Understanding Combined Motor Trade Insurance For UK Traders

Being an independent motor trader can be a wonderful way to turn your passion for cars into a lucrative business. However, the motor trade is inherently risky. Because motor traders face risks on multiple fronts throughout their business operations, the insurance industry provides comprehensive insurance policies built around their needs.

Join us as we take a look at what traders need to know about combined motor trade insurance.

What Is Motor Trade Combined Insurance?

Different motor trade operations carry different risk profiles. If you're storing vehicles on site, taking customers for test drives, carrying out repairs and maintenance, or transporting vehicles these all carry different types and degrees of risk.

Traders are free to mix and match insurance policies such as road risks insurance, public liability insurance and goods-in-transit cover. However, tracking down individual policies for every aspect of operations can be time-consuming and stressful.

Instead, many prefer to opt for combined motor trade insurance.

This covers multiple facets of motor trade operations at the same time, reducing the administrative load of tracking down policies and minimising the risk of costs and reputational damage uncovered incidents due to uncovered incidents.

What Does Motor Trade Combined Insurance Cover?

Comprehensive motor trade policy bundles differ between providers. However, they typically combine the following elements of cover, all incorporated into a single streamlined plan:

• Road risk insurance (insuring vehicles transported for collection or delivery)
• Premises insurance
• Public liability insurance
• Insurance of stock vehicles stored on your premises
• Tool, machinery and equipment cover

Additional cover may be included or added onto a policy, such as legal expenses cover, breakdown cover, etc.

Who Is Combined Motor Trade Insurance For?

Because it covers everything from fire and theft to customer vehicle damage and legal claims, motor trade combined insurance is popular with all kinds of small businesses in the motor trade, including:

• New and used car dealers
• Service and repair garages
• Recovery operators
• Body shops
• Vehicle electricians and locksmiths
• Classic car restoration specialists

If you're an independent motor trader of any sort, there's a very good chance that you can benefit from combined motor trade insurance.

Is Combined Motor Trade Insurance Cheaper?

It certainly can be. As well as being easier to manage, combined policies typically allow traders to customise certain elements of their policy elements like excess and indemnity limits. This helps them to achieve the perfect balance between coverage and affordability.

The key is finding the right policy and ensuring that all aspects of your business operations are covered. For instance, if you collect or deliver vehicles for sale, it's worth checking that goods-in-transit cover is included. You may also wish to include add-ons such as glass and windscreen cover to mitigate the impact of minor damage caused in transit on your profit margins.

How We Can Help

Finding the right combined motor trade insurance policy can help your business balance the right level of cover and affordability. That's where we come in. Our expert team of experienced insurance brokers can help you build the right policy for your needs.

Want to know more? Get in touch today!