Third Party, Fire & Theft (TPFT) Trade Insurance
When taking out a Motor Trade insurance policy you might want to invest in better cover than a Third Party Only policy.
Finding a Motor Trade insurance policy that both fits within your budget and offers enough protection for your business, isn’t always easy. Just like in many other products and services, there is often a middle ground between cheap and expensive, which is usually where Third Party, Fire & Theft (TPFT) Trade insurance fits in.
What Is Third Party, Fire & Theft?
In addition to the cover offered by a Third Party Only policy, Third Party, Fire & Theft also gives your vehicle protection against damage caused by fire, and against theft of the vehicle. It is usually slightly more expensive than a TPO policy due to the greater level of cover offered. You’ll be covered if someone steals your vehicle, or damages your vehicle in an attempt to steal it. In addition you will be covered for vehicle damage caused by a fire.
However, a Third Party, Fire & Theft policy doesn’t cover damage caused to your vehicle if you are in a collision that has been judged to be your fault and, in addition, you cannot claim on your insurance if the party at fault cannot be decided or when the party cannot be identified, such as another vehicle hitting your parked car where there aren’t any cameras or witnesses to the collision.
How Much Could I Save By Taking Out a TPFT Policy Instead of a Comprehensive one?
The savings you make by opting for less cover can vary from client-to-client and insurer-to-insurer. In actual fact, the savings may be quite minimal and therefore it might make sense to opt for a Comprehensive policy instead. The best way to figure out what the price of your Trade insurance policy will be, is to speak to an experienced Motor Trade insurance broker about your Motor Trade business.
In the long run you may not save any money if you have to pay for damages to any vehicle(s) that weren’t covered by your Trade insurance policy and, of course, this all depends on the value of the vehicle(s) you will be insuring.
Is Third Party, Fire & Theft (TPFT) Trade Insurance Right For Your Business?
When deciding what type of Motor Trade insurance policy you want to take out, you need to take a look at your business and make sure you choose the right amount of cover for your business and the products or services it offers. Traders who don’t regularly drive customer vehicles on UK roads, or indeed don’t keep them on the premises for more than a day, may find that they have no need a for a Third Party, Fire & Theft (TPFT) Trade insurance policy, and a Third Party Only policy might be sufficient.
If you are unsure what policy is right for you and your motor trade business, then you might want to consider talking to someone who has dealt with thousands of customers in your situation, such as a Motor Trade insurance broker like ourselves. At Think Insurance, our team of dedicated Motor Trade insurance advisors regularly deal with traders from all aspects of the industry, such as valeters and car dealers, and we will be able to help you build a clearer picture of what type of Traders insurance you need, whether that’s a TPFT policy or not.
Get a Tailored Third Party, Fire & Theft (TPFT) Trade Insurance Quote
If you’d like to speak to a member of our specialist Traders insurance team, then please click ‘Get a Quote’ below or you can call 0800 221 8077 to speak to someone straight away.