Can I get a Motor Trade Insurance policy?
You may be wondering whether you qualify to have a Road Risks Motor Trade Insurance policy. If you are dealing with customers’ vehicles on a daily basis for your business (whether it be a garage, a MOT centre or car valeting business), you need Motor Trade Insurance (learn more about who needs Motor Trade Insurance here).
You can get a Motor Trade Insurance policy if you have drivers aged between 25 and 69 and are based and trade in the UK only. You can find out more information by reading our Motor Trade Insurance guide.
What type of vehicles can be covered?
Vehicles must be owned by the policyholder or policyholder’s spouse if they are a named driver. Cover does not extend to vehicles owned by an employee. There are certain regulations to abide by when it comes to some vehicle types, and cover can vary.
Multiple vehicles and Motor Trade Insurance
Motor Trade Insurance isn’t always a way of being able to cover multiple vehicles straight away. You first need to be able to show that you are running an authentic motor trade business that’s gaining a good income e.g. running a garage, buying and selling second hand cars etc.
Updating your vehicles on the MID
The MID is the Motor Insurers’ Database, which is a register of the vehicles insured and a record of who the insurer is. It is imperative you update it with the vehicles you own, especially when you acquire new ones. You are required by law to update the MID with your vehicles, or you could receive a fine of up to £5,000.
When can I cover a new vehicle?
If you are wanting to add another vehicle to your Motor Trade Insurance policy, your vehicle cover is valid straight away on the basis that your policy already covers your new vehicle’s type. It is your responsibility to ensure you notify us for MID reasons. Please click here to learn more about updating us and the MID.
Multi Vehicle Motor Trade Insurance
As specialist motor trade insurance brokers, our knowledgeable Road Runner Insurance team are on hand to understand your Motor Trade business needs when it comes to buying Motor Trade Insurance for multiple vehicles. Please call us on 03301 00 87 20 or click here to see other ways to get in touch.