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Motor trade insurance - or traders’ insurance - is a policy type that covers businesses should they need to drive or work on their clients, or company owned vehicles.
Often, the main reason for this type of policy is due to the flexibility, for example, if you’re running a valet service and a new member of staff joins then you can have them drive a customer's vehicle knowing they’re covered.
As with standard car insurance, motor trade policies come in three levels of cover – third party, third party, fire & theft, and comprehensive cover. For motor trade insurance, there are typically the following types of policies available.
This policy can cover you to drive any vehicle in your possession, for either personal use or for motor trade purposes. You are also covered for vehicles belonging to your clients, where driving is required to carry out the necessary work.
By opting for a combined policy, this can also cover your buildings, contents, tools, equipment and money too.
Third party covers you financially should you cause injury or damage to a third party vehicle. This is the minimal amount of cover required for any vehicle insurance.
This cover protects you financially from any damage or injury towards a third party vehicle, however, it may also cover you if your vehicle is exposed to fire or theft.
Also known as fully-comp, this level of cover is the best option to have for any vehicle owner as it protects you should an accident cause injury or damage to yourself or a third party. It also covers your vehicle in the event of fire, or theft.
There are a number of add-ons available to new policy holders, the following are examples of factors to look out for when applying for motor trade insurance. It is important to note that not all these will be included in a standard policy so make sure you double check before committing to a policy.
This is a must for any business, working with vehicles or not, and covers you and your staff for any claims you might need to make.
This covers you and your staff against any claims made by a member of the public, or your customers.
If you were to fit a new part to a customer's vehicle and it turns out to be defective, this covers you in the event that you need to claim against the seller.
This is important to have in place in order to protect your vehicles that are stagnant, or unsold. The cost might increase during peak registration periods in March and September.
This could cover your businesses buildings and contents as well as road risk cover. Whilst it is sometimes easier to get all this cover under one policy, it is worth checking if it works out cheaper.
It is important to operate an all drivers policy if you require all your employees to have access to the vehicles, however, this can add up. By opting for an extra drivers add-on, you can save money and only add named drivers where appropriate.
If your business requires your staff to drive all manner of vehicles, from cars, and vans to HGVs, it’s likely to be very expensive. So it is important to make sure you have the correct level of cover for each business.
Vehicle insurance is a legal requirement for anyone using a vehicle. If you are operating a business that uses any sort of fleet of certified vehicles, or you work on, or drive customers cars then you will need third party insurance as a minimum. You should consider using motor trade insurance to save money in the long run.
In most instances, if you run a business that sees you or your customers’ vehicles come under the ‘care, custody and control’ of your staff, you’ll need this type of cover in some form. Including the business types mentioned above, you will need motor trade insurance for a vehicle-restoring business or a repossession company, too.
The necessity for motor trade insurance does not apply exclusively to limited companies: if you are self-employed but have responsibility for other people's vehicles, you must have the appropriate policy in place.
If you run a valeting service then it is likely you won’t need cover for HGVs, so make sure you’re not overpaying for unnecessary add-ons.
It is important to be transparent with the insurance provider otherwise if you haven’t declared something about your business this could face your claim being rejected.
Some insurance providers will allow a spouse to be added to a motor trade insurance policy which could save you money over having two separate policies.
When you compare with Quidco, you’ll not only see a range of policies and quotes, you can receive cashback on your quote, too!
By comparing different policies and insurance companies, Quidco Compare can provide cheap motor trade insurance quotes. Simply work out the type of cover you need for your business, then use the comparison tool to get instant quotes and find the ideal motor trade insurance.
If you own a garage and several of the cars are stagnant and uninsured, a motor trade insurance policy would be able to provide cover for these.
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When using the Compare service, you must take reasonable care to answer insurers questions fully and accurately and if you volunteer other information, you must take reasonable care to ensure that the information is not misleading. If any information that you have provided changes before you take out your insurance, during the life of the policy or at renewal you must inform the insurer or broker of the change. If you deliberately or carelessly misrepresent any information in relation to this insurance, then your policy may not pay all, or part, of a claim and could in certain circumstances be avoided altogether.
*Cashback rates - £3 per valid motor trade insurance purchase.