Autotraders Insurance
Open until 6.00pm Monday to Friday
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Open until 6.00pm Monday to Friday
Call Now 0845 4583790
The insurance requirements of motor vehicle dealers in the UK are catered for by the motor trade combined insurance policy. The product offer a single policy including a range of covers commonly required by the professional motor trade business, allowing policyholders to tailor their cover to their own requirements. We can look briefly at the available policy covers split by sections as follows.
The property or material damage section of the policy protects the policyholder in respect of loss or damage to material property arising from insured perils such as fire, theft, accidental damage and special perils. the property insurance section of the policy will include such items as;
Business interruption insurance protects the insured in respect of financial losses arising from an inability to trade or reduced trading occurring as a result of a claim under the property damage section of the policy. A classic example of this would be the policyholder's inability to trade following a significant fire at the business premises. The business interruption, or loss of profits, insurance protects the insured is gross profit for a period immediately following the incident. This period is known as the indemnity period and whilst the standard limit under motor trade policies is 12 months, different limit may be selected.
this cover, also referred to as third-party liability insurance, protects the insured in respect of their legal liability for injury loss or damage to third-party property of persons arising out of or in course of the business. The standard policy does not include what is generally referred to as product-liability but in the case of motor trade insurance is more commonly referred to as sales and service indemnity or defective workmanship.
The sales and service indemnity and defective workmanship extensions under a motor trade insurance policy seek to protect the insured in respect of claims for legal liability for loss damage or injury arising out of the sale of or provision of a service or product.
Any business or individual that employs people in the United Kingdom is legally required to hold current employer's liability insurance. The minimum statutory limit under the Employers Liability (Compulsory Insurance) Act law is £5 million although policies in the United Kingdom are generally issued with a standard limit of £10 million. Additional limits may be secured if required. The policy protects the insured in respect of their legal liability for injury or damage caused to employees arising out of and in course of the business.
Motor trade road risks cover is a specifically designed motor insurance product developed to meet the needs of the motor trade industry. It provides the policyholder with business use and social, domestic and pleasure use for the insured's own vehicles and business use for vehicles not belonging to the insured for motor trade purposes.
The cover may be arranged on third party, third party fire and theft and comprehensive bases. Like other commercial motor insurance contracts, the insured earns no claims bonus for claim free driving. The drivers under the policy will generally be named for smaller businesses and may include principals, employees and the spouses or principles. Larger concerns may enjoy more flexible driving restrictions.