?

Motor Trade Insurance policies are designed to cover those who earn their living by selling, buying, repairing or usually doing anything connected to cars vans or motorbikes. Motor trade insurance will give cover for small, big or even part-time motor traders.

There are different kinds of motor trade insurance policies that vary in features, premium, and the extent or nature of coverage A motor trader needs to go for an insurance policy that meets his or hers requirements and suits their budget.

What type of motor trade insurance policies are there?

Motor Trade Insurance policies are generally of Three  different types.

These are:

Street Risk Only Motor Trade Insurance:

Street risk only insurance policies may be separated into 3 different levels of cover:

Third Party Only: Motor trade insurance policies also known as a Third Party Road Risks Policy. The law requires a motor trader to purchase a Third Party Only Motor Trade Insurance policy if the trader a) drives his own or any customers vehicles on the public highway b) provides general services of repairing of vehicles, c) buys and sells cars for profit, (d) operates as a vehicle fitter, valets vehicles or is a mobile tuner, (e) restores and repairs cars, and (f) operates an MOT station or a garage. A Third Party Only Motor Trade Insurance policy is the most basic level of coverage and covers a motor trader for third party injury, third party property damage and third party death caused by any vehicle connected to his trade.

Third Party Fire and Theft: Motor trade insurance policies covers a trader for all of the above in as well as including cover for damages caused to the motor trader due to fire, accidents, or theft of vehicles connected to the trade, over and above the above-mentioned third party coverage.

Comprehensive: A Comprehensive Motor Trade Insurance policy covers for accidental damages caused to vehicles connected to the motor trade, as well as the above-mentioned third party, fire and theft damages.

Liability Motor Trade Insurance: A accountability Motor Trade Insurance policy is in particular formulated for motor traders who (a)need to call the public within their location while doing business with or rendering services to them, (b) employ people, (c) refurbish, repair or service cars, and (d) supply, fit and buy parts. The three types of Liability Insurance are (a) Product, Sales and Service Indemnity which includes Defective Workmanship, (b) Public Liability, and (c) Employers Liability.

Combined Motor Trade Insurance

A Combined Motor Trade indemnity policy covers for money, vehicles, liabilities, premises,. Every motor trader, regardless of whether they repairs cars, sell cars or clean cars, will needs a motor trader insurance policy. They only need to choose the policy that suits the requirements of their business and therefore allows them to conduct their business at a minimum level of risk. ,A liability motor trade insurance policy is specially designed for motor traders who will have the general public within their premises while doing business with them or providing services to them, or if they employ people, restore, repair or service cars, and supply, fit and buy parts.There are three types of liability insurance; product, sales and service indemnity which includes defective workmanship, public liability, and employers liability., irrespective of whether he repairs cars or imports sports cars, needs a Motor Trade indemnity policy. He only needs to choose the policy that perfectly suits the requirements of his business and thus allows him to run his business in a minimum-risk mode, though sometimes it may be meaningful contact a specialist cruise trade insurance broker such as one sure insurance who can provide them with advice as to the level of cover required.