When you apply for motor trade insurance, they will probably send you a document that details the kinds of things that they are happy to cover and the other things that they will simply ignore˳ Spend some time reading this document to ensure that all bases are covered˳ It is imperative that you are clear about the exclusion items on your insurance policy right from the beginning˳ There are various dynamics at play and you need to review these documents because they are an important consideration for both parties˳
- Internal and external coverage: You need to ensure that the motor trade insurance makes reference to the vehicle in your jurisdiction and outside the jurisdiction˳ If you are living in Montana and the policy says they will not cover you for New York, then you need to find an alternative route˳ The geographical location might also be used by the provider to ascertain whether you are a genuine business looking for cover or whether you are a charlatan that is trying to get cover fraudulently˳
- Part time and full time business: Not every garage owner is a full time operative˳ You need to clarify your employment status˳ For example your work might be on a mobile basis where you visit the client’s home˳ These facts are needed so that the provider can offer you a reasonable premium˳ They also help to ascertain the level of risk that you have in relation to the policy requirements˳ Working from home is not necessarily a barrier to getting this type of insurance coverage˳
- A variety of dealerships: There is recognition that the motor trade business is diverse˳ Therefore the inclusion clauses might refer to sports fame outlets, imported car dealerships and repair shops˳ It is advisable that the provider is fully away of the exact nature of the business so that they can accurately assess the type of risk that they are taking on when they offer motor trade insurance˳ You might be able to access discounted rates or security coverage as part of the premium˳
- You must provide a valid driving license: Learner drivers cannot expect to access motor trade insurance˳ In fact it is important that they are not allowed anywhere near the vehicles under this policy˳ The provider will invalidate the agreement once they discover that the car is being driven by someone without the requisite entitlement to drive it˳ In those circumstances there is a presumption of full disclosure prior to taking on the policy˳
- What does a refusal mean? If you are refused motor trade insurance, it is likely that the provider will not give you additional cover˳ It is best to try elsewhere˳ There are specific penalties for people that are refused cover due to fraudulent activity˳ The police could be involved in order to reduce the risk of something like that ever happening again˳ It is important that you do not break the law in an attempt to get cheap coverage˳
- This is a business service: Far too often, individuals have used the motor trade insurance policy to get coverage for high performance vehicles˳ This is based on the premise that the car will ultimately attract a very high premium if the applicant went through the normal channels˳ By pretending to be a business, they can get discounts or even get into the door˳ The problem is that claims are investigated before they are paid˳ It is also important to note that the providers are fully aware of these tricks and they will check to ensure that you buy and sell vehicles before paying you compensation˳
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