Also referred to as Road Risk Insurance, anyone who deals with the buying and selling of cars or a car repair service should take out a Motor Trade Insurance Policy.
The great thing is that a motor trade insurance policy does not have an upper limit. So, you can add as many vehicles as you need, because the policies are regularly reviewed as are the associated terms and conditions.
Policy types available
Third party – You are legally required to have this in order to drive in the UK. Being the minimum level of required cover, it is generally also the cheapest. Providing cover for injury, loss or damage to third party people and vehicles. In a nutshell, you as the driver and the car would not be covered but any passenger or third party would be.
Third party, fire and theft – Cover as above but with the following additions. As the driver you receive cover for loss or damage caused by a fire or theft incident to any vehicle under your control.
Comprehensive – Complete all round cover. Whether you are driving your car or another in your possession both would be covered if accidental damage should occur. If you were test driving a potential car you’re going to buy before deciding whether to buy it, and an accident occurred that you were held accountable for, the insurance company would pay out to repair both the other car along with the one you were test driving to possibly buy.
Adding vehicles to the policy
Vehicles can be added by updating the Motor Insurance Database (MID) You need to simply contact Insure Motor Trade whenever you want to buy or sell a vehicle where we give you three online forms to choose from:
• Either add or remove the vehicle from the MID to update it
• Trade plates can be added or removed from the MID
• Mobile apps for most smart phones mean that you can update on the move wherever you are
When you are updating the MID you will need to provide the registration numbers of any vehicles that are owned by any policyholder or spouse.
• Any vehicle that is the property of the insured
• Vehicles which are the property of the insured if they are the named driver under said policy.
• Stock vehicles taxed and in your possession for sale for more than a fortnight
• Any vehicle that is driven in line with Trade Plate Guidelines, after all Trade Plate Details are released
Insure Motor Trade will inform the MID on your behalf once they have received adequate information from you.April 27, 2014