Get the Motor Trade Insurance policy that suits you best
Motor trade insurance comes really handy during unpleasant and unanticipated events. Though many people wonder about the necessity of motor trade insurance policies in business, it is highly essential for people engaged in buying, selling and fixing vehicles. In fact, they are advantageous to the employer as well as employees engaged in the motor business.
Deciding which trade insurance to buy is not an easy thing as different policies have different premiums, features, and coverage. The policy that suits one individual and the type of business he does may not be suitable for a second individual whose needs are different. Hence, it is up to the customer to study different policies carefully so that he can decide which type of policy will serve his business the best.
Motor trade insurance is of four types, known as Third Party insurance, the Fire, Theft policy and the Comprehensive insurance. The last one is a combination of the above mentioned four policies. Individuals engaged in vehicle trading industry can select one among these, according to their requirement. Care should be taken to select a policy that is beneficial to the employer and the workers working in the business. Some policies come with administrative benefits while some others enable some employees to make use of vehicles for their personal needs.
The basic policy among all the policies stated above is the Third Party insurance. This is most suitable for individuals who trade cars and who are engaged in car repairing works. It is very beneficial for individuals who restore and repair vintage cars. This being the basic policy of all motor trade policies, it offers coverage to third-party harm or injuries and property damaged by the third party. The fire and theft trade insurance policy, on the other hand, offers coverage for accidents and damages caused by theft and fire, provided it has a direct link to the business.
When it comes to a motor trade insurance policy, it is very important that a trader understands the considerations and restrictions of the trade policy before getting an insurance policy.
Considerations and Restrictions of Trade Policies:
Like all other types of insurance cover, the policyholder has the liberty to make monthly or annual premium payments; alternatively, the entire amount can be paid at one go.
For the trade policy to stay in effect; the buyer of the vehicle must be the holder of a British driver's license for a period exceeding one year and not more than three drivers can be designated per vehicle.
If the business owner has any convictions on his driving license; he automatically becomes ineligible for trade insurance. This also holds true for pending and ongoing litigations. However, convictions that are older than 5 years are usually disregarded.
As the owner of the policy, you will not be able to employ people for vehicle operations who have been disqualified from driving within the last five years.
The business owner can get his insurance suspended if a conviction occurs or if he/she is disqualified from driving for a certain period; the policy will be suspended for such a time frame.
For an added charge the business owner can also ensure the operator and the passengers of the vehicle under the trade policy.
When it comes to motor trade insurance policies you will find out that there are many motor trade insurance companies that provide different insurance policies, however, if you are looking for one that offers an extensive range of motor insurance policies you can go with the rainbow insurance services, this insurance company offers good insurance service that can cover every car issues. Rainbow insurance policy includes:
THE MECHANIC INSURANCE POLICY
The mechanic insurance policy covers every risk that is involved in the process of using your car, the rainbow insurance company takes care of every mechanical issue, the rainbow insurance company works on every customer's vehicle giving the right insurance to protect you as a car trader, this insurance policy ensures that if something goes wrong with your car it will be rectified immediately.
The mechanical insurance policy covers every business that comes in contact with suppliers, clients, and other third parties.
The benefit of the policy also extends the building where the vehicle is located.
The insurance policy will also cover every damage incurred by you or your customers’ vehicle
It covers fixed overhead like rent and wages.
THE VEHICLE DELIVERY POLICY
This insurance policy is specially designed for people who are involved in the car delivery business, if you are in a car delivery business and need an hour help on delivering your cars successfully to your clients, then you can opt-in for a vehicle delivery policy, the vehicle delivery policy will ensure a smooth sailing transaction between you and your customers.
THE BREAKDOWN/RECOVERY INSURANCE POLICY
The breakdown and recovery insurance policy are dedicated to mechanical problems that arises while using your car, the mechanical problems could be quite stressful and tough but with this insurance, one can be sure of getting roadside assistance at any time.
THE BODY SHOP INSURANCE POLICY
The body shop insurance policy is an insurance policy for body shop owners who are specialized in a variety of types and levels of cover, this policy covers customers vehicles, buildings, and machinery as well as other items that need to be covered.
The body shop insurance covers:
The third party, fire, and theft
Comprehensive cover
Cover for product liability
Cover for public liability
The rainbow motor trading company also offers many other insurance policies. One thing to always take note of is that choosing the right type of insurance policy is integral to ensure that you run a successful car dealership and this will help to be safe in the knowledge that should anything go awry you are fully protected and will not be hit with any nasty, unexpected charges in the future.
If you are looking for a motor trading insurance policy, you can get at the rainbow motor trading insurance company.