Working in the motor trade means you need to have road risk insurance for any vehicles you’ll be handling. Click the green button to get a quote from the panel of expert insurance providers.
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What is road risk insurance?
When you run a business in the motor trade, there is a certain minimum level of cover you need in order to operate your business legally. Getting cover for road risks is an essential type of cover that all motor trade businesses must have.
Road risk insurance will ensure that you and your employees are covered to work on customer vehicles as well as transporting them when needed. This is of course extremely important and is why road risk insurance is the cornerstone of any motor trade insurance policy.
Road risk insurance is a legal requirement for all motorists in the UK. At a minimum you must take out a third party only policy for your vehicle(s) to be road legal.
How much will a road risk insurance policy cost?
The cost of road risk insurance will vary depending on the type of business you’re getting cover for and how likely insurance providers think you’ll be to make a claim. Some significant factors that affect the cost of road risk insurance are –
- Driver Age – Age is always a factor that insurance providers take into account, particularly when you have a motor trade business. If you’re under the age of 25 then you can expect to pay more compared to someone who’s older. However, a good way to save money if you’re a younger person operating a motor trade business is to seek out an under 25 motor trade insurance policy from a specialist provider.
- Type of business – The type of business you run will also affect the cost of your policy. Motor trade businesses can vary quite a bit. There are garages, car showrooms, mobile mechanics, vehicle importers MOT workshops, etc. Each of these types of businesses come with their own unique risks and insurance providers will certainly take this into account.
- Your employees – The employees you have will affect how much you pay for cover since they will be considered a risk factor by insurance providers. The best employees to hire from an insurance perspective therefore are those who are over 30, have a good amount of experience in the industry you operate in and who don’t have any convictions.
- Level of cover – The level of cover you take out will have an impact on how much your policy costs too.
Third party only insurance is the cheapest cover option available. It will provide cover for other motorists if you or an employee is involved in accident.
Ways to Save Money on Road Risk Insurance
Below are some ways you can save money on road risk insurance –
- Get a lot of quotes – A way to save money that’s very easy to do nowadays is simply getting a lot of quotes. Prior to the internet, getting a lot of quotes would have meant using an insurance broker or calling different insurance providers one-by-one on the. Thankfully, things are much simpler now and getting quotes from different insurance providers is easy`.
- Make your premises secure – Making your premises secure is another way to lower the cost of a road risk insurance policy. This is especially important if you have a combined policy and run a business where there are a lot of cars kept on the premises, such as an auction house or a car showroom. A few good ways to improve the security of your premises include – installing CCTV cameras and motion sensor security lights around your premises, and of course having an alarm for your premises. All these steps will help to lower the cost of your insurance.
- Pay for your policy annually – There are many ways to save money on road risk insurance, however many people don’t consider paying annually for the policy rather than monthly. This is understandable since most business owners will want to reduce outgoings as much as possible. However, if you can pay for your policy upfront, then you’ll be able to make a very decent saving with most insurance providers. You should always push to get the best discount possible when paying annually.
Additional types of cover you can get with a road risk insurance policy
Below are some of the other main types of cover that those who work in the motor trade get.
- Public liability – Liability claims pose a big risk to motor trade business owners. If a member of public were injured, killed, or just thought they were ill-treated by your business then you could easily find yourself facing a liability claim. Not having any cover in place to pay out this claim could be disastrous, which is why so many businesses now opt to get this type of cover included in their policy.
- Employer’s liability – Liability claims aren’t only a risk when coming from members of the public but also your employees. Of course taking care to hire good staff who are able to deal with the demands of the job decreases the risk of an employee filing a claim against you but it’s always better to be safe than sorry.Did you know…?There are several factors that affect the cost of road risk insurance, including the named drivers on the policy, the level of cover taken out and the value of your vehicles.
- Legal expenses – When it comes to liability claims, even if you were successful in fighting a claim, there’s no telling how long it would take or how much money you might have to spend on good legal representation. Legal expenses will cover the costs of having to fight a liability claim so it’s not something you have to worry about.
- Combined motor trade policy – A combined motor trade policy will cover every aspect of your business and includes road risk insurance as well as cover for your premises, stock, tools etc.
Get road risk insurance quotes now
To get road risk insurance quotes now, simply click the green button below.