Does motor trade insurance cover all types of vehicles?

The most common type of vehicle covered by motor trade policies are cars, but you can also get cover for vans, motorbikes and lorries. This may be specific to your insurance policy so check the terms and conditions to ensure all these vehicles are covered if you suspect you will be handling them.

A basic motor trade insurance quote will assume you are handling vehicles under a certain value, say £30,000. If you suspect you may be handling vehicles over the value set on your premium then it is your responsibility to make your insurer aware of this. Of course increasing this value will increase the cost of your premium. However if you damage a vehicle worth more than £30,000, you will be left to pay out the remaining cost of the damage. Your insurance for example will not assume you handle classic cars so if you work in restoration you will need to specify that you are handling high value vehicles.

Some policies will employ a weight restriction on the vehicles, typically in tonnes. This is because heavier vehicles may be considered to pose a bigger risk to premises and the public. For example recovery vehicle insurance may be more expensive due to their size and high risk pick up locations.

When you take out a policy you may be asked for the approximate type, value and number of vehicles you would like covering. This means your insurer should find a policy suitable for your needs, especially if you speak to a motor trade specialist.