Category Archives for "Motor Trade Insights"
The Cover Note is the first official document you will receive from your insurance company or broker to show your vehicle is compliant with the law of insuring your vehicle. This is a temporary document issued to cover you as you wait for your full motor trade insurance policy. With this document, you can legally operate your vehicle on roads in the UK.
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The receiving of the Cover Note is proof the premium on the insurance policy has been paid and allows for the vehicle being covered to be legally driven on UK roads immediately. Your insurance agent or broker just assumes the details you have provided are truthful and accurate so you will have immediate coverage.
The delay of issuing the Certificate of Motor Insurance is so the information being provided can be checked for accuracy. This process is called Trust with Verification so the client can drive where they need to without the worries of not having their vehicle insured.
If any of the information or documents being provided fail verification or are found to be false it could cause the Cover Note to be invalidated by the insurance company
The process of verifying all the documents a client submits can take up to 30 days on average. This can include the driver's license check, No Claims Discount verified, background check for criminal convictions and ownership of the vehicle to name a few. Other factors involved in the time needed for the verification process include the type of vehicle to be covered, the level of insurance coverage and how the vehicle is going to be used.
Due to that verification process, the average Cover Note is valid for those 30 days so the verification process can occur and be completed. Once the verification process is completed and the Certificate of Motor Insurance is issued, the Cover Note becomes invalid.
In accordance with vehicle regulation rules 1972 all certificates of motor insurance must be in black and white and contain the following as a minimum:
Not all insurance brokers will issue a cover note as most can now quickly generate an online copy of your Most big named brokers brokersmotor insurance, Aviva motor trade insurance, Tradex and Tradewise motor insurance being two examples/
If a cover note is issued, it will contain the same information as detailed above in the motor insurance policy. Start comparing the costs of full and part time motor trade insurance, by selecting the blue Get Quotes button below.
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Starting a motor trade business when you’re under 25 is possible, but there are a few restrictions and qualification required. If you decide to proceed make sure you have under 25's trader insurance that provides comprehensive cover. To help those of you interested in this business sector we have created this helpful resource page.
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What types of vehicles can a person under the age of 25 sell and still have motor trade insurance coverage?
An owner of the motor trade company under the age of 25 cannot be covered for all types of vehicles due to the high risk factors.
This helpful resource page can assist you on who can be covered and what can be covered when you are starting a Motor Trade Business when you’re under 25 years of age. If you have any questions or wish to take out a policy our friendly insurance brokers can assist you in finding the right coverage for your business in a budget you can afford.
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It is vitally important that the right steps to take after an accident for Motor Trade Businesses are followed. As a motor trade business owner, you and your staff must be made aware of the steps to ensure coverage under your trader insurance policy will be accepted. Failure to do so could cause the claim to be rejected by your insurance company.
Failure to proceed with the steps to take after an accident for motor trade businesses could cause your claim to be rejected and make you financially responsible for any damages, medical bills and legal fees associated with the accident.
An auto trader insurance policy covers a variety of aspects including the sale of vehicles and their servicing, car valeters, motor mechanics, breakdown services, and more. Both part time traders insuarnce and full time cover is available.
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 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 a traders policy.
Cover is available for salvage, scrap, and vehicle dismantles and for both full and part-time. Your 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 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.
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 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.