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Motor Trade Insurance – The basics
Published: 15/12/09

In recent years of industrial and financial development, the automobile industry has stepped up production juxtaposing the rapid expansion in the automobile leasing services across the UK. The resulting gain in risk, in terms of accident liability and theft, influences an escalation in the number of motor trade insurance buyers as the law requires motor car buyers to get an insurance against any kind of liability.

Buying a motor trade insurance policy protects the buyer/driver and occupants of the car(s) during accidents by covering for treatment of injuries and repair of damages incurred by the vehicle. There are a great many number of companies that sell motor trade insurance and most of their officials are present at motor car showrooms where you visit to buy your vehicle.

Motor trade insurance policies are of two types –

1. Combined motor trade insurance – This is the first category of motor trade insurance, designed to cover the entire vehicle risk zone including goods in transit, tools and machinery. These types of policies provide a relatively more extensive shield to the customer. The coverage includes the liabilities covered in road risk insurance also. However, an insurance coverage of this extent is not required by law. Theft, fire, vandalism are also some other risks covered in the combined motor insurance policy.

2. Road risk motor trade insurance – This is a basic amenity as far as driving is concerned, a car buyer would usually keep in mind. The law requires the vehicle trade to be followed by insurance purchase that covers road risks. Covering your vehicle with road risk insurance comes at a much cheaper rate than the first category insurance policies.

It is imperative that the insurance purchaser be well aware of the boundaries and exclusions of the insurance policy to avoid later conflicts that may be a result of misunderstanding or someone having misquoted the policy in which case the insurance law provides for a settlement. It is always better to avoid such a situation primarily by being fully aware of the policy statement – in case of conflict you may need to hire a lawyer, and by ensuring safety and security on and the off the road.

Reduce your premium to a sensible limit – one way of doing this is going for a no claims bonus on a previous motor insurance. If you can show that your driving has a good reputation with other vehicle insurance companies, usually a discount of up to 60 percent can be obtained, although it rarely varies beyond 40 percent. You would be less prone to accidents anyway of you are a restricted driver. However, a bit of voluntary excess pay to the premium covers relatively more under usual circumstances.

It is also important to know the coverage details, especially if all vehicle parts, locations of mishap, additional usage outside daily activity of the vehicle, occupants covered in the vehicle as mentioned in the policy are satisfactory enough for you to purchase it.

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