Everything You Need To Know About Cheap Motor Trade Insurance
If you are a motor dealer; either a full time or part, you then are probably aware that it is a requirement by law to obtain trade insurance for your motor. This unique insurance, also referred to as the road risk insurance covers individuals running businesses dealing with motor vehicles. Whether you are dealing with the sale, servicing, repair or valeting for motorbikes or cars, the law requires that you take this cover. Given that this is a legal requirement, it pushes business professionals to search for the company providing cheap motor trade insurance.
How cheap is it?
In an attempt to make this insurance affordable to different classes of traders, insurance companies have made the various covers as flexible as possible. They have come up with different types of policies to serve a broader market. Each of these covers is unique not only in affordability but also in its specifications.
The cheapest insurance cover is the third party only cover. This is the most basic and can cover an individual operating a sale, servicing or motor vehicle repair business. It also covers the owner and the vehicles on his premises as well as the driver named on the cover. The second in the order of cheap trade insurance policies is the third party with fire and theft cover. This is an extension of the third party only cover with an addition of the fire and theft coverage clauses.
There is also the comprehensive cover that covers all the elements addressed by the third party fire and theft policies but also adding the accidental damage cover to it. Besides these, there is also the motor trade liability insurance and the combined trade insurance for your motor. They are both extensions of the comprehensive cover. While motor trade liability only extends to covering the damages that may arise from the use of the vehicle; the combined policy covers everything associated with the vehicle including the premises in which it is based, the tools, and traders or employees that work on the premise whether business or residential.
An evaluation of different quotes by various general insurance companies will reveal the cheapesttype of trade insurance. When taking out an insurance cover, it is only wise that you engage a professional that will help evaluate your business and assist you to pick the most appropriate yet cheap motor insurance. After finding the cheapest cover, one should then seek the most trustworthy company with the lowest rates.