Common Questions About Motor Trade Insurance Answered
Motor trade insurance is an insurance term that confuses many people. Most people don’t get what the term stands for. There are many motor businesses out there. Unfortunately, most of them operate without a motor trade insurance policy because they are unaware of the requirement. If you are involved in the trade, it is important to understand what motor trade insurance is and why you need it.
What is motor trade insurance?
This is a catch-all term that contains a broad range of cover policies aimed at keeping companies and individuals working in the auto industry road legal. Here are the most common questions people ask when it comes to motor trade insurance topic and the benefits of this insurance policy.
Who needs motor trade insurance?
You will need this cover if your business has customers’ vehicles under its control, care or custody. Companies that deal with the sales, collection, and delivery of vehicles also need motor trade insurance.
Can you take out a motor trade insurance policy as a garage owner?
Yes, you can. The insurance coverage can be given to anyone who works in an occupation within the motor trade including car salesman, motor mechanics, MOT mechanics, body shop owners, car jockey, valet and vehicle recovery agents. However, you should seek advice on whether or not you need motor trade insurance because it is illegal to take a policy when you should not. You should also ensure you speak to a motor trade insurance expert if you are unsure of anything. Seeking advice will help you prevent huge fines which could threaten the future of your business.
Is it only restricted to the occupations listed above?
There is more to motor trade insurance than most people think. Motor trade insurance can be given to people in another form of occupation such as car electricians, paint sprayers, and even car sign makers. However, it all depends on the insurance company. Leading insurance companies like One Sure Insurancehave a unique approach to this policy to ensure it covers an enormous range of businesses.
What will the policy cover?
A motor trade insurance policy has three levels covers, including fire and theft, third party, comprehensive cover and third party only. Motor trade insurance covers depend on what you want. For this reason, it’s important to select the level that is most relevant to your business.
What proof do you need to show you are in the motor industry?
This question solely depends on your insurance company. Insurers may look for proof to verify that you run a legitimate business so that you can continue with, or take a new motor trade policy. How do you give them the proof? Well, most insurers ask for invoices detailing your services or the vehicles sold. Other insurers will ask you to provide copies of receipts for services you may have purchased while running your business.
Do you need motor trade insurance?
Running a business without the right insurance coverage can be dangerous especially if the worst were to happen. If you are in the motor sector, then you need a motor trade insurance policy. It doesn’t matter if you are a full-time or part-time participant in the industry. You need it. If you have any full-time or part-time employees, then you should ensure you have an employer Liability as is required by law. You could face huge fines if you are caught without an Employer Liability in place. Your business’s future depends on you. Do not take the risk get the right form of insurance for your business. Here are the benefits of getting a motor trade insurance policy from a reputable insurance company.
• The insurance company will replace our car if it’s stolen.
• Protect you from legal repercussions of an accident affecting another vehicle, driver or property
• Help you save a lot later. An accident is usually unexpected and usually a misadventure to your already tight
budget. A motor trade insurance policy could save you thousands if the worst were to happen.
If you are planning on getting a motor trade insurance policy, always conduct an in-depth research before you purchase a policy. Consult and ask for opinions before you settle for a particular insurer. Also, go for an insurance company that compliments preferences and wants.