When we talk about the motor trade industry, we generally direct the conversation at those who are at the front and centre of it – the car dealerships and repair garages. But the motor trade industry is so much more than that, encompassing many different types of business.
It’s important that you know whether you can call yourself part of the motor trade. Why? So that you can take out insurance cover with a specialist insurer who understands your industry and the unique risks you face.
At Insurance Choice Commercial, the Motor Trade Combined Insurance
policies we can arrange cover a wide range of motor-based trades. With our bespoke insurance packages, we can tailor your policy to combine a range of covers and products to fit your requirements.
Businesses eligible for motor trade insurance
If we tried to sum up what businesses qualify as being part of the motor trade, we’d go with: any company or individual that has customers’ vehicles under its control, care or custody, in addition to businesses dealing with the sale of vehicles.
If you’re still unsure if your business fits into that broad definition, here are the types of firms we have covered under one of our Motor Trade Combined Insurance policies (this is not an exhaustive list):
Making up a large chunk of the motor trade industry, car dealerships cover a range or risks relating to their premises, vehicles, staff and customers. As a result, dealerships are usually recommended to get a combined motor trade insurance policy.
Combined motor trade insurance policies can cover road risks as well as protection against fire, theft and accidental damage. It can also cover your premises and your equipment when it is combined with premises insurance.
Another staple of the motor trade industry are repair garages – mechanics who help us with everything from MOTs to fixing broken clutches, worn-out engines and body work issues.
You should take out cover in the event of anything going wrong with a repair job – the cost of putting right a wrong on an expensive vehicle can be hard to bear for any repair garage big or small.
As the owner of a repair garage, you’ll also need to make sure your tools, premises and employees are all well protected by a comprehensive insurance policy to prevent any lasting financial damage if any accidents occur.
If you work as a vehicle restorer, you’ll find yourself with a similar set of risks to repair garages, in particular the risk of causing accidental damage to somebody else’s vehicle. The right insurance policy can cover you in the event of a restoration job going south.
The law also obligates that you have all vehicles in your possession insured or else declared ‘off-road’. You may not need premises insurance if you operate from home – ask a member of our team if you qualify for this – but a basic third party road risks policy is essential.
Now we’re really starting to get into the outskirts of the motor trade industry. As the owner of a car valeting business, you might not have considered yourself to be in the motor trade – but you absolutely are.
A combined policy will provide protection for your employees, vehicles, tools and premises, helping to keep your business running smoothly and prevent any financial disruption if anything happens while you’re valeting customer cars.
What does combined insurance cover?
Motor trade combined insurance policies are typically designed for vehicle traders who work from business premises. As well as road risk cover (covering you to drive your own vehicles, plus those that aren’t yours for the purpose of carrying out your job), such a policy typically comes with a bespoke range of cover options, including: · 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
How to bring down your premiums
To ensure you’re not paying too much for your combined insurance cover, only pay for the elements you need, avoiding unnecessary add-ons.
So, if you’re a one-man band, you obviously won’t need employers’ liability insurance. You could also limit the number of your own vehicles that are placed on the policy, and think about security measures which will make you less of a risk in the eyes of insurers.
Paying annually rather than monthly can also bring down the overall cost of your policies.
Taking out Motor Trade Combined insurance through Insurance ChoiceMotor trade insurance from the Insurance Choice
can include*: · Car deal at-home policy
· Minder insurance policies for trades including repairers, repossession agents and valeters
· Road risk only cover
· Full trader policies for car dealers at premises, and vehicle importers and exporters
· Cover for traders specialising in sports, prestige and imported cars
We supply cover for motor traders over 25 years old and will consider past criminal convictions.
Protect your business and your livelihood with competitively-priced motor trade insurance from Insurance Choice. Get a quote today!
*Policy benefits, features and discounts offered may vary between insurance policies and are subject to underwriting criteria.