Over the past few years, there has been an increased number of motor vehicles, vans and motorcycles purchases globally. Hence there is a further projection of increased purchases in the years to come. The increased vehicle purchases have brought up businesses that: trade vehicles, buy and sell the vehicles or spare parts and many other vehicle-related businesses. Any engined powered and motor driven automotive is considered to be costly and has many risks involved thus the need for a motor trade insurance. Frequently asked questions on motor traders insurance include:
Do I need a motor trade insurance?
A motor trade insurance allows a business person who is a custodian and controls customer vehicles to road test, collect, repair and deliver a vehicle to the owner after service. This kind of insurance policy (motor trade insurance) is taken by individual businesses who run garages and car dealerships.
Is there an age limit for this type of insurance?
Majority of the motor trade insurance policies mostly require drivers over the age of 25 years though there might be other that requires those who are under 25 years of age. Policy insurance while under the age of 25 years may lead to some certain policy restrictions such as vehicle performance restrictions.
Can I add my spouse to the policy?
Majority of the motor trade insurance policies allow spouses to be included though some may exclude the spouse.
Can I apply for motor trade insurance?
The criteria to qualify for a motor trade insurance varies in different countries. For instance in the United Kingdom(UK) to qualify,
- You ought to have been a resident in the UK for at least 3 years
- You ought to have a license in your possession for at least 12 months
Do I need to say all the vehicles in my possession?
A declaration is always needed on all vehicles you have at the start and also at the renewal of the insurance. Also, it is legally required to mentioned and show all of the taxed vehicles used on road.
Do I need employers liability insurance?
Any employer is legally responsible for his/her own worker’s be it casual laborers, part time or full-time workers health and safety while they are working. To avoid problems that may arise in your business such as claims from saying suffering an injury as a result of their work, then an insurance is needed.
Do I need to notify you of any change to my business? Yes, the majority of the insurance has to be kept aware cause any change might affect the insurance.