In this world of uncertainties, where no one knows what can happen at the very next moment, an insurance policy comes in handy as the insurance policy covers the policy holders in case of any unforeseen mishap. There are different types of insurance policies available from different companies, and even the same policy can be modified where the extent of coverage and features provided may be different. The policy holder pays a certain premium on the policy taken for a specific time, and in the case of a mishap, the insurance company pays for all the charges caused to the person or to the vehicle in accordance with the extent of the insurance policy of the policy holder. So an insurance policy keeps a person safe from the charges that may occur. There are many insurance policies available, for example life insurance, vehicle insurance and motor trade insurance.
Motor trade insurance is an insurance policy that is chosen by an organization or an individual being involved in the fixing, selling, or purchasing of cars.
A motor trade insurance policy saves the policy holder from any damage caused to the business, may it be at the time of accident or any kind of mishap at the place of work. Any damages caused are paid by the motor trade insurance company. All the motor trade insurance policies available are very flexible in terms of their extensibility, as the nature of business for motor trade is different for different organizations. So meeting the requirements of the clients, there are 5 different types of motor trade insurance policies available from insurance companies.
Comprehensive motor trade insurance policy, combined motor trade insurance policy, third party motor trade insurance policy, liability motor trade insurance policy and lastly fire and theft motor trade insurance policy. As stated above, all the mentioned motor trade insurance policies are different in terms of their extent of coverage, features, and the premium paid for the insurance policy.
Comprehensive motor trade insurance policy is the one where all the cars involved in the business are covered for all the damages caused in any mishap or accident. It is similar to third party policy, but is better in terms of coverage. A third party motor trade insurance policy is the one where the extent of coverage is the least and is only opted by an organization or an individual to meet with the minimal legal requirements, as no car is allowed to be driven on the road without an insurance policy.
Third party motor trade insurance policy covers all the mechanics, technicians, cars and clients, but the extent of coverage is not the liability of the insurance company. Liability motor trade insurance policy keeps the business protected if there is involvement in providing services to the public. A liability motor trade insurance policy covers all the employees, vehicles, and the clients as well. All the motor trade insurance policies mentioned above just have a slight difference among them, so in order to get an insurance policy, an expert from the insurance company should be called, who can generate a quote that best suits the business.
Motor trade insurance policy is imperative for you if you are involved in a business that involves buying, selling or fixing cars. Motor trade insurance saves you from financial loss in cases of adverse situations. No matter if you are involved in a small or medium business, motor trade insurance policy is necessary for you.
As the nature of every business is different, there are different sorts of motor trade insurance policies. They involve different types of coverage, and premiums.
There are basically 5 main categories of Motor Trade Insurances:
1. The third-party only motor trade insurance policy
2. Fire and theft motor trade insurance policy
3. Comprehensive motor trade insurance policy
4. Liability motor trade insurance policy
5. A combined motor trade insurance policy
To select a policy, you need to determine the needs of your particular business. You may also get many different features of motor trade insurance policies like administrative benefits, social and personal use of vehicles to particular drivers.
A motor trade insurance policy that is the law for some traders is the third party only motor trade insurance policy. Buyers and sellers, mobile tuners, technicians, valier and fitters are legally required to hold this insurance policy. This motor trade insurance is very important if the insured is driving any car. Fire and theft motor trade insurance is another option with this policy. This kind of motor trade insurance policy includes the protection with the third party only policy, however, it also offers protection in case of fire or theft.
The comprehensive motor trade insurance policy includes similar coverage as the third party only policy, but it also has an inclusive aspect. Comprehensive coverage is motor trade insurance that covers the cost of repair or replaces the insured’s car if it is damaged in some situation other than an accident.
