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Do you need a cheap motor trade insurance policy?
Although motor trade insurance isnt the same as general car insurance, you still want to have effective cover for a competitive price. Whether you sell or repair vehicles, valet them or work in another area of the motor trade industry, it is always important to cover yourself and your business against any unforeseen risks. A traders insurance policy can include road risk cover, public liability cover, cover for your premises and asset cover, or a combined policy for all.
We will do the work for you motor trade insurance comparison made easy!
If youre looking for traders car insurance or motortrade insurance, we understand that you dont always have the time to hang on the phone or search the internet for motor trade car insurance online, thats why we do the searching for you! We work with multiple UK motortrade insurance providers so we may be able to offer competitive rates. We can provide quotes for business trades including;
- Vehicle Sales
- Body / Mechanical Repairs
- Car Demos
- MOT Prep / Testing
- Vehicle Servicing
- Breakdown Recovery
- Tyre Fitting/Sales
- And more
Cheap Traders Insurance – How can Quotezone help you?
Simply fill in our online motor trade car insurance form to compare multiple traders policy and motortrade insurance quotes from UK motor trade insurance providers. Our motor trade insurance panel will attempt to contact you directly to offer you competitive rates on your traders insurance policy. Simply let us know a few details of the cover you require and some contact details, then sit back and wait for your quotes to arrive.
Motor Trade Insurance Guide
In the UK, motor trade insurance is a specific kind of insurance designed for self-employed individuals and business-owners involved in this industry. This could apply to many different businesses, including those dedicated to towing, servicing, and repairing vehicles and accessory fitting, as well as businesses that are involved in buying and selling vehicles.
Care, Custody, or Control in the Motor Trade
Care, custody, or control is a term that relates to how individuals and businesses undertake work on vehicles. What it means is that when a vehicle is left by its owner with a motor traderfor repair, modification, or transport, for examplethe vehicle is in the care, custody, or control of the trader. As such, the vehicle is no longer covered under the owner’s insurance. And, because all vehicles that are used on the road must have insurance, this means it falls to the motor trader themselves to typically provide insurance coverage for the vehicles in their care, custody, or control.
This may offer a significant benefit to the motor trader, because they need only one policy to cover any and all vehicles they drive or have custody of in the course of their work.
There are usually several different levels of motor trade insurance: risks, liability, and premises insurance.
Motor trade risk insurance could be described as the minimum level of insurance that a motor trader must have to meet their legal obligations. However, the motor trader may decide whether to buy third party insurance, third party, fire, and theft, or comprehensive coverage, as all three types meet the legal requirement.
As with individual car insurance, third party motor trade risks insurance might cover damage to the car of a third party involved in an accident. However, it doesn’t generally cover damage to the car the motor trader is driving at the time of the accident, whether it’s a personal car or a car belonging to a customer. For this insurance, comprehensive coverage could be needed.
This kind of insurance is generally required for all motor traders who drive vehicles they do not own, whether they operate a business from home or have dedicated business premises.
Motor trade liability insurance could protect the motor trader from legal liability claims that may be made as a result of faulty workmanship, or through other interactions with customers or the public. This may include claims for compensation or medical expenses made by people who are injured while on the business premises (or at the motor trader’s home if they work out of their home). Note that any business that employs at least one person may be required to have public liability insurance by law.
Motor trade premises insurance may cover the buildings, contents, and equipment used by the motor trader and their business in the course of their work.
Combined cover could include all the above levels of coverageincluding road risk and liabilityand may also include some additional elements depending on the specific policy. These might include employer liability, sales and service indemnity, business interruption, and business stock. This fully-comprehensive cover might be the most expensive motor trade insurance, and is designed primarily for large motor traders with business premises that include, for example, a garage and showroom.
Coverage Elements and Optional Extras
Motor trade insurance may seem a bit complicated, as these policies have a number of different elements that may or may not be useful depending on the specific industry the motor trader is in. Most of these are optional, or have a number of different alternatives from which they could choose.
Number of vehicles covered: A home traderthat is, someone who works from home and does not have dedicated business premisesmay typically have only a limited number of vehicles covered by a policy. Someone who is trading from dedicated business premises could usually have a policy that covers an unlimited number of vehicles.
Vehicle coverage for secondary occupations: A motor trader could opt to have an additional vehicle covered if they have a secondary occupation that doesn’t involve the motor trade.
Demonstration coverage: This is typically limited to third party insurance, and covers vehicles when they are being driven for demonstration purposes.
Public liability: This could be an important part of motor trade insurance for all traders, whether or not they have dedicated business premises.
Special vehicle cover: Motor trade policies provide coverage for standard vehicles up a certain weight. Additional cover for certain vehicles must be purchased separately. These may include high performance vehicles, classic cars, commercial vehicles, and vehicles over the standard weight.
Compare Motor Trade Insurance Policies
Business insurance might not come cheap, and motor trade insurance is no exception. Making a full comparison of products from different specialist motor trade insurance providers could be essential to getting value for money. When comparing motor trade insurance online, it could be good to look at the following:
- Cost of third party insurance types versus comprehensive insurance.
- What’s included in a standard policy compared to what has to be purchased separately.
- Policy elements such as number of vehicles covered, special vehicle coverage, and secondary occupation coverage.
- Excess and no-claims discount amounts.
Motor trade insurance may not be particularly cheap, but a motor trader could save on motortrade insurance premiums by making careful choices about the policy they purchase and other matters.
- If possible, avoid buying additional coverage for special vehicles. Sometimes this coverage is essential, but for smaller businesses it may not be necessary.
- Think about how feasible it is to restrict mileage. Again, this is something that’s easier for a small local business versus a larger one that might operate in a wider area.
- Depending on the circumstances it may be more expensive to add a private car to the policy versus getting private car insurance separately.
- Adding extra named drivers to the policy could increase premiums significantly.
- Some insurance providers may allow a motor trader to transfer their personal no-claims bonus so that it applies to the motor trade policy, helping to reduce premiums.
- A good level of security could help bring premiums down.