Motor Trade Insurance – an Overview By Eric Token At Isnare.com Ezine Articles

It is not difficult to understand why a motor trader would be looking at options for motor trade insurance. What is difficult to fathom is how a motor trader can choose to ignore something as important as motor trade insurance. You must keep in mind that in the event of unforeseen adverse circumstances (such as accidents), the absence of a good motor trade insurance policy can leave you in a lurch.

It is imperative, that you, as a motor trader, consider getting a motor trade insurance that meets your specific requirements. This not only covers dealerships, but also provides cover for people who work from home. You can also consider going in for motor trade insurance if your business deals with specific niches such as luxury, imports, sports, etc. The price of a motor trade insurance would, therefore, depend on the kind of policy that is taken out; and since there is a varied range of motor trade insurance, you can find one that not only suits your budget but also comes with relaxed options for payment.

Looking for the right motor trade insurance policy is not very difficult. It is always a good idea to try and get as many quotes as you can. There are a large number of insurance providers in the U.K who deal in motor trade insurance. Many of these providers have an online presence, and you can get quotes by simply going through their websites. Alternatively, you might also want to consider employing the services of an insurance broker as they are fairly adept at getting their customers some fairly good deals.

In order to get motor trade insurance cover in the U.K, the applicant must fulfil some requirements. These include:
The applicant should have held a valid U.K driving licence for more than one year.
No more than 2 fault claims due to road incidents must exist on the license.
The applicant should not be involved in any ongoing police inquiry or fault claim.

However, the claims are overlooked after a period of 5 years and you can then apply for motor trade insurance. Also, once the motor trade insurance policy is in place, claims that arise from incidents pertaining to the job lead to the immediate suspension of the premium. The suspension of the premium also occurs when there is a disqualification in excess of 12 months due to a work related incident.

As a dealership, you cannot have more than 3 drivers, in between 25 and 75 years of age, as authorised listed drivers. Drivers with valid U.K driving licenses and physical disability/disabilities are not eligible. Also, drivers with criminal records and those who have been previously declined insurance on a claim are also not eligible to apply.

Do remember that getting motor trade insurance will only help you in the case of any eventuality and is as important as your regular car and motorbike insurance. There are scores of insurance providers in the market place and with adequate research you can surely find some very good deals.

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