Motor Trade Insurance
Get in touch for specialist cover at competitive prices
Why do I need Motor Trade Insurance for my business?
When it comes to motor traders, insurance is a fact of life.
It doesn’t matter whether you service or repair vehicles, valet them, perform MOTs, buy and sell them, or just have ‘custody’ of the vehicles on your own premises for any length of time, you are required by law to have certain minimum levels of insurance, and most traders prefer to protect themselves with more.
If you would like help making the most of your motor trade insurance, talk to Real Insurance Brokers today!
What is Motor Trade Insurance?
Motor trade insurance is insurance cover that protects a business that has anything to do with cars, vans, motorcycles or any other motor vehicles.
At a minimum it is the equivalent of ‘TPO’ coverage for your personal car but most businesses prefer more extensive policies, as outlined below.
Talk to a member of our specialist insurance broking team today
What is typically covered by a Motor Trade Insurance policy?
There are 5 basic levels of motor traders insurance, in addition to several ‘optional extras’ which each appeal to different types of businesses.
- 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, especially if their work places them or their employees ‘behind the wheel’ for even a short period of time. Any driver named by a TPO motor trade insurance policy may drive vehicles for a purpose related to the motor trade, and any damage caused to someone else’s vehicle as a result is covered (but read the fine print!).
- 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. Without at least TPFT cover, the business could be liable for any such damage or loss suffered by the vehicle’s owner.
- Comprehensive Motor Trade Insurance Comprehensive cover is much like comprehensive cover for your personal 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, in addition to the protections discussed above.
- Liability Motor Traders Insurance Depending on the policy in question, this might protect against employer’s liability, public liability, and/or sales and service indemnity claims. It can protect you in the event that one of you employees is injured, or if a member of the public is injured or suffers loss as a result of an accident on your premises. It might also protect against liability incurred during the supply or sale of products or provision of services merely connected to the motor trade, again depending on the exact wording of the policy.
- Combined Motor Trade Insurance At this level, the insurance cover typically extends beyond vehicles to the property, tools, contents and premises of the trader’s business, in addition to additional types of liability.
Why choose Real insurance for your motor trade cover?
Simply put, because we put our expertise to work for you, helping you choose a policy that really ‘works’ for you, instead of the other way around!