What is Motor Trade Fleet Insurance?
Motor trade fleet insurance is a form of motor trade insurance that gives fleet operators a easy and convenient way to insure all their vehicles together under one easy-to-manage policy.
You can get all the usual types of motor trade insurance including a motor fleet policy, including road risks, premises cover, liability cover and breakdown assistance. Tailoring quotes is very easy so you can get the perfect type of cover for your business.
Read below to find out the different types of cover you can get, the factors that affect cost and the best ways to save money on motor trade fleet insurance.
What the experts say…
“Many people who work in the motor trade have a fleet of cars they want to insure together, rather than getting individual policies. Motor trade fleet insurance provides an ideal way to do this and often works out cheaper than insuring vehicles individually.”
– Ian Beevis, Founder of Clean Green Compare
What Does Motor Trade Fleet Insurance Usually Include?
The types of cover often found in a motor trade fleet insurance policy includes:
- Road risks insurance: Lets you and employees drive customer vehicles for business purposes.
- Public liability insurance: Covers you for any liability claims, whether from members of the public or customers.
- Money cover: Insure the cash you hold on site.
- Goods in transit insurance: If you transport vehicles, then you can cover the contents.
- Legal costs: Help with legal expenses in the event you have to fight a liability claim.
- Personal accident and sickness: Provides cover if you or an employee needed to take time off work due to sickness or injury.
Easily tailor your policy so it includes the cover that’s most important for your business.
Additional Motor Trade Fleet Insurance
Below are some of the most useful types of additional motor trade fleet insurance you can get other than road risks insurance:
Any any driver fleet policy will allow any employee who meets the right criteria to drive the vehicles in your car without needing to be specifically added to your insurance. This is very useful for fleet managers although it is usually more expensive.
A combined motor trade fleet insurance policy will cover the cars in your fleet as well as your premises for structural damage. Some combined policies are more comprehensive than others and might include things like tools, stock and cash cover but always check the details of your policy to be sure.
If you have any employees at all, then you’re legally obligated to have employers’ liability insurance in place.
If you weren’t able to trade due to something that you’re already covered for, such as structural damage to your premises, then you’d be compensated for things like loss of income and staff wages until you could get things going again.
What Are the Exclusions With Motor Trade Fleet Insurance?
It’s always useful to know what you’re not covered for when taking out motor trade fleet insurance and with this in mind, below are the main exclusions with most insurance providers:
- Unlisted drivers: – Any employees who need to be able to drive vehicles under the care of your business must be specifically named in the policy or claims will not be paid out.
- Malicious or illegal activity: – This includes things like driving under the influence, intentional damage to customer or business property; or driving customer vehicles for purposes not directly related to business activity.
- Fraud or deception: – Any time of fraud or deception, such as loss or damage to a vehicle through deception, will not be covered and could in fact void your entire policy.
- Gross negligence: – Claims usually aren’t successful when they’re a result of gross negligence, such as not paying due care or attention or the key being left inside a vehicle while it’s unlocked.
Be sure to check the details of your policy to find out exactly what is and isn’t covered.
Which Motor Trade Business Is Motor Trade Fleet Insurance For?
Some of the main types of motor trade businesses that are suited to having motor trade fleet insurance include:
- Repair and servicing businesses: Any businesses that carry out repairs or upgrades on vehicles would benefit from motor trade fleet insurance. This includes garages, MOT centres, body shops, car restoration services and tuning and performance workshops.
- Car dealerships: All sizes of car dealerships, whether selling used or new vehicles, will also find motor trade fleet insurance to be an ideal solution. The ability to cover all types of vehicles under one policy makes it very easy to manage and usually more affordable than insuring them individually.
- Auction houses: Motor trade fleet insurance is also perfect for auction houses due to the frequent volume of cars they deal with on a regular basis, which need to be transported constantly.
- Collection and delivery services: Collection and delivery services that transport vehicles for other motor trade businesses can benefit from motor trade fleet insurance too.
As you can see, there are all types of motor trade businesses that can benefit from having motor trade fleet insurance.
Related Insurance
Get Motor Trade Fleet Insurance Quotes Today
Getting a Motor Trade Fleet Insurance Quote
Getting quotes for motor trade fleet insurance is easy. Just follow the steps below:
How Much Will Motor Trade Fleet Insurance Cost?
As you would imagine, the price of motor trade fleet insurance can vary a lot but there are some key things that affect how much you’ll pay. The key ones are:
- The size of your fleet: The most obvious thing that will affect the cost of motor trade fleet insurance is the size of your fleet. Fleets can be as little as two to three cars or anywhere up to hundreds or even thousands of cars in some cases. Of course the larger your fleet, the more you’ll pay.
- The type of vehicles in your fleet: In addition to the number of vehicles in your fleet, the type of vehicles you have will impact the cost of your insurance too. The value and performance of the vehicles will also be taken into account as well as the vehicle type.
- The security of your premises: The security of your premises is always going to be a big factor when you have a lot of vehicles. Security measures such as CCTV, alarms and security lights are always going to be crucial to reduce the risk of theft and vandalism and therefore keep insurance costs down.
- The level of cover you take out: You can opt for a basic third party only policy if you want to keep costs down but this will only provide minimal protection. More cover options will mean higher insurance costs but it’s worth thinking about how much risk you’re willing to bear in order to save money.
- How you pay: You can pay for motor trade fleet insurance annually or monthly. People often choose monthly payments since you can spread the cost but this will mean paying interest payments you could avoid by paying annually.
Following the above tips should allow you to make a decent saving when taking out motor trade fleet insurance.
Ways To Save Money On Motor Trade Fleet Insurance
Some excellent ways you can save money on motor trade fleet insurance are:
Following one or more of these steps should help you to keep the cost of your vehicle air conditioners motor trade insurance to a minimum.
FAQs – Motor Trade Fleet Insurance
What is the main benefit of getting motor trade fleet insurance over individual policies?
The main benefits are convenience, lower cost (in most cases), and flexibility – all big advantages when you’re running a motor trade business.
Does motor trade fleet insurance cost a lot?
This will depend on things like the size of your fleet and the cars within it, as mentioned above. However provided you have a clean driving and criminal background and you’re over the age of 25, you shouldn’t find it too difficult to find motor trade fleet insurance at a reasonable price.
How long will motor trade fleet insurance cover me for?
You’ll typically be covered for one year.
What happens when I buy or sell a car?
You’ll need to inform your insurance provider when any new car comes into your fleet as well as any sales you make where cars leave your fleet. This might sound like a hassle but it’s actually very easy to do and often you can simply update directly through the MID.
