10 Key Facts About Motor Trade Insurance Policies

10 Key Facts About Motor Trade Insurance Policies

By Adam Smith | Finance Contributor on September 4, 2018
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Motor trade insurance policy is mandatory for the motor traders. Everyone is aware of the fact that life is unpredictable and so, people do not want to take chances.

These policies are intended to serve in those tough times, such as thefts or accidents as during these times; a person needs some assistance in sustaining their business. This insurance encompasses a large area, and, so, it is dependent on your requirements as to the policy you ought to buy. Today, in this business, motor trade insurance policies provide optimal coverage regarding specific employees, vehicles and anybody who is worried about the damage of any kind.

If you happen to be one part-time trader, then there is a possibility that you work from home plus doesn’t deal with large volumes of vehicles. Still, you are in need of road risks insurance to ensure that you can drive the vehicles which you have purchased lawfully, and in this context, you can drive other customers’ vehicles too.

So, for getting part time motor trade insurance, you must decide on the business you are having. For example, are you working in the sales only or do you repair vehicles part time plus sell them? Or you provide a service, such as maintenance?

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Choose the policy wisely

Choose a policy right for the particular motor trade. The Third Party Road Risks Policy is needed by law when you practice the services. When you buy or sell cars or operate as a repairer, mobile tuner, then you should opt for this policy.

When you are the owner of a garage, or you restore or repair the classic and the cherished cars, then you can consider the Third party Only policy. The motor traders should purchase this policy when they offer general vehicle repairs and when they require driving the vehicles on the public road.

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FILE: Driver Making Phone Call After Traffic Accident

Fire and Theft Policy, The Third Party have the same criteria because they protect the vehicles in case of fire or theft.

The comprehensive policy is for the motor traders who get all the above including the comprehensive coverage. This involves the accidental damage from covering the vehicles during fire or theft. Motor Traders can protect their business by buying the liability policy.

The policy is designed for the motor traders who are engaged in repairing, servicing, and restoring the cars. The liability insurance is of three types – Employers and Product, Public, and Sales and Service Indemnity. In a nutshell, the Motor Trade Policy you choose for protecting the Motor Trade business should be practical and convenient.

How to get the part time motor trade insurance?

When you have your own business or when you are an industry worker, both on a part-time basis in the motor trade, then you can get a part time motor trade insurance, and it can be repairs, car valet servicing, or tire and exhaust filling. For buying or selling cars to the repair services, it does not matter the number of hours you actually work, as this policy will undoubtedly offer the necessary coverage.


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