Traders car insurance is also referred to as a motor trade insurance or road risk insurance policy. If you operate a business involving buying, repairing, selling and/or servicing cars, or if you operate a garage or MOT centre, then you can take out such an insurance policy. It does not matter how large or small your business or whether you work full time or part time.
There are actually different types of traders car insurance policies and they cover different things.
Third Party Traders/Motor/Road Risk Car Insurance
Car traders, who buy and sell cars, repair, restore or service cars, and/or run a garage or MOT center, are required to have at least a Third Party Only policy, as per the law. If you have your name on such a policy, you will be able to drive any car that is related to the car trade and you will be covered for damage you end up causing to another party’s car.
Third Party Fire & Theft Traders/Motor/Road Risk Car Insurance
Along with the above, this type of traders/motor/road risk car insurance will also cover any fire-related damage or loss that your car sustains, or if your car gets stolen. Of course, it will also cover any third party claims, damage or injury.
Comprehensive Traders/Motor/Road Risk Car Insurance
In addition to everything that the above policies cover, a comprehensive policy will also cover any damage your car, or a car you are responsible for, ends up sustaining as a result of an accident.
Traders/Motor/Road Risk Car Liability Insurance
Employer’s liability, product liability and public liability are included in this type of a policy. If you acquire employer’s liability, you will be indemnified if any of your employees sustain an injury. With product liability, you will be indemnified from any accidental damage that is caused to any property in the process of buying or selling new or used cars. You will also be indemnified from accidental damage caused in the process of selling or supplying products connected with your car trade business, garage or MOT center. With public liability, you will be indemnified from any damage or loss you end up causing to any property or any injury you end up causing to the public.
Why You Need Traders Car Insurance?
It is required by the law, which means that if you are a car trader and you do not take out one of the above insurance policies, you will be breaking the law. Moreover, with a traders/motor/road risk car insurance policy, you will be able to drive your own car and commercial cars that you own and are registered to you. You will even be able to drive cars connected with your car trade business.
Some additional benefits of traders/motor/road risk car insurance include:
= All the drivers whose names are on the policy will be insured
= You can even avail high performance vehicle coverage
= You may even include motorcycle coverage if you want to
Your car trade business, garage or MOT centre likely has unique needs. Only an experience provider will understand this and will provide an ideal traders car insurance solution that will suit the needs of your business. As a result, the insurance policy you will end up acquiring will suit your business perfectly.