subject: Motor Trade Car Insurance Be Aware Of The Broad Guidelines [print this page] If you are in the motor trade business, you need to be aware of the requirement to take out adequate motor trade car insurance as protection against liabilities that can come up without warning due to a variety of reasons such as accidents, human errors and so on.
It is but natural that you would want to opt for something that gives you the best coverage and at the least cost since you would not want to increase your overheads more than you can help it. It is therefore advisable to look for such policies after duly researching them and gaining as much information about their effectiveness from others in a similar business. This would help you put forth what you need effectively to the insurance consultant. You need to work along with the insurance specialist to get the best deal for you and having knowledge about the subject would facilitate a win-win situation for both.
There are some broad guidelines that you should be aware of, as under:
The cars under the policy should be used only for social, recreation and business purposes. Typically, insurance companies do not provide coverage to cars used for racing, unless you are willing to pay a steep premium.
The policy holder must be in the 25 to 75 age band and should have resided for a minimum of one year in the UK.
He or she should be holding a United Kingdom drivers' license and should not have had any convictions or any charges of a criminal nature filed against him or her for a minimum of one year.
The policyholder should not be engaged in the business of import and export of cars and this includes vehicles of all kinds such as sports, vintage, classic and so on.
The policyholder cannot lease the car during the insurance period.
The insured vehicle is authorised to be put to use on public roads and they can be parked at the residence of the policyholder or at the work premises.
There exists a variety of policies that can be offered by the motor trade car insurance specialist. It is up to you to decide whether you would be content with only a third party cover or whether you would want a comprehensive one that would cover your premises, vehicles, materials and other equipment you are putting to use for your business. Some insurance providers would also offer goods-in-transit coverage. Your decision will hinge on the nature of your business and the amount of premium you can afford. Whatever the decision, it is necessary to get it done and dusted with, considering that daily work pressures and situations would not allow you the luxury of spending time on these issues. The knowledge you have gathered along with guidance provided by the specialist should help you come to a decision.
Do remember that when you are comparing quotes, it is not only the rates but also the kind of services and support that the company is willing to provide that should influence your final decision.
by: Neil Anderson
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