Trade Insurance

A motor trade insurance, also known as road risk insurance, is a policy designed to cover any injury, loss or damage to the third-party caused by the vehicles involved in the business. This insurance is ideal to meet the business needs of individuals who are into business of cars, motorbikes, or are involved in buying and selling of cars, serving, or running a garage etc. It doesn’t matter whether the business is small or big, or part time or full time. From tool and machinery replacement value to vehicle replacement everything is taken care under the Policy.

Individual & Family Health Insurance

Buying a motor trade insurance is as important as knowing its functioning. Here are some of the steps to know how motor trade insurance functions:

• Apply for a motor trade insurance
• Insurer will check the eligibility of motor trade for the insurance
• The premium will be calculated on size of business and revenue generated through motor trade
• In case of any unforeseen event caused to the vehicle, the insured can apply for the claim amount
• The insurer will validate the claim and will respond accordingly
• Company will settle the claim, if found genuine, otherwise, the claim will be rejected

Advantages of Buying Motor Trade Insurance

Benefits under Motor Trade Insurance vary from company to company providing protection to the motor trade business but the benefits can only be obtained in genuine cases. Let’s take a look at the benefits covered under this policy:

• Motor Trade Insurance Policy can be extended to cover the person who could be using the vehicle for work purpose or for pleasure
• The policy will cover all costs and expenses incurred as per the policy wording
• Legal liability will only be covered and policy shall be liable to pay compensation for third-party property damage only if it is arising out of the insured vehicle usage
• Under Motor Trade Insurance Policy upon returning the invoice one can claim reimbursement for the difference in the costs of a new vehicle similar to the one insured
• If tyres of the vehicle are beyond the repairing condition, the policy will cover the cost of new tyres
• In case the old set of ignition keys gets stolen or damaged, the cost for new set will be covered
• The Policy will cover the cost for child parts of the engine in case of hydrostatic lock damage of the engine
• Motor Trade Insurance protects against the loss of personal belongings whilst the vehicle was locked and parked.
• The insured vehicle will be delivered back home only if it is disabled and being repaired in a place at or under 100 km away from the registered address in the policy