What Is A Motor Trade Policy?

A motor trade insurance, also known as road risk insurance, is a policy designed to cover any injury, loss or damage to the third-party caused by the vehicles involved in the business

What is motor trade meaning?

motor trade (countable and uncountable, plural motor trades) (UK) Those businesses involved in the buying and selling of motor vehicles, supply of spare parts, and the repair of vehicles.

What is a trade policy car?

In simple terms, a motor trader policy will provide the insurance cover you need to work in the motor trade It is designed only for that purpose – if you don’t work in the motor trade, then you don’t need a motor trader policy! Motor trade professions include: Servicing and repairing vehicles.

Do you need insurance to trade?

Vehicle insurance is a legal requirement Motor trade insurance is recommended to anyone running a business in the motor trade. This applies to mechanics, dealers, vehicle valeters or any similar businesses and both full-time and part-time businesses need to take out cover.

What does Motor Traders internal cover?

Internal Motor Traders insurance provides cover for loss or damage to vehicles whilst on the premises of the insured business You may, for example, run a dealership, and regularly need to move vehicles between display bays on your property.

Does motor trade insurance cover my car?

You can be covered for social, domestic and pleasure use for vehicles you own under your motor trade policy However, this is only a part of your policy – if you do not conduct motor trade business, you cannot cover vehicles for personal use only on your policy. Drive a commercial vehicle you own (with some policies).

Can I drive on traders insurance?

Only named drivers have permission to drive a vehicle that is covered by a motor trade insurance policy If an unnamed driver gets behind the wheel of the vehicle, they will not be protected.

Can you drive an uninsured car on a traders policy?

To summarise, yes you can drive an uninsured vehicle that was uninsured prior to you driving the vehicle , which is now insured because your motor trade insurance policy details that it is.

How old do you have to be to be put on a traders policy?

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.

Can I drive on someone else’s trade plates?

What are the rules around using trade plates? As described above, trade plates are strictly for motor trade business use only. You can only use them on one vehicle at a time , and you can’t keep a vehicle on the road if it is not in use (unless it has broken down, for example).

How do I register as a motor trader UK?

  1. Know the market
  2. Know how to sell a car
  3. Write a business plan
  4. Get permission from the council
  5. Get accredited
  6. Get insured
  7. Get trade licence plates
  8. Become familiar with car buying options.

What insurance do I need to trade?

Public Liability Insurance This is one of the most important insurances for tradespeople. It protects your business from claims that may arise as a result of accidental damage or injury that a customer or a member of the public suffers in connection with work you carried out. Do I need it?.

How many cars can I sell in a year UK?

There is no minimum number of cars an individual can sell before they are deemed to be a trader A person will only be considered a trader if they buy cars mainly for the purpose of reselling them at a profit, regardless of the number of vehicles sold each year.

What is covered by the Motor Traders external risks policy?

The motor traders external section provides cover for loss or damage to vehicles whilst they are used outside of the insured’s premises and on the road Vehicles may be insured for comprehensive cover, third party, fire and theft cover or third party only cover.

What is motor trade internal risk policy?

Subject to the Limits of liability the Company will indemnify the insured against damage to any insured vehicle (including its accessories whilst thereon) the property of the insured or any member of the insured’s family or household caused by accidental, external and visible means and occurring in or on the premises.

What is covered under all risk insurance?

It can include anything from jewellery, wallets, sunglasses and clothing to mobile devices, sporting equipment, and even wheelchairs and children’s car seats It is important to note that all risk insurance is not a stand alone policy but can be taken in conjunction with your home owners and contents policy.

Can a motor trader drive an untaxed car?

What are trading licence plates or otherwise known as trading plates? This method is the ability to drive almost any vehicle, as long as it is pre-registered, for a short period of time without paying tax on the vehicle.

Can a motor trader drive a Sorn car?

SORN cars on trade plates do not require road tax and the insurance would be covered by your motor trade insurance policy. However, it is still illegal to drive a SORN vehicle unless you are driving it to or from a pre-booked MOT testing centre.

Do trade plates include insurance?

It is important to note that trade plates do not cover insurance in and of themselves If you are looking for quality trade plate vehicle delivery insurance, look no further.