Why you need Motor Trade Insurance
Every shrewd entrepreneur understands the importance of having convenience insurance cover for their business. You never know when disaster would strike, especially if you are in the vehicle trade industry. Below you will discover the value of Motor trade insurance and how it keeps your business afloat.
What is automobile trade insurance?
Car trade insurance is a premium cover designed for those who rely on vehicles to run their business. You could be a dealership owner who buys and sells vehicles regularly. You could be in the car hire business or transport logistics business and have a fleet of vehicles you own. You could also be running an auto repair shop or run a roadside breakdown services. If you fall in any of these categories, you do need an auto trade insurance cover.
The types of car trade insurance covers
Most insurance companies offer two types of policy cover: the road risk policy and the combined motor trade policy. They both have unique advantages, so you have to think carefully about which one best suits your business. Here is a brief look of how the two covers differ.
a) Road risk policy
Road risk policy protects your vehicles while they are on the road---whether you are transporting your new imported cars from a shipping yard, delivering a vehicle to your client or rushing to an emergency break down scene. This policy will protect you against any accidental damage, theft, vandalism or fire break out that may cause damages to your vehicles. Road risk policy is also ideal if you are running a motor trade business right from your home.
b) Combined auto trade policy
On the other hand, combined vehicle trade protects your vehicles while on the road and also adds a cover for your business premise. It is ideal if you run your business from a different address rather than your home like a hired office or an auto garage away from home. This cover protects all your vehicles from the same threats as the road risk policy and also protects the business building your own and all stock within it.
Qualifying For an Auto Trade Insurance Cover
Qualifying for a car trade policy cover only requires you to prove that you are involved, in any way, with the motor trade industry. Additionally, you must prove that you make tangible financial investments towards a car trade business you run. Thus you are advised to keep all sorts of receipts that go through your business---whether they are receipts of cars you bought or sold, hired out or offered for transport logistics or auto repair receipts.
As long as you run an auto trade business or are involved in the said industry in any way, you qualify for the vehicle trade insurance cover. There are those unforeseen calamities that may befall your business and the wise trade will have protected their business in advance.