Guide to buying Car Traders Insurance
Need advice on buying a Car Traders Insurance policy? Look no further. We break it down for you in this simple guide.
Car Traders Combined Insurance (sometimes called Motor Traders Combined Insurance) can be a confusing area to navigate, partly because it can also apply to people who work in the motor industry who might not even be trading cars. These include scrap yard workers, valets, mechanics and those working for repossession companies.
What is Car Traders Insurance?
If you work in the motor trade and if your clients’ vehicles come under the ‘care, custody and control’ of your staff, even for very short periods of time, you need some kind of Car Traders Insurance. This will cover your business and employees when they’re driving or working on customers’ vehicles, or any vehicle that the company owns.
Car Traders Insurance is extremely flexible and can be adapted to suit your needs. It can also be extended to cover related areas of liability, depending on the nature of your business. For personal advice about Car Traders Insurance, and to get a free quote for a policy, call us today.
Who is Car Traders Insurance for?
You might run a service and repair garage, manage a bodyshop or sell cars from premises. Whatever your specific trade, vehicles come under your care which could suffer an accident while you’re handling or driving them, and you need to be insured against that.
What are the different types of Car Traders Insurance?
Because it covers such a wide range of professions, Car Traders Insurance is extremely variable, and you’re advised to seek the help of a broker when taking out a policy to ensure you’re fully covered. Here are some of the basic differences you may find in Car Traders Insurance plans:
Specialised vehicles
You may not work with cars, but HGVs, tractors or other types of vehicles which have special requirements as far as insurance goes. It’s important that your Car Traders Insurance plan covers your exact activities and vehicle types; otherwise you could find your policy null and void when it comes to making a claim.
Comprehensive versus Third Party Fire & Theft and Third Party Only
Like standard car insurance, Car Traders Insurance can cover you for various degrees of liability. As a general rule, the more you pay for your policy, the more extensive the cover will be, with Third Party Only insurance being the cheapest and most basic.
It’s always a good idea to check exactly what cover you are getting, understand the excess limitations and restrictions that may apply to the policy. Why not seek the help of a broker who can help you assess the fine print of policies and get you a good deal?
No claims
Just like your normal car insurance, many Car Traders Insurance policies will offer you a ‘no claims’ bonus, which means you’ll be rewarded for careful driving over time. It’s worth checking out if your policy includes this feature, as it can save you a lot of money in the long run.
Combined Car Traders Insurance plans
If your business is substantial and/or you have people working for you, it’s worth looking into the possibilities of a combined Car Traders Insurance plan, which can offer you additional benefits, including:
▪ Cover for your physical premises
▪ Public Liability Insurance to cover you against potential negligence claims
▪ Employers Liability Cover to insure you against potential claims from anyone who has worked for you
▪ Product Liability cover – especially relevant for mechanics who provide spare parts to their customers
Where should I buy my Car Traders Insurance?
The most important thing when arranging a Car Traders Insurance plan is to find a policy that suits you and your business activities and is flexible enough to grow with you. An experienced broker can help you think about what kind of risks and activities you want to be insured against and may anticipate areas of vulnerability that might not have occurred to you.