If you work in the motor trade, chances are good that you have regular contact with cars and their drivers. This proximity puts you at risk for a variety of problems, from vandalism to personal injury. If you don’t have comprehensive insurance coverage, one incident could result in expensive legal fees or medical bills.
What is a motor trade policy?
It is a type of insurance specifically designed for those who work with vehicles. This can include owning or operating a car dealership, repair shop, tow truck company, auto body shop, valet service, car rental agency, and more.
Why choose comprehensive cover?
A comprehensive policy covers a wide range of potential incidents. This includes damage to owned or customer vehicles, liability for injuries to others or their property, business interruption expenses, and more. It can also cover the use of courtesy cars for customers while their vehicle is being repaired.
Without comprehensive coverage, you could be left footing the bill for any issues that arise in the course of doing business. The cost of just one incident could far exceed the cost of purchasing a motor trade policy. Plus, having insurance shows your customers that you take their safety and satisfaction seriously.
The other two levels of cover to choose from are:
- Third party only: This covers liability for any damage or injury caused to others, but does not cover damage to your own property or vehicles.
- Third party, fire and theft: In addition to third party coverage, this also covers damage from fire or theft to your own vehicles.
While these options may be cheaper in the short term, they do not provide the same level of protection as comprehensive cover. Ultimately, it’s worth investing in comprehensive insurance to fully protect yourself and your business in the motor trade industry.
Why do I need motor trade insurance?
Motor trade insurance also helps protect your business assets and reputation. In the event of a claim, it can cover the cost of repairs or replacement vehicles as well as any loss of income.
Additionally, many clients and customers will only do business with motor trade professionals who have proper insurance coverage. This shows that you take your responsibilities seriously and are prepared for potential risks in the industry.
Overall, motor trade insurance is essential for protecting yourself, your business, and your clients. Don’t put yourself at risk – make sure you have the proper insurance coverage.
Is motor trade insurance a legal requirement?
While motor trade insurance is not technically a legal requirement, it is required by law for anyone buying or selling vehicles. This means that if you work in the motor trade and do not have appropriate insurance coverage, you could face penalties and fines.
Additionally, most professional organisations and associations require members to have proper motor trade insurance before they can join.
Bottom line, while motor trade insurance may not technically be a legal requirement, it is necessary to protect yourself and comply with laws and regulations in the industry.
What is motor trade risk?
Motor trade risk refers to the potential for incidents or accidents while working in the industry. These can include damage to owned or customer vehicles, liability for injuries to others or their property, business interruption expenses, and more.
The best way to mitigate risks is to be fully protected by a comprehensive motor trade insurance policy. When you fill out one of our forms, we put you in contact with a panel of dedicated brokers who specialise in motor trade insurance and who are best positioned to provide competitive quotes for bespoke insurance policies.
Get started today and get peace of mind at the right price – learn more about motor trade cover here.