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Who Can Get Motor Traders Insurance in the UK?
Blog | Motor Trade

Who Can Get Motor Traders Insurance in the UK?

ByQuoteHive

Do you work in the motor trade industry and wonder if you qualify for specialised insurance? You’re not alone! Motor traders insurance is a crucial protection for anyone who buys, sells, repairs, or works with vehicles professionally. In a recent industry report it was found that over 65% of motor trade businesses are underinsured or…

How County Court Judgements Affect Your Vehicle Insurance
Commercial | Courier Insurance | FAQ | Fleet Insurance | HGV | Motor Trade | Taxi Insurance

How County Court Judgements Affect Your Vehicle Insurance

ByQuoteHive

Did you know that over 800,000 County Court Judgements (CCJs) were registered against consumers in the UK last year alone? If you’ve received a CCJ, you might be wondering what this means for your vehicle insurance. Having a CCJ can significantly impact your insurance options and premiums, but you’re not without hope! The financial implications…

FAQ’s

Yes with a traders policy you can drive you’re own car as well as the vehicles that you’re working with.

However, there are exclusions to the types of cars you can drive on this policy. These restrictions can vary but usually, they include luxury, executive or high-powered vehicles.

As trader’s insurance is specifically aimed at covering businesses, proof that you are a legitimate business is essential. Our insurance underwriters will only cover traders with a financial interest in the industry, as well as both experienced and new traders.
Luckily, proving that you are an active and genuine trader for profit is quite simple. 
Simply keeping a record of anything will show insurers that your business is active. Insurers will generally accept the following as proof:
* Invoices and receipts of vehicles sold or repair services carried out.
* Advertisements – both online and in print.
* Tax forms.
* Registration documents.
* Business memberships and proof of a professional bank account.
Additionally, if you are a car seller, you must prove your business’ motor trade activity by providing details about turnover and the number of vehicles sold along with receipts.
Create digital copies by scanning or taking photographs of your documents, then save them in a folder ready to email them to your insurer. When chatting with one of our insurance experts on the phone, we can guide you through the process of sending over all the evidence needed.

The Motor Insurance Database (MID) is a register of all vehicles insured and shows the identity of the relevant insurer.
You must keep the MID up to date concerning vehicles you own or those that are likely to be in your custody. Additionally, you will need to notify the MID when you no longer have these vehicles.
MID updates can include:
* Vehicles that you use for social, domestic and pleasure.
* Any vehicle used as part of your business.
* Trade plates.
It is a legal requirement for policyholders to supply accurate and timely MID updates. If a trader’s car does not show up as being insured on the MID, they could be stopped by the police, receive a penalty fine, and even have their vehicle impounded. 

This type of insurance is only suitable for people who work with vehicles for profit.
If you’re looking to insure your personal vehicle and you do not sell or repair cars, then you would not qualify for this particular road risk policy.

If you fix other people’s vehicles or sell cars to make a profit, you need at least  Third-Party cover – whether you run your business at home or elsewhere.
Even though this is the minimum legal requirement, we highly recommend that sellers running their businesses from homes consider a comprehensive or combined motor trade policy. From liability insurance to policies that protect your cash on-site, your cover can be tailored to suit your business.

Need to Speak?

If you can’t find the answer to your question and need to discuss with an agent who can help answer and possibly look to place you with the relevant insurer to suit your business needs, click below for an immediate call back

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QuoteHive is trading name of NBe Brokers Ltd whom are authorised and regulated by the Financial Conduct Authority. Our FCA registration number is 978071. This can also be checked by visiting www.fca.org.uk.

The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk

NBe Brokers is a limited company registered in England, company registration number is 14045203 with our registered office at The Mount, 566 Etruria Road, Newcastle Under Lyme, ST5 0SU