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Insurance » Commercial
What Are The Two Major Types Of Motor Trade Insurance Policies?
If you own a business or are planning to set up a new one that involves dealing with a lot of vehicles, then it is more than certain that you will need some type of motor trade policy to protect your investment. The principle behind such an assumption is fairly simple; it is the fact that having an individual automotive insurance policy for every vehicle you own can result in a lot of financial grief over a period of time.
Motor trade policies are automotive policies that have been designed to counterbalance such problems. For example, the biggest difference between an individual automotive policy and a motor trade policy is that it allows you to include multiple vehicles under the purview of one policy.
However, like in the case with insurance policies across the board, the purchase of a motor trade policy can be fairly tedious and time consuming. Therefore, being prepared well in advance will stand you in good stead when you are actually conducting the process of purchasing a motortrade policy.
As such the first thing that you should be aware of with respect to motor trade policies is how many different types of policies actually exist in the market. Although most motor trade policies can be moulded to your particular needs, on a broad level they can be categorised into two types. The following are some details.
1. Road risk motor trade policy:
This is a policy that tries to combine the virtues of spending wisely but getting every need met. These types of policies are, basically, value policies that have been formulated and hence are more appropriate for small to medium scale motortrade companies. In fact, the cost effectiveness of these types of policies is such that they can even be used by part time motortrade businesses.
These policies, as the name suggests, provide protection against accidents and damage resulting while the vehicles in question are on the road. In addition to this, public liability cover is also a part of these policies. As a result of all the points mentioned above, these policies are ideal for part time or full time businesses such as motor repairs, delivery services, maintenance firms etc.
2. Combined motor trade policy:
This type of a policy will take care of all the requirements that your motor business can ever have. Combined motor trade insurance policies provide a lot more than just road risk and public liability cover. In addition to road risk and public liability, they include other important features such as stock protection, cover for tools and machinery, protection against business interruption and damage to premises.
Therefore, it can be said that the combined motor trade insurance policy is virtually a complete package for motortrade owners as it takes into account all contingencies. Furthermore, since these policies provide cover for static things as well such as tools, premises, machinery etc., they are considered to be much better for businesses that operate from one particular showroom or repair shop.
