Motor Trade Insurance
If you’re involved in buying or selling vehicles, own a garage that carries out vehicle repairs or deals with vehicles as part of your daily business operations, then you need motor trade insurance.
Like all other insurance cover, there are various types to choose from – but finding the right one to suit your business needs is all part of the expertise we offer.
What’s the difference between Road Risks Policy and Combined Policy?
Road Risk Only
This insurance is suitable for motor traders who are just starting off in business or who are operating from their home. There are three basic levels of cover available:
Road Risk Third Party Only – This is the legal minimum and covers your liability should you be involved in an accident that is your fault.
Road Risk Third Party, Fire and Theft – Together with the coverage you get with Third Party listed above, you will also be covered against fire damage to or theft of a car whilst in your possession. This does not cover any damage sustained that is deemed to be your fault.
Road Risk Comprehensive – As with personal car insurance, this will cover you for everything listed above, but will also cover any damage sustained from an accident that is found to be your fault.
If additional insurance is needed, for example Employer’s Liability or Public Liability, this can be added to a Road Risk Policy.
Combined Motor Trade Insurance
This product is designed for larger motor traders and will not only cover you to drive any cars you are working with on Irish roads, but will also cover you against any damage from products you may use in the course of your work. Additional cover may consist of:
- Building cover
- Stock of vehicles
- Tools
- Machinery
- Money kept on site
How do I decide between Road Risk or Combined Cover?
This very much depends on the type of motor trade business you run. If, for example, you run your business from your home and are not bringing cars onto public roads, then Road Risk may be sufficient for you.
However, if you operate from a premises, taking out a Combined Motor Trade policy will provide you with the added security of knowing that your premises, tools and stock are sufficiently covered.
We know that it can be confusing determining which cover is needed, so our insurance experts are here to help. Pop in to us today and let’s discuss what works best for you and your business.