Are you looking to break into the motor trade business? Whether part time or full time, motor trade before everything requires a motor trading insurance. This insurance is also known as Road Risk Insurance covers multiple vehicles under one policy.
This results in motor traders gaining credible policies at cheaper prices. Various schemes for cheap part time traders insurance is also available. Motor trade insurance ensures that a trader doesn’t have to take insurance for every car individually. It removes the hard work of dealing with papers and government regulations regarding each car.
In addition, it provides a kind of security to the trader that in case things don’t go as planned or there is damage to cars under a trader’s name, the insurance policy will cover it.
It covers various aspects of the motor trading business like repairing, servicing, buying and selling, garages etc. There are three motor trade insurance policies that you need to know about. These are Third Party Only, Third Party Fire and Theft and Comprehensive policies.
The first Third Party Only policies are the basic insurances required by all vehicles. These include repairers, vehicle fitters, MOT center runners, vehicle traders etc.
Third Party Fire and Theft policies are insurance policies that cover traders dealing with all businesses that Third Party Only covers, except that they also include damage caused by fire or due to theft.
Comprehensive policies cover everything including accident damages even when the responsibility is of the owner.
Another type of motor trade insurance is Motor Trade Liability Insurance. These insurances cover more than comprehensive policies encompassing, public liability, service indemnity, and employers liability.
There is also the Combined Motor Trade Insurance. This insurance covers the entire business of the trader. Whether it is money, vehicles, tools, liabilities, contents or premises. This is an excellent Part time motor trade insurance option. This is because it covers part-time traders as well and is very comprehensive.