Motor Trade Insurance

Motor Trade Insurance

The motor trade spans a large area of specialist trades, service and repair garages, main franchise dealers, Smart Repairers, Bodyshops, accident repair centers to those buying and selling vehicles. One of the key requirements of the sector is to have robust motor trade insurance in place.

Real Insurance Group are specialist insurance brokers to the motor trade sector, importantly we are not a call centre, but a motor trade broker with decades of experience and know our way around motor trade businesses. We only deal with experienced premises-based motor traders other than for our specialist SMART repair facility.

How much is Motor Trade Insurance?

Importantly, we are more concerned about the cover provided fitting the requirements of your business, not how cheap the premium can be. We build a bespoke product around your requirements from some of the best insurers in the UK and don’t lose sight that the premium is important.

What is Motor Trade Insurance?

Businesses in the motor trade need a different type of insurance policy, one that protects assets at the business premises such as their machinery, plant, tools and all the other specialist equipment they may have.

Add to this the requirement to drive not only customers vehicles but vehicles owned by the business, adding the premises and their contents, customers vehicles and road risks means there is a need for a policy that covered this all together in one place including cover for Road Risks.

A motor trade combined insurance policy provides a wide range of covers from the basic premises and road risks through to business interruption, money, vehicles in transit and your statutory engineering inspection.

Talk to one of our Mansfield based Specialist Business Insurance Brokers today.

Liability Insurance for a Motor Trade business

Whilst most garage owners and businesses will know, Public Liability insurance for any business is essential, garage owners, body shops and vehicle sales pitches have their own special needs as work is being carried out on vehicles.

Working on vehicles can have its risks too, sometimes carrying out repairs can make the situation worse and do more damage, this is where special covers on a motor trade policy come into play such as service indemnity. This will protect you should you do any damage to your customer’s vehicle.

Selling cars or commercial vehicles needs additional sales indemnity protection too, this covers you just in case someone buys a car that is faulty and causes damage to a third party, whether injury or damage.

MOT Testers, Mechanics and Technicians, Vehicle Bodywork specialists, Vehicles Sales staff all work for you in your business, it’s the law that if anyone is employed in a business, even if voluntary then Employers Liability Insurance is required. This protects the employer against potential costs for legal expenses and compensation should an employee become ill or injured whilst in employment.

A motor trade combined policy will cover your assets and liabilities in one place as well as offering Road Risks insurance.

Road Risks Insurance

One of the key elements of any traders insurance policy is the ability to drive your customer’s vehicles, without this you cannot collect or deliver, carry out road tests or move vehicles about beyond your premises.

The policy allows you and your employees to drive not only your customer’s vehicles but those owned by the business too.

Where a business has employees, it’s essential they can also drive both customers and company-owned vehicles. Insurance policies do differ and you can find that the insurer can sometimes restrict who can drive.

An insurer might restrict driving to just named drivers, this means every time you change a driver you change your policy to include them.

For any employee for business use, it’s important to note this is an employee and not any driver, and it must be in connection with the business.

Any employee for business and pleasure, this type of cover doesn’t come as standard, essentially it would provide business and pleasure use to the policyholder and any employee, not something most insurers wish to provide.

Third-Party Only (TPO) Most businesses in or relating closely to the motor trade are required by law to carry TPO cover for the vehicles they use and work with.

Third-Party Fire and Theft (TPFT) One step up for TPO, TPFT motor traders insurance covers damage to or loss of the vehicle itself through fire or theft in addition to any harm done to third parties or their vehicles.

Comprehensive Motor Trade Insurance, Comprehensive motor trade insurance cover is much like comprehensive cover for your car. It will (depending on its precise terms) reimburse the policyholder for accidental damage to any vehicles they own or have access to in the course of their work.

Quotes for Motor Trade Insurance

Traders Insurance is freely available from most insurance brokers however it’s a very specialist and sometimes complex type of insurance and the best advice is always to deal with specialists who have in-depth knowledge and experience with this class of business.