3 Myths about Motor Trade Insurance
Motor trade insurance doesn’t have to be as complicated and bewildering as most people make it out to be. Yes, there are many different types of coverage available and yes, there are many facets of the policy that need to be considered. But it only gets as complicated as we make it, even more so when people invent facts and myths about motor trade insurance.
Myth # 1
A part-time trader cannot get motor trade insurance
There is absolutely no truth to this; there are countless insurance providers who have specialised policies that provide coverage to part-time motor traders. In fact you can even get motor trade insurance if you are working from home. There are some insurers who have a no premises requirement, even for full-time motor trade professionals. There was a huge market for providing policies to part-time traders; the insurance companies have realized this fact. They have developed customized policies for this demographic, which are mutually beneficial.
Myth # 2
You can drive any car you want and still be covered with your comprehensive motor trade insurance
Your car policy does not cover you if you drive any other car other than the one that is covered by the policy. You will need a road risks insurance policy; to cover all other cars that you may be required to drive in your business. There is also extensive coverage of your business’s vehicles, included in the road risks insurance.
Myth # 3
Road risks insurance covers theft a damage of vehicles on the business premises
This is not true at all, as the title of the policy states; it only covers road risks, not risks on your business’s premises. If you want to cover theft or damage of vehicles, you will have to take out a separate policy or make an addition to your original tailored policy.
These are just some of the false assumptions about motor trade insurance that people are operating under. And when they are faced with a situation that tests these myths, they often end up paying dearly for their mistake. Motor trade insurance can be simplified, if you use the right resources and tools. Choosing the right policy can be a very simple and straightforward process, with a comparison tool and some guidance from experienced individuals.
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