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What is Motor Trade Insurance?
Motor trade insurance is a generic type of insurance policy which traditionally covers your Assets (Buildings, Stock, and Machinery), your Earnings (future Profits), your Liabilities (Employers, Public, Products Liability and Defective Workmanship) and Road Risks under a single, highly flexible insurance policy, thereby reducing administration costs.
What is Road Risks insurance, and why do I need it?
Road Risks insurance allows you to drive all your own vehicles but also the customer vehicles in your possession, for example on a test drive, or to collect/deliver them.
It does NOT (despite what your mate down the pub might tell you) allow you to drive anything, anytime, anywhere.
What is Defective Workmanship insurance
The best way to explain defective workmanship insurance is with an example. A client of ours worked on a car and removed one of front wheels.
When they put it back on, they only tightened up ONE of the wheel nuts. A few miles down the road the wheel came off and the car crashed into a ditch. That is a classic case of Defective Workmanship. As we’re all human, and humans make errors, defective workmanship insurance can be important cover to have.
How much does Motor Trade insurance actually cost?
Motor trade insurance is not cheap, unfortunately.
The reason being that so few insurance companies now offer this type of insurance, because of the amount of claims. Realistically, premiums start at £2,500 per annum and keep going upwards…
Have a question?
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One of our team will talk to you about your current circumstances in order to advise the best way forward. If you’d prefer to visit us at our offices in Tamworth, feel free to pop in! Just check our office hours on Google to make sure we’re open.
It may do. But NOT for Motor Trade purposes. So please don’t, because you will be driving illegally.
Yes. In theory. Most insurance companies like you to operate from bespoke business premises, but there are one or two insurers we could approach on your behalf to try to get cover.
Yes. If the subcontractors are working on your premises, doing a job you’ve told them to do and using your equipment, YOU are responsible for their Health and Safety and need to be insured in case they get hurt.
It depends what you do. If you’re a plumber – then no you don’t, but if there is a need for you to drive customers cars and/or work on them then yes, you do need Motor Trade insurance.
Classic examples are Mechanics, Car/Van/HGV sales, Recovery businesses, Auto-Electricians and Car Valeters. Scrapyards often desire a Motor Trade policy but most insurance companies will decline to insure (under this type of policy) any business involved in vehicle dismantling or disposal.
Should you need to make a claim, make Prizm Solutions your first port of call. As your broker, we are here to help. If your call is out of hours, all insurers operate 24/7 claims lines, and we’ll inform you of these when you take out the policy.
At Prizm, we primarily deal with Aviva, AXA, NIG, QBE, Allianz, Travelers, Covea, MI Commercial, RoadRunner, Q Underwriting and Lloyds underwriters.
If you need to make a claim on your insurance, you need to call your insurance broker or insurance company straight away.
If you have a policy with Prizm Solutions, then you simply call us.
As your broker, we are here to help – and we will provide you with all the contact numbers you need to deal with a claim when you take out the policy.
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Independent and friendly insurance brokers based in Tamworth and covering the UK
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Prizm Solutions Limited
First Floor
The White House
16/20 Church Street
Tamworth
B79 7DH
Prizm Solutions Ltd are authorised and regulated by the Financial Conduct Authority.
Prizm Solutions Ltd are registered in England and Wales, Registration Number: 05936749, Registered Address: First Floor, The White House, 16/20 Church Street, Tamworth, B79 7DH.
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We’re here to assist you to put plans in place, to help provide you with some protection from those unexpected curveballs that can be a normal aspect of everyday life!
So, let us help you find the right cover for you.
01827 313 931
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