Motor trade insurance is a vital requirement for anyone buying, selling or running a car business.

Whether driving a new car from auction or driving a car you have repaired, you must have insurance to take it on the road.

Our knowledgeable brokers work with specialist motor trade insurers to help find you the most suitable coverage for your business.

Who needs Motor Trade Insurance?

This includes, but is not limited to:

• Traders
• Mechanics
• Body Shops
• Valets 
• Vehicle Recovery Agents
• Car Brokers

Road Risk Insurance

Road Risk Insurance covers the insured individual to drive any vehicle that is in their possession. These can be vehicles for the purposes of motor trade or personal use.

Combined Motor Insurance

A combined motor insurance policy covers several extras such as tools, equipment, your property and contents, together with Employers Liability, Public & Products Liability.

Types of cover

Cover options are similar to those of standard car insurance policies:

• Third-Party - Protect other people if an accident was the fault of you or your driver.
• Third-Party, Fire and Theft (TPFT) - Adds cover for fire damage as a result of an accident or theft of vehicle.
• Comprehensive - Covers any damage to your own vehicles and any injuries.

We would also advise our clients to have Employers’ Liability, Public Liability and Product Liability insurance.

Who should be on your policy?

You should carefully consider how many people are added to your policy as the more people, the higher the risk, and the more the premium.

Drivers under the age of 25 are deemed a higher insurance risk, as well as those with a history of criminal or driving offences. 

Our brokers can help advise you on measures you can put in place to lower the risk and your premiums.

Motor Insurance Database

It is essential for anyone in the industry to update the Motor Insurance Database (MID) on a regular basis.

The MID contains details of all insured vehicles in the UK and is used by the police and the Driver and Vehicle Licensing Agency (DVLA) to enforce motor insurance laws.

If you have to keep a customer’s car for over 14 days or if you have any hire cars or courtesy vehicles on a temporary basis, you must update them on the MID.

To find out more and to discuss your needs, please contact us on 01274 515 747 or email us at mail@lwood.co.uk