If your business is involved in the repairing, handling, or distribution of vehicles, it’s imperative you consider motor trade insurance. Insurance may prevent disastrous financial consequences in the case of car accidents and other issues involving your company. Unfortunately, many business owners and managers are unaware of the helpful options available to them. Hence, here’s everything you need to know about insurance options for motor trades.
What’s Best About Insurance for Motor Trades?
Motor trade cover is insurance specifically designed for businesses that deal with vehicles as a core function of their business model. The protection applies to a range of different businesses, such as car resellers and repair garages. These businesses are incredibly vulnerable should they face accidents and issues regarding the motor vehicles that they handle, especially considering most cars are worth at least a few thousand pounds. Motor trade policies cover a whole range of common scenarios faced by companies that deal with vehicles, providing peace of mind for all stakeholders.
Cover from Flooding, Fires, and Other Natural Occurrences
Natural occurrences such as flooding, hail, and forest fires are all included within most policies for motor trades. Many businesses that have their vehicle stock in open and vulnerable areas, such as car dealers, will face disastrous consequences during situations such as flooding if they don’t have insurance. It’s important to remember that it only takes one bad incident such as flooding to completely financially ruin a business that relies heavily on their vehicle stock. With this in mind, getting trade insurance that covers these natural disasters is imperative.
Cover from Employee Dishonesty
Consumer protection laws are expanding and becoming increasingly complex, larger motor vehicle businesses without coverage from employee fraud and dishonesty are incredibly vulnerable. Motor trade policies cover incidents where an employee has lied or committed fraud on behalf of the company. Situations such as a sales representative of the business using unethical tactics to trigger a sale can lead to legal action under legislation such as consumer protection laws. Without coverage in these scenarios, legal fees and other forms of compensation may quickly bankrupt a vehicle company.
Complete Vehicle Value Payouts for Claims
Motor trade policies are specifically designed with businesses in mind, meaning payouts for claims are different from policies for individuals. Generally, the payouts determined for vehicle insurance for individuals are much lower than those with trade insurance. Depending on the insurer, companies may agree on a very high benchmark regarding how to determine the lump sum payout for a claim. For example, an agreement that uses resale value instead of depreciated book value for claims involving vehicle assets is possible through these policies.
How to Choose the Right Motor Trade Insurance
There are plenty of reputable providers of motor trade policies, so it’s recommended that you shop around. Generally, you should focus on finding an insurer that has policies that have the highest synergy with your business model. Some plans are better suited to car resellers while others for repair garages. Now that you understand the importance of this kind of insurance, it’s essential you take the necessary time to find a policy that’s most beneficial for your business.
If you are going to drive for a living, you need to know what insurance you need. The work you do in your vehicle will impact the type of insurance you need to get. If you are going to work as a delivery driver, you need to consider courier insurance.
Who Needs Courier Insurance?
If you are transporting products or documents between a business and customer for payment, you need to have the best courier insurance. This is required regardless of the type of vehicle you drive. If you use your personal vehicle for this business, you need courier insurance.
Your personal insurance will not cover the use of your vehicle for business purposes. If you only have personal insurance and are stopped by the police during a delivery, you will be considered uninsured. This carries a fixed financial penalty of £300 and 6 points on your license. There is also a chance that your vehicle will be confiscated.
Additionally, if you need to claim against your insurance, you will have to prove you were not using the vehicle for business purposes. This can be hard to accomplish and could result in you having to pay out of pocket for any damage. Your personal insurance will also not cover the goods you are transporting.
Courier Or Haulage Insurance
When you look at courier cover, you will notice that many insurance companies offer haulage insurance. These two policies are different and the one you need will depend on the number of stops you make each day. If you are making multiple deliveries in a local area, courier cover is the best option. However, if you only make one or two big deliveries each day, you may want to look at haulage insurance.
What Does Courier Insurance Cover?
Knowing that you need courier insurance is important, but you need to know what it covers. There are three levels of insurance available and the one you choose depends on the coverage you want. The levels are similar to personal car insurance.
The best coverage comes with comprehensive insurance. This insurance level will cover all third-party costs as well as your vehicle and yourself. You will be able to claim the costs to repair your vehicle in the event of an accident.
Third-party fire and theft is the second-highest coverage level. As the name suggests, all third-party costs will be covered. You will also be able to claim if your vehicle is stolen or suffers fire damage. Other damage cannot be claimed.
The lowest coverage is third-party only. This insurance covers the cost of third-party damage, but not the damage to your vehicle. This will need to be paid out of pocket.
As part of your courier protection, you will need to get goods in transit cover. This will provide coverage for the products or documents you transport. Many courier policies will include this coverage, but you need to check this.
Courier insurance is a necessity for all new drivers. If you are caught using your vehicle for deliveries without this, you will be viewed as uninsured and face the penalties for this.
Range Rovers from Land Rovers defined the luxury in SUVs in the early days of its production. It comes with the power of original Land Rover while providing the luxury of high-class interiors. It is equally powerful on the outside and luxurious on the inside, making it a highly preferred SUV for on and off-road journeys. Even while people are paying huge amounts of money on Range Rover, it begs the question of whether they are really worth it as the users have faced high maintenance cost even after spending so much. What really makes the Range Rover a desirable SUV?
Since it first began its production in 1970, the Range Rovers were already popular among people. Due to the luxury comfort and the ability to conquer any terrain, Range Rovers were looked at as the powerful machines. Since then, there have been many changes inside the SUV as well as on the performance. Many even believed that these changes would affect the power for which they became popular in the first place.
The SUV models from Range Rover are strong and have a neat styling. They were the first SUVs to introduce 4×4 drive. Today there are several models available today which are all praised for style, luxury, and power.
Range Rovers today
The manufacturers and engineers have always kept up with the technology while designing the new SUVs. Many new features and components have been introduced in the past decade, including aluminium unibody, air suspension, traction control, and Terrain Response which is exclusive in the Range Rovers. It provides complete cruise control for easily running through the toughest terrains. Many other companies have been inspired by the 4×4 SUVs and tried to imitate Range Rover in performance. But in some cases, the Range Rover is still unbeatable, for example, the efficient driving through a 2 feet deep water body. New features also include cameras which help the drivers to detect the ground around the driveway to avoid any unseen obstacles.
So where does Range Rovers lack?
The repair and replacement charges for Range Rovers can be heavy in the pockets. Even after an owner pays the entire payment for the SUV, several maintenance charges can haunt them from time to time. The replacement parts are so costly that the owners end up paying almost equal to the initial amount in 5 years. The air suspension, steering, parking sensors are some of the components which have been found to maintained repeatedly in the Range Rovers. The customer expects not to face the same problems with the new models, but for some reason, the engineers are looking over this issue. The owners have found their own ways of overlooking the problems by purchasing the new models when they come out instead of spending on the repairs for the older version.
Is it worth it?
Many Range Rover fans differ to accept that changes are necessary while many of them do feel that it can help their pockets. The question of whether it is really worth the purchase depends on whether you want a Luxury SUV and whether you can afford to buy new ones. If your warranty can cover the expenditure on the repairs and maintenance, you will not face a problem. Range Rovers are a trend which requires a switch to the newer models. However, if you are planning to get a second-hand SUV, Range Rovers are probably not the best option for you as it will need a lot of maintenance, especially when you use it daily.