trader INSURANCE policy Motor Trader Insurance FAQs Will I be covered to drive any vehicle? What use am I covered for under a motor trade policy? Are test drives for prospective customers covered? What is Uninsured Loss Recovery? Will the premium increase to add a driver to the policy? What does Third Party Only cover? What does Comprehensive cover? I have another non-motor trade business. can cover be extended to include cover for use in connection with this business? Can I get cover for vehicles at my trade premises? What are my requirements with regards to the use of trade plates? Is my own personal vehicle covered under this policy? Will I earn a no claims discount? What is the Motor Insurance Database (MID)? Are there any exceptions to this? If my circumstances change during the period of INSURANCE. what do I need to do? How can I pay for my INSURANCE? I have a question not mentioned in any of the above. Will I be covered to drive any vehicle? No. you will only be covered to drive vehicles owned by the policyholder and vehicles in your custody and/or control in connection with your involvement within the motor trade. What use am I covered for under a motor trade policy? In addition to motor trade business use. you will be covered to use the vehicles for social. domestic and pleasure purposes including commuting to and from a permanent place of work. Are test drives for prospective customers covered? Yes. this is called demonstration cover and insures the prospective customer. provided the driver holds a full UK driving licence and is accompanied by a person named on the certificate of INSURANCE. for Third Party injury property damage. What is Uninsured Loss Recovery? Uninsured Loss is a reference to any loss that occurs following an incident that is not recoverable by your INSURANCE policy. i.e. it is uninsured. Policy excess. hire car or loss of earnings are all examples of uninsured losses that people experience and the uninsured loss recovery service is a legal service that will attempt to recover these losses from a third party or third party insurers. Will the premium increase to add a driver to the policy? Yes. each additional driver effectively increases the risk covered. What does Third Party Only cover? CProvides cover for any Third Party injury or property damage caused by your vehicle. What does Comprehensive cover? In addition to third party cover. it also covers your vehicles against fire. theft and accidental damage. I have another non-motor trade business. can cover be extended to include cover for use in connection with this business? Yes. Cover can be extended depending on the type of non-motor trade business you are involved in. You will need to refer this matter to us for confirmation. Can I get cover for vehicles at my trade premises? Yes. Contact us and we can arrange stock cover for you. What are my requirements with regards to the use of trade plates? You will need to inform us of the registration number of your trade plates and of any employee who will need to drive a vehicle using the trade plates. Is my own personal vehicle covered under this policy? Yes. provided the vehicle is owned and registered in the name of the policyholder. This excludes similar cover for anyone other than the policyholder. i.e. vehicles owned by employees. Will I earn a no claims discount? Yes. written confirmation of a clear claims history will be provided and accepted as a no claims bonus. What is the Motor Insurance Database (MID)? The Motor Insurance Database is a database system that collates all the details of who is insured on which vehicle. identified by the registration number. throughout the UK. Following an European Union Directive. the INSURANCE industry is responsible to hold a centralised database containing this information on all vehicles in the UK. It is your responsibility to inform your INSURANCE company accordingly of any vehicles in your custody or control under your motor trade policy. Click here for further details. Are there any exceptions to this? You currently do not need to advise your INSURANCE company of vehicles held in your custody or control for less than 14 days. Click here for further details. If my circumstances change during the period of INSURANCE. what do I need to do? You need to inform us. It is your responsibility to inform us of any material information that may have an effect on your INSURANCE cover. If you are unsure whether the information is material or not. please contact us and we will advise you accordingly. How can I pay for my INSURANCE? Our preferred method of payment is by credit or debit card. We can also accept payment by cheque although cover will only be effective after the cheque has cleared. I have a question not mentioned in any of the above. Please feel free to email us at [email protected] with any other questions that you have. Alternatively. you can call us on 03 303 331 255 . and one of our experienced team will be able to assist. Article Source: insuremotortrader.co.uk/faqs/
Posted on: Fri, 05 Sep 2014 08:40:54 +0000
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