Working as an Auto Trader involves certain risks. Among these are your stock sustaining damaged or being stolen. It’s possible that while transporting vehicles or out on a test drive, you could be involved in an accident. There is always that chance that a member of your staff or a customer could sustain injury while on your premises.
Sometimes, folks will take out Auto Trader insurance in an attempt to get themselves cover so that they may drive any vehicle. Remember, you must be a genuine Auto Trader, whether it be full or part time, to qualify for this type of cover. Most insurance companies will require proof of this before issuing you an Auto Traders insurance policy.
Cover is available for salvage, scrap, and vehicle dismantles and for both full and part-time. Your Auto Trader Insurance policy can also cover prestige vehicle, sport cars, and import vehicle dealerships to protect vehicles while at trade premises.
If you work as an Auto Trader, you will need Road Risks insurance as a minimum. This will cover you as you drive not only vehicles that you own, but customer’s vehicles that have been left in your ‘custody and control’ as well.
In addition to this basic level of cover, you will need to consider whether or not to add combined insurance elements to your Auto Traders insurance policy. This combined insurance will bring together Road Risk insurance with several different options. If by chance you own the premises that you do business from, you may wish to insure it along with any of the fittings, machinery, tools, or vehicles that are left on site. There is also business interruption cover, which is designed to keep your business in operation in the unfortunate event that something should happen to your stock or premises.
Vehicle Exclusions Your Auto Traders insurance policy will exclude certain types of vehicles. Make sure that the policy you decide to take out will cover the vehicles you are dealing in.
Trading from Premises Auto Trader Road Risk insurance will not cover against damage or loss of vehicles kept at your business premises. If you require this type of cover, additional Premises Cover may be needed. That said, most insurance companies don’t class your home address as business premises.
Vehicle Values Most often, claims that are paid under an Auto Trader insurance policy are made at the current trade value of the vehicle(s). Because of this, you may find yourself falling short if you had paid full retail for the vehicle.
Additional Occupations If by chance you do your auto trading part-time, and another trade is your full-time job, (builder, construction worker) your Auto Trader insurance most often will not cover you to use vehicles in connection with this other trade. An extension to your policy is usually needed.
Cover and Benefits It’s important to remember that most Auto Trader insurance policies don’t provide the types of benefits that are normally associated with typical car insurance. Examples of this would be protected no claims bonus, courtesy vehicles, and wind screen cover.