Motor Trade Insurance

Motor Trade Insurance Answers

What will Motor Trade insurance cover you for? Who should have Motor Trade insurance? Is the insurance policy only applicable to Motor Trades or are there other trades or other aspects of the Motor Trade that should consider this insurance policy?
These questions and more will be covered in this Motor Trade insurance answers.

What will Motor Trade insurance cover you for?

Motor Trade insurance was originally designed for people who buy and sell vehicles, with a regular change of vehicle. These Motor Trades needed a simple policy that will allow them to own a vehicle for a short term as well as cover any transportation to and from the auction to their lot/ garage. Motor Trade workers buy vehicles from an auction and need insurance to cover them. In the event of an accident the Motor Trade would expect trade price for the vehicle. The vehicles were therefore insured at the trade price. For Motor Trade workers who are self employed, part time, do not have formal pitch or work for others on a temporary basis require road risks only. For Motor Trade workers who have a car lot/ garage/ lock and would like the premises and the vehicles covered by insurance in a combined policy, take out a Motor Trade insurance, combined policy. This will cover their vehicles, the drivers, the premises and liabilities.
If you are or wish to become a Motor Trade you will need to consider what insurance you require. If you would like assistance please call 0800 917 5227 where our dedicated Motor Trade Insurance team will be willing to answer your questions.

Who should have Motor Trade insurance? Is the insurance policy only applicable to Motor Trades or are there other trades that should consider this insurance policy?

Motor Trade Insurance was, as said above, set up for Motor Trade workers requiring insurance. Saying that, mechanics, who perform work on cars and need to test drive them to ensure the vehicle is safe will need temporary insurance cover like Motor Trade workers. Some vehicle delivery operators will need Motor Trade Insurance because they are responsible for a variety of vehicles, though often they will be covered by Trade Plates.
Nb Motor Trade insurance is not the same as Trade Plates. If you require trade plates set up you will need to approach the DVLA. The insurance brokerage, even one who is a specialist in Motor Trade Insurance, will not be able to arrange this for you.

Motor Trade Insurance policies are not for individuals who wish Drive Other Cars (DOC). Due to the high claims in recent years Insurance Companies are clamping down on this area and will ask to see evidence that vehicles are being traded by the Motor Trade worker or the Motor Trade business. This evidence can include, but not limited to seeing business cards, business stationery, examples of the Motor Trade books to show what has been traded.

During the fact find of the Motor Trade Insurance policy, the agent will ask what bands of vehicle value you wish to be insured for. If you are intending to trade in the lower end of the market explain this to the insurance agent as this will help keep the cost of the premium down. In the event the opposite is true and you intend to trade in the more exotic or high performance vehicles, again mention this to the insurance agent to ensure you are covered sufficiently.

Lionheart Insurance is supported by many big name insurance companies and has access to a number of Motor Trade insurance products. Give us a call see how much you could save on your Motor Trade insurance, on 0800 917 5227