This information is designed to help you understand the process of obtaining a quotation for your motor trade road risks, liability or premises insurance and what we need from you if you would like to take out that insurance. You need to ensure that all the information you provide to us is accurate. To help protect you, we normally record all telephone calls.
Getting a Quote
Please make sure that the details you give us when requesting a quote are as full and accurate as possible. It will ensure the price we give you is the right price. Any inaccuracies, misleading or omitted information could result in your policy being cancelled, an additional premium being charged and you may not be covered if you need to make a claim. If you are unsure, ask us for guidance.
Statement of Fact
The Statement of Fact has replaced the Proposal Form. It forms the basis of the contract between the policyholder(s) and the Insurance Company and is the record of what you told us when you asked for a quote. It must be checked carefully and we must be informed of any errors or omissions immediately.
We will ask you to provide us with certain documentation when you take out a policy with us. This will include:
Copy driving licences for all drivers. You must provide copies of the plastic card and paper counterpart if it is of the new style. Details must match the information provided to us and be accurate. If you know of any potential problems, let us know when you ask for a quote.
Proof of no claims bonus. If we have allowed motor trade bonus, or an introductory bonus based on private car, commercial vehicle or company car driving, we will need to see proof. Please make sure you have this.
Proof of trading. Our policies are specifically designed for motor traders. We may ask you to provide proof such as sales invoices, accounts or details of qualifications.
It is important that you quickly send us any additional documents that we request. We will provide a reply paid envelope to assist you. Failure to do so could result in your policy being cancelled.
The Government's Insurance Premium Tax (IPT) currently stands at 6%. We are obliged to add this to all our premiums. It is not added to our fees.
Fees and charges
In addition to your insurance premium, we charge certain fees for our services. It is our policy to ensure these are clearly identified in our documentation and when we speak with you. They are also set out in our Terms of Business.
We make an administration charge to cover our cost of setting up or renewing your policy. Our costs vary according to the way you chose to pay, so our fee does too. The current fees are set out in our Terms of Business. Your Quote or Renewal Invitation documentation will confirm the exact fee due.
We offer premium finance facilities using a third party premium finance company. There is a charge for using this service, which will be explained to you. This is a charge levied by them for the loan. You do not have to pay any security deposit to us, just the first instalment which is 20% of the premium.
Changes to your policy are subject to an administration charge to cover our costs. This is in addition to any additional or return premium that results from the change. The current fee is set out in our Terms of Business.
Vehicle updates: Motor Insurance Database
Please note that we make no charge for notifying us of vehicles to be added to the Motor Insurance Database, provided these are of a type you have notified us you work with. If the vehicle is of a type not already listed on your documentation there may be an additional premium due to reflect the change in your circumstances. You can notify us by calling us on 03301 00 87 20 or using our online MID update form. We also have an Android or iPhone application you can use. Search 'Motortrade' in the App store or Google Play store to find it.
If either you or Road Runner cancels the policy before the end of the policy period, a refund of the premium is usually made. How much this is, and what charge is made varies according to each case. Details are in the policy wording and our Terms of Business.