Different Types of Motor Trade Insurance
Motor trade insurance policy is imperative for you if you are involved in a business that involves buying, selling or fixing cars. Motor trade insurance saves you from financial loss in cases of adverse situations. No matter if you are involved in a small or medium business, motor trade insurance policy is necessary for you.
As the nature of every business is different, there are different sorts of motor trade insurance policies. They involve different types of coverage, and premiums.
There are basically 5 main categories of Motor Trade Insurances:
1. The third-party only motor trade insurance policy
2. Fire and theft motor trade insurance policy
3. Comprehensive motor trade insurance policy
4. Liability motor trade insurance policy
5. A combined motor trade insurance policy
To select a policy, you need to determine the needs of your particular business. You may also get many different features of motor trade insurance policies like administrative benefits, social and personal use of vehicles to particular drivers.
A motor trade insurance policy that is the law for some traders is the third party only motor trade insurance policy. Buyers and sellers, mobile tuners, technicians, valier and fitters are legally required to hold this insurance policy. This motor trade insurance is very important if the insured is driving any car. Fire and theft motor trade insurance is another option with this policy. This kind of motor trade insurance policy includes the protection with the third party only policy, however, it also offers protection in case of fire or theft.
The comprehensive motor trade insurance policy includes similar coverage as the third party only policy, but it also has an inclusive aspect. Comprehensive coverage is motor trade insurance that covers the cost of repair or replaces the insured’s car if it is damaged in some situation other than an accident.
Liability motor trade insurance policy offers protection for your business, while giving service to the public. This motor insurance has an important role, as it covers your hired workers who work on the vehicles. There are 3 types of liability motor trade insurances:
1. Public motor trade insurances
2. Employers and product motor trade insurances
3. Sales and service indemnity motor trade insurances
Many Motor trade insurances overlap each other and only have slight differences. The best way to select one is to consult an expert motor trade insurance agent, who can tell you in detail about all the insurance options and present with you with various motor trade insurance quotes. Evaluating different motor trade insurance quotes will help you set your budget. If you purchase a motor trade insurance policy that is not suitable for your business, you will end up paying extra for your insurance policy – or you may find out later that the coverage you required for your business is not included in the motor trade insurance policy you bought.
Do remember to review motor trade insurance quotes from different insurance companies, so that you can go for the best deal and remain safe from fraudulent companies as well.