Motor trader insurance companies are well aware that consumers often first compare trade insurance quotes to get the best deal, so they make sure they can be accessed through different channels such as email, mobile, and landline.
Thats not a guarantee that everyone can be accommodated, though. If you are caught up in such a situation, the next step is to access online forums or read FAQs. Below are three questions.
Can you explain the different levels of cover?
There are three choices for cover. The minimum requirement is the third party cover, which is normally the cheapest. It is illegal for any driver not to have at least this cover and tries to use public highways. This cover includes injury and damage to a third party. Passengers are covered but the driver and his vehicle are not covered.
The second is the fire and theft which is an extension to the third party cover mentioned above. In addition to damage, loss, and injury, this cover includes fire and theft. All vehicles under the custody of the trader are covered.
The most expensive type of motor trader insurance is the comprehensive cover which also has the widest coverage. All vehicles, including vehicles under your custody and vehicles that you own, are covered. The insurance covers repair expenses for vehicles that you dont own.
Note: Minimum insurance coverage is required for the following:
* A motor trader who runs a garage or an MOT centre
* A motor trader who services or repairs vehicles
* A motor trader who does vehicle fitting, mobile tuning, and/or valet services
What is liability insurance?
Liability insurance is a motor traders protection from risks of liabilities that may be imposed through lawsuits or similar claims. You are protected from claims covered by the insurance policy.
There are three areas wherein liability insurance coverage is applicable public, product, and employers liability. If your customer met an accident or was injured within your premises, you will be spared from expenses due to the insurance public liability coverage.
Faulty parts can induce a product liability claim. If you have installed a faulty product in a customers vehicle and that product caused injury or accident on the part of the customer, you can be sued. Your insurance company will pay your customer and if they were to do so, they can sue the manufacturer of the faulty part.
Make sure that you always check the products you are buying. Nobody wants accidents to happen. It can put your business in the red.
As an employer, you are protected from injury, accident, or death involving your employee. The law requires this coverage on all motor traders.
Why should I provide copies of my license?
Cases of fraud in the motor trade market are rampant. Insurance companies just want to make sure about the identities of the customers they are dealing with. They say that it is for the insureds protection, but actually, it works for both sides. It wouldnt be much of a bother to provide your company copies of your license and those of the drivers you want to include in your policy.
Remember that your insurance company gives the best that they can offer to give you the highest quality of protection. But make sure also that you do your part to minimize damage and protect your insurance company also.