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Vehicle Delivery Insurance - Where Protection Matters
Vehicle delivery insurance is one of the least understood policies within the overall ambit of motor trade insurance. This article aims to briefly explain this type of insurance and some provisions relating to it.
A vehicle is not insured at the time of its purchase by a customer from a dealer. The customer initiates the formalities of getting the car insured, only after the vehicle is purchased, for which the bill of sale is a necessary document. So does this mean that a vehicle is just not insured against damage or loss when it is parked in the dealer's showroom, or while it is enroute to the dealer from the manufacturer through the supply chain?
The answer is yes. And it is for specifically this period of its life, that a vehicle delivery insurance policy insures it. Simply put, it is the insurance policy that covers payment of damages involved, if a vehicle meets with an accident or gets damaged due to other reasons after it is made, and before it is sold to a customer.
So, who pays for this insurance policy? It is the dealer who does so. It covers the entire journey of the vehicle, including by multi car trailers or transporters, if involved, from the time it leaves the manufacturers gates, till finally insured by the customer after the sale. This policy is a sub division of the overall framework of the entire spectrum of insurance policies, of the motor trade insurance sector. Due to the many imponderables and legal nuances involved, very few insurance companies that cover various insurance policies in the motor trade insurance sector, offer it.
The onus to do this insurance is entirely on the dealer, and they are the sole beneficiaries of any claims preferred under it, for the simple reason that the entire risk involved at this stage of the motor trade, lies with the dealer. This policy goes a long way in mitigating the enormous security risk that is faced by the dealer. The dealers have the option of either buying this policy to cover the delivery of vehicles during the complete year, or to cover the movement of just one assignment for a duration of 20 to 30 days.
The second option allows short extensions of 5 to 10 days to cover the period when the vehicle lies unsold with the dealer in their showroom. As is evident, the premium for the first option is higher than the second one, but if the turnover of the dealer is pretty high, then choosing the annual coverage option not only works out to be cheaper, but also avoids the dealer having to undergo the complete process of applying for an insurance policy and the associated paper work and formalities, repeatedly.
The vehicle delivery insurance allows the dealer to manage his risk, increase security of the consignment, and do away with avoidable losses.
Author Resource:-
Neil Anderson is a UK based finance specialist who provides advice and information about a wide range of products including vehicle delivery insurance. Find out more by visiting his website, DNA Insurance.
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