Road Risk Insurance
What is Road Risk Insurance?
A road risk insurance policy is vital for any one working in the motor trade. Essentially, it provides insurance cover for the trader when they need to drive a customers vehicle. For example, you may need to drive a customers car to or from your garage, or to test drive it for diagnotic purposes. It may be that you need to take it to a third party supplier such as a valet or bodyshop. Whatever the situation, as a motor trade business, you will most likely require road risk cover.
What is included on a road risk insurance policy?
A road risk insurance policy requires that the drivers are specifically named. It might be you, your spouse and any other staff or workers are specifically named on the policy. A road risk policy does not usually require that you specify the vehicles by registration number, but they must be:
- Vehicles owned by you or your spouse (if they are named on the policy)
- Vehicles that belong to customers but that are in your custordy or control – only in respect of motor trade use
- If you are a trader, buying and selling cars, it can cover those vehicles too. If you choose Third Party Fire and Theft only, the insured value will be the trade rather than the retail value.
Policy options for Road Risk insurance
A road risk policy can be tailored to yoru particular requirements. Options to consider are:
- Your preferred level of cover – road risk insurance is available as Third Party only, Third Party Fire and Theft, or Fully Comprehensive. Ordinarily, we’d always recommend Fully Comprehensive for the scope of cover included, and it’s often not much more expensive.
- You can add on ‘Accompanied demonstration use’. If youre a trader selling cars, it provides cover for customers test driving a vehicle when you go with them.
- Vehicles in Transit cover. This extra covers vehicles in your care while they are being transported – for example by a recovery vehicle.
- Vehicles at commercial premises. If you run your business from commercial premises – for example a car show room – you may wish to extend your comprehensive policy to include cover for the vehicles while at the premises.
- There are a range of further covers that you may require. Call the Buckingham Insurance team today. We’ll be happy to discuss your motor trade business insurance needs and suggest any other covers you might need to think about.
Why use Buckingham Insurance for Motor Trade Business Insurance?
Buckingham Insurance has been providing businesses across Derbyshire and South Yorkshire with invaluable, trusted advice and service for almost 40 years. With a heavy investment in staff training and leading technology, together with good old fashioned close relationships with both our Insurer partners and clients, we pride ourselves on competitively priced, quality cover backed up by first rate service.
If you have a specific Business Insurance enquiry and want efficient, friendly advice and quotations, simply call us on 01246 575625 or use our enquiry form here.
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