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General Information About Trade Car Insurance

The trade car insurance is also referred to as the road risk insurance. This insurance policy is usually taken up by individuals who run businesses that deal with vans, motorbikes, and cars such as running a garage, selling and buying cars as well as repairing and servicing. Regardless of the size of your business or whether you work part or full time, there will always be a cover to suit your business need. You can click right here for the trade insurance for under 25’s.

Here are some of the types of policies available for the trade car insurance

The combined motor trade insurance

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This insurance cover combines liability and contents, vehicles, tools, money, and premises. Apart from protecting the entire business the policy also covers home based businesses.

Motor trade liability insurance

This insurance cover usually includes sales and service indemnity, employer’s liability and public liability. If you take on the employer liability, then you are covered if your employees sustain an injury. Under the sales and service indemnity, the motor trader is indemnified for accidental or injury damage to property as a result of sales and supply of products associated with the motor trade as well as buying or selling of new or used vehicles.

Third party theft and fire

The third party theft and fire cover damages and loss to vehicles that are under the trader’s control for theft and fire. Take note that any third party damage, injury or claim is also covered by this policy.

What to avoid when talking out a trade car insurance

When choosing a trade car insurance, it’s always about what you should do as opposed to what shouldn’t be done. That said, when discussing with a motor trade insurance broker, you should be completely honest about your operation. Here are some of the things that should be avoided.

Undisclosed claims

This is simple and straightforward. If you once had a claim on an insurance policy that includes home insurance or private car policy, then you should let your motor trade insurer know.

Fronting

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This is one of the concepts that is mostly associated with an insurance policy that is taken up by young or new drivers which can, in turn, be used to acquire a higher premium or get discounts on a motor trade policy. This is not only illegal but it can get your policy canceled or voided, and this will have a huge impact on your no claim bonus in future. It also means that your insurance premium will still be high due to lack of the claim bonus.