In countries like the UK, where so many people are involved in motor trade it is necessary that they have motor trade insurance protection.
This would be useful and applicable irrespective of whether the trade is being conducted from a residence or from a small office.
The scope of this insurance is quite wide and covers a number of businesses including those involved in the buying and selling of luxury cars and so on.
Intense competition has spawned the introduction of various types of payment plans, discounts and customer incentives from both established and new players.
There are however certain eligibility criteria that have to be met.
They are: a) The buyer must possess a British driver's license and that should have been in place for at least a year.
b) No vehicle shall have more than 3 drivers associated with it.
c) The age of the drivers must be in the 25-70 groups.
d) No driver shall have more than 3 fault claims.
e) They should not have any convictions.
Any pending conviction would also render them ineligible.
Convictions that have happened five years back are however disregarded and the service provider would treat the application as a clean and fresh one.
f) It is worth mentioning here that insurance can get suspended if a particular driver faces conviction in the course of duty or if he is disqualified.
Note that owners of such an insurance policy also are not allowed to hire drivers who have been thus disqualified in the past five years and can do so only after the five year term expires.
g) Drivers who are suffering from any physical disability or having a criminal record too would be rendered ineligible for motor trade insurance.
Despite the above limitations, as a motor trade businessman, you must avail of this insurance and seek the best possible deal since it is highly beneficial and crucial to your business.
Do not look at this as an expense but as something that is going to provide you peace of mind and protection against any exigency that is beyond your span of control.
It is possible through some effort on your part to get good deals on your insurance, thanks to increasing competition in this field and the entry of various new players.
However, caution needs to be exercised to see that in the quest for a cheap product, you do not compromise on some of the key coverage benefits that are important and specific to your business needs.
It is therefore vital to assess the potential risks faced by your business and communicate that effectively to the service providers before seeking a quote.
Do not also forget that you have to keep the interests and safety of your employees also in mind.
This would be useful and applicable irrespective of whether the trade is being conducted from a residence or from a small office.
The scope of this insurance is quite wide and covers a number of businesses including those involved in the buying and selling of luxury cars and so on.
Intense competition has spawned the introduction of various types of payment plans, discounts and customer incentives from both established and new players.
There are however certain eligibility criteria that have to be met.
They are: a) The buyer must possess a British driver's license and that should have been in place for at least a year.
b) No vehicle shall have more than 3 drivers associated with it.
c) The age of the drivers must be in the 25-70 groups.
d) No driver shall have more than 3 fault claims.
e) They should not have any convictions.
Any pending conviction would also render them ineligible.
Convictions that have happened five years back are however disregarded and the service provider would treat the application as a clean and fresh one.
f) It is worth mentioning here that insurance can get suspended if a particular driver faces conviction in the course of duty or if he is disqualified.
Note that owners of such an insurance policy also are not allowed to hire drivers who have been thus disqualified in the past five years and can do so only after the five year term expires.
g) Drivers who are suffering from any physical disability or having a criminal record too would be rendered ineligible for motor trade insurance.
Despite the above limitations, as a motor trade businessman, you must avail of this insurance and seek the best possible deal since it is highly beneficial and crucial to your business.
Do not look at this as an expense but as something that is going to provide you peace of mind and protection against any exigency that is beyond your span of control.
It is possible through some effort on your part to get good deals on your insurance, thanks to increasing competition in this field and the entry of various new players.
However, caution needs to be exercised to see that in the quest for a cheap product, you do not compromise on some of the key coverage benefits that are important and specific to your business needs.
It is therefore vital to assess the potential risks faced by your business and communicate that effectively to the service providers before seeking a quote.
Do not also forget that you have to keep the interests and safety of your employees also in mind.
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