Motor Trade Insurance: What does it consist of?

If you make a living by selling, buying, repairing or anything else to do with vehicles, motor trade insurance is a type of insurance policy that is drawn up for motor traders of all shapes and sizes. Whether you’ve been in the business for year or if you’re just starting out, motor trade insurance is essential.

Unicom insurance policies available are customisable to your particular needs. Although there are different kinds of policies, they can all be tweaked to your personal requirements. It is absolutely necessary that you are covered, so that you may run your business completely risk-free.

Third party coverage

This is the most basic level of coverage that motor traders can protect their business with. Essentially, it covers the trader for injuries, property damage and death that occurs to a third party while using a vehicle attached to their business.

You will be required by law to get covered with this particular policy if: you do repairs on vehicles; if you drive your customer’s vehicle; if you buy or sell cars; if you do work as a fitter or as a Valier; if you repair classic cars and if you own or run a MOT garage.

Third party fire and theft coverage

This includes cover for damages caused because of fire or theft of vehicles that belong to your business, usually in conjunction with the general third party coverage as described above.

Comprehensive Policy

The Comprehensive Motor Trade Insurance policy will cover your business for accidental damages caused to your vehicles, on top of all the associated third party risks detailed above, along with the fire and theft damage cover.

Liability Policy

Running a dealership or a garage will require your business to invite the public onto the premises. This can be for a number of reasons, whether it’s to do business with them, employ them, repair their vehicles or sell them parts. If you intend on performing these activities, you will need Liability Policy cover.

There are several types of Liability insurance, including Product, Sales and Service Indemnity, as well as Public Liability and Employers Liability.

Combined Policy

The Combined Motor Trade Insurance Policy will extend insurance cover for all money, vehicles, liabilities, premises, tools and contents of your motor trade business.

Flexibility

Thinking about insurance cover can be intimidating, particularly if your business is in its early days. However, getting cover has never been easier than now, as the payment options are as varied as the policies themselves. Once you’ve picked the right policy for you, you’ll be able to pick a payment plan that fits your requirements, too.