Motor trade insurance is more flexible than you think, and there are many options that allow you to expand coverage over and above your company vehicle or fleet.
If you own a motorbike you will be pleased to know that it is possible to get it insured through your current motor trade insurance policy.
However, there are some conditions and points that you will need to meet and consider before going ahead and adding your motorcycle to your policy.
To be able to add your motorcycle to your motor trade policy you have to hold a full bike licence and you must have had this for one year or longer.
Before adding your motorbike to your existing motor trade insurance policy, it is important to makes sure that the cover offered suits your needs.
Some insurance providers will offer you the same level of insurance as your existing domestic provider, while others will only offer third party coverage on bikes.
Whether you go ahead really depends on the type of cover you need; if it’s an older motorbike then third party coverage may be enough, if it’s a newer, more expensive bike, then you may feel more comfortable with fully comprehensive insurance.
It is always a good idea to speak to your motor trade insurance provider so that you understand what cover is available for your motorcycle.
What cover is available for my motorbike under my motor trade insurance policy?
As mentioned above, this really depends on the individual insurer and what they are prepared to offer.
Some motor trade insurers may cover your bike at the same level as your domestic insurer, others may offer third party coverage only.
There may also be different options and restrictions depending on the motorcycle you want to insure. Some companies offering motor trade insurance may have restrictions on engine size, whereas others may offer insurance for any engine size.
It is best to contact your insurers directly to discuss the options available.
If you are looking to insure a quad bike or trike then this may be possible, but it is always advisable to speak to your insurance provider to see if they will let you add this to your policy.
With quad bikes and trikes you may be required to look for insurance cover specifically tailored to cover these types of bikes.
Something to bear in mind before adding your motorbike to your existing motor trade insurance policy:
You can usually add your motorbike to your existing motor trade insurance policy at a reasonable cost depending on the insurance provider you use and the level of cover they offer.
Something that you need to keep in mind is, if you are insuring your personal motorbike, not motorbikes used within the business, if an accident occurs you will only receive trade value for your bike.
This could be a problem if the bike you own is new and expensive. If this is the case it might be worth looking at a domestic insurance policy.
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