How To Get Motor Trade Insurance

If it’s your first time getting a Motor Trade insurance policy you might see it as a daunting task, but it really can be as simple as any other insurance policy.

One of the first things you need to do is decide what type of insurance is best for your Motor Trade business. Just like a regular Car insurance policy there are three types of standard cover available:

• Third Party Only
• Third Party, Fire & Theft
• Comprehensive

What Is Third Party Only Motor Trade Insurance?

Third Party Only is the most basic insurance product for motorists, and motor traders alike. It offers the legal minimum amount of cover. In the event of an accident that has been deemed your fault, your insurance company will pay out for the damage sustained by any Third Parties. They will not, however, pay to repair or replace the vehicle you were driving, even if it’s a customer’s vehicle.

What Is Third Party, Fire and Theft Motor Trade Insurance?

A Third Party, Fire and Theft Motor Trade insurance policy is quite similar to a Motor Trade Third Party Only policy. However, it also includes cover for fire damage to your vehicle, as well as covering the car being stolen. It does not cover damage to the car in the event you are in an accident that was your fault.

What Is Comprehensive Motor Trade Insurance?

If you opt for a Comprehensive Motor Trade insurance policy you will be covered for all of the above, plus in the event you are involved in an accident and you are deemed to be at fault, then your vehicle would be covered too.

These basic policies are what‘s called a Road Risk insurance policy, covering you to drive a vehicle on the road, however a Road Risk policy might not be enough for your motor trade business. You need to consider what other risks there are to your business, and what could you afford to replace out of your own pocket if you didn’t have it insured?

Whether this is your first Motor Trade insurance policy or your 10th, you still need to assess your business needs appropriately, and you may come to the conclusion that a Combined Motor Trade insurance policy is something that you cannot do without.

What Is a Combined Motor Trade Policy?

Combined Motor Trade insurance is a type of insurance for motor traders that need those extra things insured. It combines a Road Risk insurance policy with add ons such as Premises cover, Stock of Vehicles cover or Tools and Machinery cover. A Combined insurance policy will generally differ from motor trader to motor trader, meaning a Body Shop insurance policy with Combined cover would most likely be different to a Combined Valeters insurance policy.

This is because there will be certain insurance products that a Body Shop insurance policy will need that a Valeters insurance policy would not. For example, Product Liability insurance could be added on to a Body Shop insurance policy, but would not be necessary for a Valeters policy, because a valeter would usually only sell small car accessories such as air fresheners, whereas a Body Shop motor trader may sell and fit products that alter the performance of a customer’s vehicle.

Even after having a long hard look at your motor trade business you might still be unsure of what exactly you should cover with your Motor Trade insurance policy. The next step would be to speak to a specialist Motor Trade insurance broker, such as Think Insurance.

Not only will we be able to offer advice on what Trade Car insurance products your business may require, but we’ll also be able to walk you through every step of the insurance process. In addition, we will also be able to get you access to some of the best Motor Trade insurance rates around.

To speak to a Motor Traders insurance specialist about a Motor Trade insurance policy, click ‘Get a Quote’ below and a member of our Trade Car insurance team will be in touch. Alternatively you can call us on 0800 221 8077.