There are a number of benefits that spring to mind when taking out Motor Trade insurance. Aside from insuring the vehicles your business owns or are working on against fire, theft and accidental damage, a well-tailored Motor Trade policy can protect your whole business.
You can cover every vehicle involved in your daily operations, any valuable tools and equipment you need to carry out your work and any issues relating to members of the public linked to your work or your premises.
Factors that impact the cost of your motor trade insurance
The drivers on your motor trade policy and their driving history. The location of your business – as with any insurance policy, areas with higher crime rate are likely to incur a higher cost. The type of motor trade activity. The types of vehicles you work on.
Do I Need Motor Trade Insurance? You may still be wondering to yourself if you still need a Motor Trade insurance policy. Well, if your business is centred around the motor trade in any way, such as a car dealer, a car jockey or you own a repair garage, then you are required to have the correct form of insurance.
In summary, Motor Trade policies are designed for you to operate your business, and to allow you to drive your own vehicles and customers' vehicles, but you can't just drive the vehicles belonging to your friends or family members if they are not on the policy.
Insurance for sole traders - is it worth the risk?
What does trade car insurance cover?
Motor trade insurance, or traders' insurance, covers your employees when they're driving or working on your customers' vehicles, as well as those owned by the business itself. It's used by a wide range of businesses. Usually, it benefits those involved in repairing or selling vehicles.
By getting a Motor Trade insurance policy, it will ensure that any driver is insured, no matter which car they drive for your business. If they drive one of your personal vehicles for the business or returning a customers vehicle to their house, they will be covered under the policy.
What is the average cost of motor trade insurance?
Although giving an exact premium with no details is almost impossible, we can tell you our road risk policies start from: Third Party £318* What does this cover. Third Party Fire and Theft £382* What does this cover. Fully Comprehensive £477* What does this cover.
It is possible to drive an uninsured car on a motor trader's insurance policy, however that car would then be considered insured. Therefore the answer to whether you can at any time drive a car or other mode of transportation that is classed as uninsured just because you have a trader's policy would be incorrect.
It's a complete insurance package for the motor trade which will protect your business, employees, the work carried out, the vehicles under your control and any premises you may own or rent.
It'll insure your company and staff for use of vehicles in the day-to-day running of the business. It's motor-specific business insurance that you'll need if your company has customers' vehicles in its care, custody or control. You'll also need motor trade insurance if your business involves selling vehicles.
To help increase value, reputable dealers will even fix worn or broken items such as paint, lights, audio systems, and other functions. As a result, a dealer needs to offer a trade-in value below the car's retail value so they can still make some money on it after the reconditioning is complete.
Used car insurance can be cheaper if the new car in question has a higher value. But this isn't always the case. If, for example, you're trying to insure a high-end used car like a Porsche 911, the value of the car is likely to be greater than a standard new car like a Renault Clio or a Peugeot 208.
You can choose to pay up front for your annual road risk policy with a lump sum payment, or you can choose to spread the cost of annual cover by paying for it in monthly instalments.
Trade plates are relatively affordable, depending on when you apply. This is because licences expire on the 30th of June or 31st December, so if you're closer to the expiry date, the cheaper the licence will be. You'll likely get trade plate licences for 7-11 months at a time*.
If you're over the age of 23, you can be considered for a traders' policy if you buy and sell vehicles, or work in service and repair – but only a limited range of insurers will cover you.
If your vehicle doesn't have a current MOT certificate, you can only drive it to or from a pre-arranged MOT appointment. However, not having an MOT may have implications for the validity of your insurance.
Put simply, no-claims bonus on road risks insurance is like private car or commercial vehicle insurance: You earn a discount on your motor trade insurance renewal for each year that you don't make a claim.
And while working in the motor trade, your NCB will continue to build if you don't claim on your insurance policy. However, if you do transfer your NCB to your motor trade policy, remember that if you stop running your business, most insurers won't let you transfer your no claims back to a private motor policy.
Motor Trade Insurance, also known as Traders Insurance. Traders Insurance, is a highly versatile insurance policy that aims to effectively cover businesses and their employees. This will cover any vehicle that is in your 'care, custody or control' in addition to any of the business' own vehicles.
What is the biggest motor insurance company in the UK?
Admiral Group is the largest car insurance provider in the UK, with a market share of 14%. There are 195 motor insurance companies in the UK. The UK car insurance industry pays £11.84 billion in claims annually. The UK's car insurance market is the second-largest in Europe, behind Germany.
As of 2023, the car insurance industry is valued at £19.1 billion – a 1.1% increase from 2022. The average cost of car insurance as of Q3 2022 is £511, a rise of around 7% from the start of 2023. Drivers in Greater London pay more than £200 a year, on average, for car insurance than any other English region.
To put it simply, to obtain a Motor Trade insurance policy you must be considered a genuine motor trader with a financial investment in the industry. If you just fix up the odd car here-and-there as a hobby, then this won't include you. Regardless whether you're part-time or a full-time trader, this rule still applies.
It provides cover for fire, lightning, explosion, theft or attempted theft and your liability for injury to other people or damage to their property, subject to policy conditions, exclusions and endorsements.
