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What You Need To Know About Motor Trade Insurance
Motor Trade Insurance is both an extensive and intensive insurance policy issued in the United Kingdom. This policy is available to businessmen engaged in the business of Motor Trade. Motor trade insurance offers the best insurance cover to dealers and operators on both a full-time and part-time basis. Each policy is unique and is designed to meet the risk protection requirements of businesses. Motor trade insurance policies can also be tailor-made to suit the budgets of businessmen. The policy makes no distinction as to whether the business is operated from your home or from your business premises.
Motor trade insurance policies cover various businesses such as dealerships of imported vehicles, repair shops, motor vehicle traders and motor sports. It also covers businesses that deal with the scrapping and dismantling of vehicles. Special insurance coverage, like goods in transit and employee liability coverage, is also made available to businesses. Most insurance companies give you flexible premium payment options. You can pay your insurance premiums in installments, which is easier when compared to paying a single premium on your policy. If you search hard you will find many insurance companies give introductory discounts to first time customers.
Some motor trade businesses have preexisting risks, which makes it difficult for them to get a motor trade insurance policy. However with increase in competition, most preexisting risks are covered by insurance companies. The only stipulation being that these motor trade businesses fulfill certain conditions to meet the set standards. Here are some of the standards that need to be fulfilled:
a) The buyer and the driver must have held a United Kingdom drivers' license for at least 12 months. Also, motor trade companies cannot have more than 2 drivers aged between "twenty-one and twenty-four years".
b) The businesses are allowed to claim only one accident or one theft claim in 36 months. In other words, the risk of the insurance company is limited to only one theft or fault accident claim in a 3-year period. Also no driver is allowed to claim for more than 2 faults.
c) The driver employed should not be convicted for any driving offense. If the driver is prosecuted by the police for a driving offense, a motor insurance policy will not be issued by motor trade insurance companies. Any police inquiry of the driver can be grounds for nonissue of a motor trade insurance policy. A conviction, inquiry or prosecution more than 5 years old does not affect the issue of a motor insurance policy. If the driver of the motor vehicle has been convicted of a driving offense during the policy coverage period, then the policy coverage could be suspended.
d) Drivers who are suspended or disqualified from driving within the last 60 months cannot be employed by the businesses. Drivers can be employed once this 60 month period ends. Such employment of drivers does not affect the premium rates charged by the insurance companies.
e) Drivers with physical disabilities cannot be insured. Similarly if the driver employed by the business is convicted of a criminal offense the insurance company is not likely to issue insurance policy for such drivers.
Therefore it is important that you go through the terms offered by insurance companies thoroughly, before deciding on the right policy for your businesses.
Author Resource:-
Paul Headley is a specialist insurance article writer. Staveley Head are a leading UK insurance broker for
motor trade insurance
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