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What Does Motor Traders  Policy Cover?

Motor Trade Insurance or “Traders Insurance” gives you full cover if you’re buying and selling vehicles either from your home or from business premises. It also provides cover if you repair and service vehicles, offer a roadside breakdown service or even fit tyre’s. There are two types of Motor Trade Insurance policies: road risks or combined. Both provide different levels of cover.

  • Road Risk Only Insurance
  • Combined Motor Trade Insurance

Types Of Motor Traders We Can Cover

Our team is waiting to discuss any requirements you may have:

  • Service, Repair and MOT garages
  • Vehicle Body Builders
  • Commercial Vehicle Repairers
  • Part Time Traders or Mechanics Working From Home
  • Mobile Mechanics
  • Body Shops
  • Vehicle Breakdown & Recovery Agents
  • Vehicle Collection & Delivery Agents

Motor Traders Tips for Insurance

As well as the three cover levels you can also select the driving restrictions applied to them. You could have a Named Driver policy which will allow specific drivers named on the policy documents to drive specific vehicles. This is perfect if your drivers will only ever need to drive specific vehicles. Alternatively if you have a large number of drivers that may need to drive all of your vehicles, then you could benefit from an Any Driver policy, though this is usually more expensive as any driver within your business who holds a valid licence to drive the vehicle can do so.

Our Experience & Relationships

Moneycornershop.com is a proud member of the Purple Partnership – Who have been voted the Best Broker Network in the UK – 3 times in the last 4 years – Which means many insurers provide exclusive deals for us, with competitive pricing and enhanced policy cover. Moneycornershop.com has been working with small-and medium-sized enterprises all across the UK, so we understand that each individual business has its own unique risks and challenges. Our knowledgeable customer service team has the skills and expertise to put together a flexible policy that fits your specific requirements, and has the ability to develop and grow along with your business. When this is combined with the great service our team provides, you can see why people choose to let us arrange their insurance. We have over 50 years collective experience and relationships with underwriting specialists which have the capacity and understanding of the industry to write and place any risk.

Other Business Motor Trader Policies Available

    • Vehicle delivery firms (cover may be referred to as ‘trade plate insurance’)
    • Scrap yards
    • Specialist vehicle collectors and restorers
    • Firms selling and/or fitting vehicle parts and accessories, including tyre’s
    • Vehicle repossession businesses
    • Car valet companies

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What Is Commercial Motor Insurance & What Does It Cover?

Motor trade insurance is a catch-all term that can cover a huge range of policies, which are aimed at keeping businesses and individuals working in the motor industry road-legal. You’ll need one of these motor-specific business insurance policies if your company has customers’ vehicles under its control, care or custody. Motor trade insurance will also be needed for businesses dealing with sales, covering the firm for things such as the demonstrating, collecting and delivering of vehicles. The possible scenarios that may require cover are almost limitless. Traders’ insurance could, for example, be needed by a single, self-employed mechanic, a main-dealer garage network, or a car valet business.Even within such firms, a company may need cover for just one driver, for a known group of drivers, or for ‘any driver’.

Motor Traders Policy Technical Terms Explained

The phrase ‘care, custody and control’ occurs repeatedly in the motor trade insurance world. It typically refers to when a customer has left their vehicle with a business, meaning that the vehicle is no longer protected by the owner’s own, private insurance. It’s at that point that motor trade insurance should kick in, offering protection to both the business and the customer. Third party is typically the most basic level of cover, but – depending on the nature of your business – you may also have the option of ‘parts only’ cover; note that this on its own will not give you the legal protection necessary to take a vehicle on the road.

Road risks policy

Having road risks cover on your trade insurance means you’ll be able to drive your own vehicles, plus those that aren’t yours for the purpose of carrying out your job. At the most basic level, you’ll face the choice of whether to arrange cover on a third party only (TPO), third party, fire and theft (TPFT), or comprehensive basis. A traders combined policy is typically designed for vehicle traders who work from business premises TPO is the minimum level insurance required by law for drivers in the UK, covering damage to third-party property, liability for injury to others (including passengers) and liability while towing a caravan or trailer. TPFT covers all these elements plus fire damage, theft and any damage such crime does to a vehicle.

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A Comprehensive Policy

This policy offers all the cover listed under third party, fire and theft (TPFT), and you should also expect protection for things likes windscreens, personal effects, loss or damage to vehicles, medical expenses and accidental damage

Tips For Motor Traders 

  • Only pay for the cover elements you need, avoiding unnecessary add-ons
  • If you only need cover for standard vehicles, avoid ‘any vehicle’ policies that may charge extra for covering specialist ones, such as HGVs,high-performance or classic motors
  • Try to limit the number of your own vehicles that are placed on the policy
  • Consider a higher voluntary excess
  • Think about security measures, including safe overnight storage
  • Have policies in place for the risk assessment and risk management of your drivers
  • Employ experienced drivers with clean records (it’s typical for insurers to exclude drivers under the age of 25, or to charge an extra premium for them)

Traders Combined Policies

A traders combined policy is typically designed for vehicle traders who work from business premises. As well as road risk cover, such a policy typically comes with a bespoke range of cover options, including things such as those listed below.

      • Employers’ liability insurance(a legal requirement if you’re employing drivers)
      • Public liability insurance
      • Premises cover
      • Breakdown insurance
      • Cover for driving in Europe
      • Personal accident and sickness insurance
      • Insurance for haulage and/or carriage of goods
      • Business interruption insurance
      • Business stock cover / asset cover
      • Trailer cover
      • Legal insurance
      • Goods in transit cover

Want To Get A Quote From Our Expert Team

Want to find out more, speak to an expert or get a Commercial Motor insurance quote? Call our specialist team on 0330 043 0003 or click ‘Start Quote’ to find out how much you could save.

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