Liability motor trade insurance policy offers protection for your business, while giving service to the public. This motor insurance has an important role, as it covers your hired workers who work on the vehicles. There are 3 types of liability motor trade insurances:
1. Public motor trade insurances
2. Employers and product motor trade insurances
3. Sales and service indemnity motor trade insurances
Many Motor trade insurances overlap each other and only have slight differences. The best way to select one is to consult an expert motor trade insurance agent, who can tell you in detail about all the insurance options and present with you with various motor trade insurance quotes. Evaluating different motor trade insurance quotes will help you set your budget. If you purchase a motor trade insurance policy that is not suitable for your business, you will end up paying extra for your insurance policy – or you may find out later that the coverage you required for your business is not included in the motor trade insurance policy you bought.
Do remember to review motor trade insurance quotes from different insurance companies, so that you can go for the best deal and remain safe from fraudulent companies as well.
Quote Me Today has a variety of Motor Trade Insurance options to choose from so you can find the policy within your budget and that will fully protect your business.
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Motor Trade Insurance
By: Insurance Factory
About the Author
This article is provided by The Insurance Factory, an insurance company specialising in niche cover including motor trade insurance
(ArticlesBase SC #1825371)
Article Source: http://www.articlesbase.com/ – Motor Trade Insurance
Anybody who works with vehicles, or sells or deals vehicles, will need motor trade insurance. Motor trade insurance policies tend to cover the driver, not the vehicle, giving the driver greater flexibility and freedom when doing test drives, demonstrations, and moving vehicles on the road and within trading premises.
The first thing an insurer is likely to ask is what type of vehicles you are working with – for example, are they private cars, commercial vehicles, or HGVs? And next, what is the nature of your business, are you involved in selling / dealing vehicles, or in their maintenance, service and repair? It is very important to have a clear picture of your business to give to potential insurers, to make sure you get quotes covering all necessary aspects of your business.
There are various types of policies that a motor trader can opt for. Some cover road risks only; i.e. risks when actually driving the vehicles, and others offer broader coverage.
If you are in the business of vehicle sales, you will need cover that allows you to test drive and demonstrate a number of different vehicles, as well as collect and deliver them, take them to the workshop for repairs if necessary, etc. usually, this is called a ‘road risks’ policy.
There are different levels of cover, from Third Party only – which is the minimum legal requirement and doesn’t cover you in case of fire or theft – to Comprehensive, which has a much broader level of cover for your and other people’s vehicles. Insurers will require quite detailed information about the vehicles registered to you or in your care as part of your business, so check with them how this information is submitted and maintained – you want an easy to use and accessible system.
You should also check whether a policy covers+ Social, Domestic and Pleasure use too (referred to as SD&P by those in the know). If it does, that means you can use your vehicles for driving to and from work, for example, as well as in the course of operating your business. Including SD&P may raise your premium, so think carefully about how you will use your business vehicles.
If you are operating in a showroom, forecourt or garage you must consider premises insurance, which protects your property in case of damage, or theft of, or damage to, the contents of that property, such as machinery, tools, money and personal items.
Finally, there is liability insurance, which goes beyond simply covering damage to or loss of vehicles and property, but also protects you against liability to customers and staff in case or injury or legal grievance.
The law says that if you employ any staff at all, you must have Employer’s Liability Insurance to protect you from compensation claims, should your staff be injured at work. Public Liability Insurance is not required by law, but is strongly recommended as it protects you in case someone is injured on your premises and decides to sue you. And Product Liability Insurance will protect you if a vehicle or part you provide later turns out to be faulty, and causes damage or injury.
Some specialist insurers may offer packages that combine road risks, premises and liability insurance, which are specifically designed for motor traders. It is definitely worthwhile finding out who the best specialist insurers are, and talking through your individual needs with them.
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(ArticlesBase SC #1825371)
Insurance Factory - About the Author:
This article is provided by The Insurance Factory, an insurance company specialising in niche cover including motor trade insurance
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This article is provided by The Insurance Factory, an insurance company specialising in niche cover including motor trade insurance
Apple Insurance provide Motor,Home,Taxi,Restaurant,Takeaway,Let Property,Shops and Motor Trade.call us now 08006527338 we will try to beat your quotes… Video Rating: 0 / 5
