Motor trade insurance can be a valuable addition to your business, as it can protect your company and its assets from the negative consequences of accidents, theft, loss, or damage. Read through this guide to find the answer to the most common questions on motor trade insurance.
What Is Motor Trade Insurance?
Motor trade insurance refers to a type of specialist insurance cover aimed at motor traders and business owners who are involved in any way in buying, selling, repairing, or driving motor vehicles.
What Does Motor Trade Insurance Cover?
Standard motor trade insurance covers damage and injuries caused to third parties while operating a vehicle for business purposes, whether an incident occurs at business premises or on public roads.
What Types Of Motor Trade Insurance Cover Are Available?
The most basic type of motor trade insurance is known as third party only insurance. This will cover any expenses that arise from an incident that causes personal injury or damage to a third party’s property.
Third party fire and theft motor trade insurance provides cover against damage and injury caused by fire or theft of any insured vehicles.
Comprehensive motor trade insurance covers the policyholder against all of the above plus any accidental damage caused in connection with their vehicles.
Is Motor Trade Insurance Cover Right For Me?
Anyone involved in the motor trade industry can benefit from taking out this type of insurance cover. Motor trade insurance cover is particularly advantageous if you provide vehicle repair and/or restoration services, MOT services, fitting and mobile tuning, and valet services. Motor trade insurance cover is also right for your business if you are involved in buying and selling vehicles for profit or if you drive your or you customers’ vehicles on public roads. This type of motor insurance can also be beneficial for business owners who keep motor vehicles at their premises at any time.
Is Having Motor Trade Insurance Compulsory?
The current UK insurance legislation requires motor traders to have third party only motor insurance in place. Other types of motor trade insurance cover (such as third party fire and theft or comprehensive insurance) are optional – however, we do highly recommend these policies as they provide a greater level of cover for your business. We can, thankfully, provide a range of cover to suit your budget and needs.
Are There Any Optional Extras That Can Be Recommended?
Yes. The most popular extras include money cover, vehicle stock, public liability, goods in transit, and tool and machinery cover.
Here at GSI Insurance we understand the importance of making the right choice when it comes to motor trade insurance cover. This is why our company puts our clients and their needs first, making sure that every single one of our customers receives personalised attention and the right insurance product. We have more than 30 years’ experience working as a family-run insurance broker business.
During this time, we have built a reputation for outstanding customer service and for offering an extensive range of quality insurance products. Feel free to call us today if you need advice on motor trade insurance or would like a quote, and our friendly team will be pleased to help.