Motor Trade Road Risks Insurance
We provide fast access to great deals on motor trade road risks insurance from a panel of leading insurers. With many years experience in the road risks market we are ideally placed to provide you with the essential cover that you need to meet your business insurance requirements at very competitive prices.
What is motor trade road risks insurance?
It is a legal requirement that anyone using a motor vehicle on a public highway hold valid motor insurance in respect of that vehicle and clearly those involved in the motor trade, whether it be in sales or servicing, have to drive both their own stock vehicles and customers vehicles on a regular basis.
The road risks insurance product for motor traders is designed to provide the professional motor trader with a flexible policy that can be tailored to their needs to deliver motor insurance in respect of their own vehicles and vehicles used by them in connection with the motor trade.(more)
What cover is available under a motor trade road risks policy?
This may depend upon your status and your requirements, but cover is available in the familiar motor insurance formats of third party only, third party fire and theft and on a comprehensive basis.
Who can drive under a motor trade road risks insurance policy?
You need to arrange the policy specifically with other drivers included. A policy does not automatically allow other people than the policyholder to drive. If you want the spouses of owners or directors to drive, employees or members of the public for demonstration purposes, you need to arrange the policy on that basis.
What is the vehicle indemnity limit under a motor trade road risks insurance policy?
The indemnity limit under the policy is chosen by you and it will represent the insurers maximum liability in respect of any claims for own damage or fire and theft in respect of your own or customer’s vehicles on TPFT and comprehensive policies. You must ensure that this limit is suitable for your requirements and reflects the total value of any single claim that may occur. Remember under a road risks insurance policy vehicle values are based upon trade prices and not retail prices.
Can I drive any vehicle under my road risks insurance?
No, this is a common misconception with policyholders and people looking to take out new road risks insurance. It is not a “blanket” private car insurance. The vehicle must either be owned by the policyholder or being driven in connection with the insured’s business as a motor trader.
Road risks insurance for limited companies
If your policy is arranged in the name of a limited company you should be aware that the cover in respect of “own vehicles” applies to vehicles owned by the policyholder, the company and not personally owned by directors of the company or their spouses. This is a common mistake and if you are in this situation, you should remedy it with you insurance company.
Do I have to be a motor trader to buy road risks insurance?
In short, yes. In reality there a number of occupations that fall outside the general motor trade banner, but still require the flexibility of the motor trade policy and example of this would be a car jockey and some insurers will provide road risks insurance for these types of occupations. Such insurance must be arranged on the correct basis with the insurers consent to that occupation. Be warned that in the event of a claim under the policy insurers will check to ensure that you are actually engaged in the business you have stated that you are when you took out the policy and in many cases they will seek proof of trading.
Is road risks insurance a cheap way of buying car insurance for high performance vehicles?
No, again this has often been thought to be a solution for some people and they are mistaken in this. You must notify all of your own vehicles to your insurer and and the MID. Many policies will carry restrictions on the types of vehicles that may be driven and you need to check the details of your own policy to ensure that the cover actually meets with your requirements.
Can I insure my stock and tools under my road risks policy?
The opportunity to add cover for stock including vehicle stock and your tools and equipment is a fairly recent addition to most motor trade road risks insurance policies and this is and excellent way of protecting your assets outside of a full blown combined motor trade policy.
Insurance for professional motor traders
Whilst we are happy to accommodate motor traders engaged in a wide variety of motor trade occupations both on a part-time and full time basis, we will only provide cover for those engaged in the trade in a professional capacity. We may seek confirmation of professional motor trade activity at inception or renewal of a policy and in the event of a claim. If you are not genuinely engaged in the occupation you have advised your policy and cover may be prejudiced. We take this firm position to ensure that genuine motor traders receive the best possible deal on their motor trade insurance.
Call now on 0161 300 2930 or apply on-line.