Motor trade insurance is something that everyone who works in any aspect of the motor trade business should have. Some employers will insure their staff, relieving their staff of the need to get their own motor trade insurance but for those workers that have not been insured by their employer, will need to get their own individual motor trade insurance policy. It is even possible for part time workers to get policies which have been specifically designed for them. Although most insurance companies will provide at least one motor trade insurance policy, none of these can be seen in the leading motor trade insurance reviews as they are a one fits all type of policy. These one fits all policies do cover motor trade workers with insurance cover for most situations but as they are very wide ranging in their coverage, the insured person finds themselves paying for cover that they will never ever need. This means that the insured person is paying more than they necessarily have to and so these one fits all policies are not really very good value for money. There are however, some insurance companies which specialize in motor trade insurance and so can offer a multitude of choices when it comes to motor trade insurance policies. Many of these specialized companies will even create policies which ideally suit your job or business. Obviously the jobs of valet parkers differs from that of a tire changer and both of them differ greatly from that of a mechanic or even a motor showroom worker and so they all need their own type o insurance cover, cover that specifically cavers exactly what they do but no more. These types of policies are therefore the best value for money and can afford any motor trade worker, peace of mind whilst on the job. There are also different types of policies for all the different types of businesses, such as a garage, dealership or professional valet service. Each of these policies will be broken down even further, affording the business owner to choose as to whether or not they have property included or perhaps public or employer’s liability included. Having a motor trade insurance policy, tailor made to your business’s actual activities has more than just one benefit. Firstly there is of course the benefit of knowing that everything or aspect of the business is adequately insured but there is also the benefit of knowing that you have a policy which is good value for money as you are not paying for any aspects you do not need or want to pay for. Lastly there is the benefit of being able to show potential clients that you are professional and that they need have no concerns about their own insurance costs going up if, something untoward were to happen to their vehicle whilst it was in the care of the motor trade professional. So you not only get value for money but may also get extra business too.
Although most of us will have motor insurance for our own cars, unless we are in the motor trade business, we may not have heard of motor trade insurance although it is something that may concern us. If we attend a function and there is a valet service to park our car, if that valet service does not have trade insurance and the valet damages our car, we may have to pay to repair those damages ourselves. To understand why this is we should first consider the different types of insurance that we may have for our own car.
Basically there are three types we could have; Third Party, Third Party Fire and Theft and Comprehensive. The first two, Third party and Third party Fire and Theft, only cover damages to other people (third parties) and so at no time is any damage to your car paid by that insurance policy and the only difference between them is that the second one also covers fire or theft whereas the first one does not. Comprehensive insurance should cover any damages to your car but the actual circumstances as to what damages are covered and under what circumstances can vary from policy to policy. If the valet does not therefore have their own insurance that will pay for the damages to your car, unless you take that valet to court, you may have to pay for the damages yourself. A reputable valet service though should have their own motor trade insurance as should any reputable mechanic in case they cause damage to your car whilst test driving it. There is not really any excuse as to why these people should not have their own insurance as there is also part time motor trade insurance which has especially been designed for those that have part time work in the motor industry and work a full-time job outside of it. Most people that work in the motor trade will want to be considered reputable and professional and so will have motor trade insurance but obviously they will not want to pay more for that insurance than they need to and as there are many different policies offered by many different companies, it can be time consuming finding the one which is most appropriate for them.
For that reason, many people involved in the many different aspects of the motor trade, rely on insurance brokers to find the correct policy or them. In the UK at least, insurance brokers are different from insurance agents in so far as they do not work or any one insurance company and in fact are required by law, to only have their client’s best interests at heart and not one particular insurance company. This means that whereas an agent may offer you the best policy that their company offers, a broker will be able to offer you the best policy from any company, hopefully ensuring that you get the best, cheapest and most appropriate insurance for your needs.