Motor Trader Insurance is now available through insurance companies accepting quotations on the internet. It is a specific kind of cover designed for those moving vehicles around that are owned by others, as part of their job.
A good website to visit for more information on this subject is www.onesureinsurance.co.uk/motor-trader-insurance.
Let us then consider all that there is to know about the motor trader policy that insurers are offering.
What Does a Motor Trader Policy Cover You For?
A policy that is specifically designed for motor traders will cover a business owner and their nominated employees to drive the vehicles of a customer or client.
Motor trader policies can cover an insured person who buys and sells vehicles, whether it is from home or via business premises.
Those working on the cars of another person will often want to test what they have been working on or collect and deliver cars to and from their customers, as part of the service. This is possible with a motor trader insurance policy because it will cover an employee who is acting as a representative of the business and as a temporary custodian of the vehicle.
Who Can Benefit from a Motor Traders Policy?
The types of occupations that benefit from motor trader policies include those who sell vehicles, so a salesperson, and anyone who repairs vehicles, such as a mechanic. This is whether they are the business owner themselves or their nominated employee.
Finding the Right Motor Trader Policy
A motor trader will need to look for a policy that fits their budget and suits their business needs. In other words, so that they are not over or underinsured.
Those working from home will need road risks cover, as well as those working from business premises will need cover for this too.
Anyone dealing with high-performance or classic vehicles will need to be aware that this will put their insurance premium up. This may not make it cost-effective to accept work for these types of vehicles unless it is a major part of the business anyway. Some garages will specialise in repairing classic vehicles because they have mechanics who know about them and are used to working on such vehicles.
The spanner sizes for the older vehicles, pre-1965, will be in imperial as opposed to metric. This means a garage will need a set of these to work on those types of cars. It is no easier, though, with newer cars and the amount of equipment required to diagnose electrical problems. Then, electric cars create more need for specialist equipment. You can see how every garage will have its individual needs, and this goes for the insurance cover too that they can benefit from when geared to their situation.
What Types of Vehicles are Covered by a Motor Trader Policy?
Cars, vans, and motorbikes can be covered by a motor trader policy. Many insurers will change more where HGVs are concerned, as well as high-performance cars. It is not to say that they are not covered but it may mean a loaded premium. A business will need to be able to obtain insurance for all kinds of vehicles, to remain financially protected should the worst happen to a vehicle.
The worst may mean a vehicle being stolen, vandalized, scratched, or set on fire. All these things have happened to cars kept in garage forecourt situations, whether waiting for a sale or a repair. Devilment or thieves looking to profit will often be the unseen enemy of the motor trader.
We hope that you have found this guide useful in terms of what there is to know about motor trader insurance policies.