Road Risk Insurance

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Road Risk Insurance For The Motor Trade

A road risks policy is generally suitable for motor traders operating from home, although in some cases it may also be appropriate for smaller operations with a business premises.

Every driver is required by law to have a road risks policy in place; for a normal road user this will be with a stand car insurance policy. In comparison, motor trade road risks insurance covers all drivers named on the policy using a company or customer vehicle when driven for business use. For example: a mechanic needing to test drive a customer car after work has been carried out on the vehicle.

What Is Covered With Road Risk Insurance?

Dependent on the level of insurance you choose, a road risks policy can cover your vehicles and your customers’ vehicles on UK public roads, when used for motor trade business purposes.

There are three levels of cover:

Third party only (TPO): As the minimum legal level of road risks cover, third party only will protect other people, their vehicles and property who are involved in an accident that is your fault. The vehicle you are driving is not protected and neither are you for any injuries you may incur.

Third party, fire and theft: As above with additional protection for damage to your vehicles as a result of fire and theft, for example replacing your vehicle if it is stolen.

Fully comprehensive: With fully comprehensive cover, an accident whereby you are at fault would also cover your vehicle, giving you the peace of mind that the costs of repairing your vehicle, or indeed that of a customer, will be covered.

Is A Road Risk Policy Right For My Business?

A road risks policy is applicable to many types of businesses operating in the motor trade industry who may need to drive a customer’s vehicle or a company vehicle as part of their operations, these include:

Car valeters, mechanics, car sales, tyre fitters and MOT stations as well as many others.

The best way to understand more about the cover you need is to speak to a road risk insurance specialist. We make this easy through a panel of motor trade insurance specialists who are best placed to offer you advice and a no obligation tailored quote when you complete the quote form which can be found here.

What Is The Difference Between Road Risk And Combined Motor Traders Policies?

A combined motor traders policy tends to be thought of as providing more comprehensive coverage, usually taken out by motor traders with a business premises, although it may be suitable for those operating from home too.

As the name suggests, it combines a road risks policy with other covers that you may be required by your business, for example protection for your building, stock and tools.

If you are unsure which type of policy is suitable for you, take no obligation advice by completing the quote form here and discussing your requirements with the specialists.

Compare Road Risk Insurance Policies

At Quote Goat, we make it easy for our customers to not only find the right policy as a motor trader, but at the same time to compare prices from up to 5 road risks insurance providers. Comparing multiple quotes side by side is a great way, if not the best, to ensure you are getting a good deal on your insurance.

We recommend taking the time to compare quotes for road risks motor trade insurance each year prior to renewing your policy as you may find a cheaper deal from another insurance provider when you switch.

Cheap Road Risk Insurance Cover

Asides from shopping around each year to compare prices, you could also make savings on your road risks cover with the following tips:

  • Pay close attention to who is named on your policy: young drivers can increase the cost of your cover, particularly for those needing insurance for motor traders under 25, as well as those with convictions and claims.
  • Do not over insure yourself: discuss your exact requirements and make sure that you are not purchasing additional coverage for areas that are not needed.
  • One payment as opposed to spreading the cost: if you spread the cost of a road risks policy over a year you will also be paying interest. Although it is obviously not always possible to pay in one go, if can, you will reduce the cost of your cover.
  • Maintain your no-claims bonus: linked to point 1 in many ways, having safer drivers on your policy and building up a no-claims road risk insurance bonus will result in discounts to the cost of your cover.

Road Risks Summary

Whether you are arranging motor trade insurance for the first time or you are an experienced car dealership owner, run a comparison for road risks insurance today to ensure your business is protected at the right price.

You may also like to read our motor trade insurance frequently asked questions.

Written By Michael Foote, Insurance and Finance Expert

Michael Foote is the founder of Quote Goat and has over 13 years experience working in the finance, insurance and currency sectors. Since launching Quote Goat he has appeared on TV as well as many of the largest online publications including Forbes, The Telegraph and The Metro. Prior to Quote Goat, he worked in finance in the city for a number of firms including HSBC.