Are Vehicles Covered at My Business or My Home Address?
Where your vehicles are covered depends on the type of Motor Trade insurance policy you have and the level of cover you have got.
If you have a Motor Trade insurance policy and have vehicles or stock at different locations, then it is vital that you understand where your vehicles will and won’t be covered, if something happens to them in different locations. If you don’t get the cover level on your policy correct to match the requirements of your business and something happens to your vehicles, then you could find that you’re not covered properly and as a result end up with a large bill you have to pay for yourself.
If you have a Motor Trade Road Risk insurance policy then, providing that your insurer offers Stock of Vehicles cover, your home will be classed as your business premises and your vehicles will be covered should anything happen to them. They can also be covered at other locations for when you are working at another job, for example. Some policies also have restrictions where they will cover vehicles parked at your home premises, but not those that are not at the premises but are within a 500m radius of your premises. Cover and restrictions can vary by insurer so it is important that you check the terms of any policy before you take it out. If your current insurer does not offer this on your Motor Trade Road Risk insurance policy, then we can offer it as a standalone policy, so get in touch for a quote.
If you have a Combined Motor Trade insurance policy, then your vehicles can be covered at home and at your business premises, providing that you have Stock of Vehicles cover. However, please be aware that to get a Combined Motor Trade insurance policy, you will have to pay a lot more than a standard Road Risk policy.
If your insurer does not offer Stock of Vehicles cover, or you choose not to take this cover out, then you may not be covered – please check with your broker for full details.
For more information on the differences between Road Risk and Combined policies, and to discuss how your business is set up and the cover you need for your vehicles, please call our dedicated Motor Trade insurance team on 0800 221 8077.