What is Vehicle Auction Houses Traders Insurance?
Vehicle auction houses traders insurance is a specialised type of motor trade insurance that covers your business for the unique risks that come with running an auction house, such as the need to deal with and drive such a large number of vehicles.
You can choose what type of cover you need for your auction house, including the level of road risks insurance you want, whether it be third party only (TPO); Third party, fire and theft (TPFT) or fully comprehensive cover.
There are also a number of additional types of cover you can get as a vehicle auction house owner, which we’ll be looking at in more detail below.
What the experts say…
“Running a vehicle auction house comes with plenty of unique risks, which means you want to have the best level of protection for your business that you can get. Vehicle auction houses traders insurance will allow you to protect every aspect of your business, including your vehicles and premises and even things like stock and cash.”
– Ian Beevis, Founder of Clean Green Compare
What Does Motor Traders Insurance for Car Jockeys Cover?
Every business is different, but most car jockeys’ policies can include:
- Road risks insurance: Lets you legally drive and move customer vehicles on public roads and within private property.
- Public liability: Covers injury or property damage caused to customers or the public—vital for busy venues or events.
- Employers’ liability: Required by law if you have any staff—even part-timers or temporary workers.
- Premises and asset cover: Protects office equipment, radios, signage, or customer vehicles stored overnight.
- Money and keys cover: Insures you for loss or theft of customers’ keys and any cash handled as part of your business.
- Goods in transit: If you transport cars between sites (for example, moving vehicles between hotel and offsite parking).
- Legal expenses: Help with legal costs if there’s a claim or dispute.
- Personal accident and sickness: Provides financial protection if you or staff are injured at work.
Cover can be tailored to suit whether you run a single hotel valet service or manage a large team at multiple venues.
Additional Vehicle Auction Houses Traders Insurance You Can Get
In addition to road risks insurance, which will cover you and your employees for moving and driving the cars that come into your possession, you can also get additional cover, which includes:
Structural damage can be extremely expensive to repair and also very disruptive to your business. You might not consider things like fire and flooding to be significant risks but if your premises were to be significantly damaged and you weren’t covered, it could be devastating.
In addition to your premises itself, you can also get cover for things within it, such as tools, office equipment and stock.
If your business was unable to continue running for a certain period of time and the reason was due to something you’re covered for (such as fire or flood damage mentioned above) then you’d be compensated for things like loss of income and employee wages until you could get it running.
If you have any employees, you’re legally obligated to have employers’ liability insurance in place. This will pay out if a claim from an employee went against you.
Public liability insurance is a very important type of additional cover to consider when you run an auction house. If a member of the public were injured or their property damaged while in or around your premises, you could find yourself facing a hefty liability claim.
What's Not Usually Covered By Vehicle Auction Houses Traders Insurance?
Of all the types of cover you can get with a vehicle auction houses traders insurance policy, there are certain things that usually won’t be covered. Some of the main ones include:
- Personal vehicles: – Although it’s possible with some insurance providers to get cover for personal vehicles, including those of your employees, it’s not usually included as standard and any vehicles you might want to cover must be added to the policy.
- Undeclared drivers: – Any employees who you want to be able to work, drive or move cars around your premises, must be each be added your policy. Any who aren’t, will not be covered if you needed to make a claim.
- High end/high performance vehicles (unless specified): – Vehicle auction houses traders insurance will usually cover what are considered standard vehicles but any very high end or high performance sports cars or other types of high value vehicles, must be declared specifically on the policy or they likely won’t be covered.
- Damage or loss due to negligence or malice: – If damage or loss were to occur due to negligence or malice on the part of yourself or one of your employees, you probably wouldn’t be able to claim for this on your insurance.
There are other things you may not be covered for, so it’s always wise to check the details of your policy to see what is and isn’t covered.
Is Vehicle Auction Houses Traders Insurance Right For Your Business?
You might think that vehicle auction houses traders insurance is only suited to dedicated auction houses but the cover that’s included is suitable for multiple types of businesses within the motor trade. Below are some of the main ones:
- Dedicated vehicle auction houses: The most obvious type of motor trade business that needs this type of cover are dedicated auction houses. Vehicle auction houses, regardless of their size, will be dealing with a constant flow of vehicles, so having the right level of protection for them is essential.
- Car dealerships: Another business type that can benefit from having this type of motor trade insurance are car dealerships. Car dealerships need the ability for their employees to move and transport vehicles on and off-premises, just like vehicle auction houses.
- Vehicle collection and recovery companies: Vehicle collection and recovery companies need the ability to drive vehicles that are not their own, which means road risks cover is a must.
- Scrap yards: Road risks cover as well as things like employers’ and public liability insurance, which are usually found in vehicle auction houses traders insurance, are also necessary for many scrap yard businesses.
There are other business types that can benefit from the cover found in vehicle auction houses traders insurance although the exact specifics of all policy will depend on unique factors such as the day-to-day operations of the business, its size and the level of cover the business owner chooses.
Get Vehicle Auction Houses Traders Insurance Quotes Today
How To Get A Vehicle Auction Houses Traders Insurance Quote
Getting quotes for vehicle auction houses traders insurance is not difficult at all. The steps you’ll need to follow are laid out below:
How Much Will A Vehicle Auction Houses Traders Insurance Policy Cost?
The cost of no two policies are the same since there are so many variables that insurance providers take into account. Below are the main ones:
- Size of the business: The size of your business, including the number of vehicles you typically deal with as well as how many employees you have will certainly be a big factor that affects how much you pay for your insurance.
- Named drivers: Any named drivers on your policy will affect its cost too. This is why it’s generally a good idea to hire employees over the age of 25 who have a good amount of experience and who have a clean driving and criminal record.
- Cover options taken out: You can tailor motor trade insurance to suit the exact needs of your business and which options you choose to take out will affect the overall cost.
- The security of your premises: The security of your premises is particularly important for auction house owners. You should take any steps you can to make your premises more secure, including installing CCTV, hiring security and fitting GPS trackers in your more valuable vehicles.
- How you choose to pay: You can pay for vehicle auction houses traders insurance either annually or monthly. Monthly payments will allow you to spread the cost but by paying upfront, you can avoid interest payments.
It’s definitely recommended to shop around for quotes when the time comes to renew your motor trade insurance since it’s one of the best ways to save money.
Reliable Ways To Save Money On Vehicle Auction Houses Traders Insurance
If you’re looking to save money on vehicle auction houses traders insurance, here are some great ways to do it:
Hopefully you have found the tips above useful and can employ at least a few of them to help reduce the cost of your insurance.
FAQs – Vehicle Auction Houses Traders Insurance
Why get a specialised vehicle auction houses traders insurance policy?
There are unique risks of running an auction house that a standard motor trade insurance policy may not cover you for, such as dealing with a high volume of vehicles, rapid turnover of stock, easy public access and constant movement of vehicles among other things. This is why it’s better to opt for a specialised policy.
Will vehicle auction houses traders insurance be affordable for me?
This depends on your circumstances and the size of the auction house you want to insure but provided you have a clean criminal record and are able to provide all the necessary information and documentation, you shouldn’t have an issue getting cover from most motor trade insurance providers.
What is the best type of cover to have included in my policy?
There are certain types of cover that are a must when you’re running an auction house. You’ll certainly need basic road risks insurance at minimum as well as employers’ liability insurance. However you should also consider public liability insurance, breakdown assistance and money cover if you want the most protection for your business.
How long does it take to get vehicle auction houses traders insurance cover in place?
It can be just a matter of minutes until you have cover in place. Once you’ve looked over your quotes and picked one, you’ll be covered as soon as you make the first payment on your policy.
