Combined Motor Trade Insurance
Everything you need to know about combined motor trade insurance
If you work in the motor trade, you must have an insurance policy in place to safeguard your profits and possessions. At Insure Motor Trade, we can help you to understand your options and point you in the direction of the policy that best fits your needs. Oftentimes, the most suitable policy to purchase is a combined motor trade insurance policy, which removes the need for several separate insurance policies.
What is combined motor trade insurance?
Combined motor trade insurance provides cover for all your business needs. You can pick and choose from a wide range of policy covers, including public liability insurance, commercial premises insurance, business interruption insurance, employer’s liability insurance and road risks insurance, to name but a few.
Why do I require combined motor trade insurance?
If you work in the motor trade, you must have a minimum of third party motor trade insurance in order to trade legally. While more comprehensive cover is a matter of choice, it is something that you should strongly consider to protect your business. If, during the course of the working day, you unwittingly injure someone or cause damage to their personal property, you could be required to pay compensation. If you don’t have a motor trade insurance policy, you would have to use your profits to fund the compensation settlement.
Am I eligible for combined motor trade insurance?
To be eligible for combined motor trade insurance, you must be able to prove that you work in the motor trade.
How do I prove that I work in the motor trade?
To prove that you are involved in the motor trade, you will need to provide invoices and receipts relating to your vehicle or vehicle part purchases and sales. Some insurance companies will require you to supply evidence before they agree to issue your policy while others simply perform spot checks.
Can I purchase combined motor trade insurance as a part-time worker?
If you work on a part-time basis, you will still be able to purchase combined motor trade insurance. However, you will need to disclose your part-time status so that your insurance company can adjust your premiums accordingly.
How much does combined motor trade insurance cost?
The cost of your combined motor trade insurance policy will depend on the level of risk your business poses. If, for example, you have a history of making insurance claims, you will have to pay more for your insurance.
Will I need to disclose the types of vehicles I work with?
Your combined motor trade insurance will cover most types of vehicles, including cars, vans and motorbikes. However, you must disclose all of the different types of vehicles you work with when you take out your policy as different insurance companies provide different levels of coverage and exclusions.
How can I reduce the cost of my premiums?
There are numerous ways in which you can reduce the cost of your motor trade insurance. For example, you could agree to pay a large amount towards a claim – referred to as a voluntary excess – to lower the price of your premiums.
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