Quotes from a panel of insurance providers
What is Road Risk Insurance?
Road risk is a trade insurance subcategory that is applicable to all motor traders and businesses involved in servicing, repairing, buying and selling vehicles. Road risk insurance is a motor trade insurance policy that covers damage to a customer’s car or the personal injury of those who drive vehicles they don’t own.
A road risks policy is generally suitable for motor traders operating from home. In some cases, it may also be appropriate for smaller operations with business premises.
Every driver is required to have a road risks policy by law. For most road users, this is included with a standard car insurance policy for their personal vehicles. For a motor trade business, road risk insurance covers all drivers named on the policy using a company or customer vehicle for business use. For example, if a mechanic needs insurance to test drive a customer’s car after work is complete.
Why Do You Need Motor Trade Road Risk Insurance?
Road risk insurance is a legal requirement for motor traders and offers protection if something happens to a customer’s vehicle while it is in transit.
Road risk-only motor trade insurance is suitable for:
- Those selling high-performance sports cars
- Car jockeys
- Salvage yards
- Mechanics work on vehicles and need to test drive them.
Some policies even include legal expenses cover to help you fight public liability claims.
What Does Road Risk Insurance Cover?
A road risks policy can cover your vehicles and your customers’ vehicles on UK public roads when used for business purposes. Those who require road risk insurance can choose the level of cover they want.
There are three levels or main types of road risk cover:
- Third-party only (TPO): This is the minimum legal level of road risk cover required. Third–party–only insurance will only protect other people, their vehicles, and the third-party property involved in an accident that is your fault. The vehicle you have driven is not covered, and neither are you for any injuries.
- Third-party, fire and theft: This includes third-party and fire plus theft protection for vehicles.For example, replacing your vehicle in the case of fire damage.
- Fully comprehensive: Fully comprehensive cover protects your own vehicles and customers’ vehicles in an accident where you are at fault. This complete cover gives you the peace of mind that the costs of repairing your vehicle, or a customer’s vehicle, plus injuries will be covered.
Is A Road Risk Insurance Policy Right For My Business?
A road risk policy covers various types of businesses where they may need to drive a customer’s vehicle or business vehicles as part of their operations. Examples include car valeters, mechanics, car sales, tyre fitters, and MOT stations.
Speak to a road risk insurance specialist to discuss the cover you need. We make this easy through a panel of road risk insurance specialists. They can offer you advice based on your specific needs and provide a no–obligation tailored quote when you complete the quote form.
What Is The Difference Between Road Risk & Combined Motor Traders Policies?
Motor trade road risk insurance is just one aspect of a combined motor traders insurance. Make sure you thoroughly read your policy wording to ensure you understand exactly what you’re covered for.
A combined motor trade policy may provide more comprehensive cover.
Combined motor trade cover combines a road risk trade insurance with other cover that your business may require. For example, protection for your building, stock, vehicles and tools.
Why Compare Road Risk Motor Trade Insurance Via Quote Goat
At Quote Goat, we help to make it easy for our customers to find the right road risk insurance policy. Comparing multiple quotes is a great way to ensure motor traders get a good deal. Compare prices from up to five providers using one form.
We recommend comparing quotes for motor trade road risk insurance each year before renewing your policy. You may find a cheaper deal from another insurance provider when you switch.
How To Get Cheaper Road Risk Insurance Cover
You could also make savings on your road risk insurance cover with the following tips:
- Pay close attention to who you name on your policy: Driver age, especially young drivers, can increase the cost of your road risk cover. While providers may still offer cover to drivers with convictions and past claims, you may receive higher premiums.
- Do not over-insure yourself: Discuss your exact requirements and ensure that you are not purchasing additional cover for areas outside of motor trade use.
- One payment as opposed to spreading the cost: Monthly payments are subject to interest and may cost more than an annual payment. Although it is not always possible to pay in one go, it may reduce the cost of your cover.
- Maintain your no-claims bonus: Having safer drivers on your policy and building up a no-claims road risk insurance bonus will result in discounted cover.
Road Risks Insurance – FAQs
Below is a list of commonly asked questions. Any specific questions you have are best answered by submitting the quote form and discussing your queries directly with the relevant insurance providers.
Can road risk policies be tailored to include other covers?
Yes. One of the benefits of discussing your requirements over the phone is that insurance policies can be tailored to include any level of cover that you may need. For instance, if you sell vehicles and allow customers to test drive them, you can ask for demonstration cover to be added to your road risk insurance policy.
Can a road risk policy be paid for in monthly instalments?
Yes. Policies can be paid for on a monthly or annual basis. It is cheaper to pay annually, if possible, as you will not incur interest charges.
Why do you need motor trade road risks insurance?
Road risks insurance is a legal requirement for motor traders and offers protection if something happens to a vehicle you don’t own while it is in transit. Some policies even include legal expenses cover to help you fight public liability claims.
Road risk is a trade insurance subcategory that is applicable to all motor trade businesses and various other industries. Road risk-only motor trade insurance is suitable for those selling high-performance sports cars, car jockeys, salvage yards, mechanics who fix vehicles and need to take them for test runs, and more.
How do I make a claim?
Please speak to your insurance provider to make a claim.
How much does road risks insurance cost?
The cost of a policy depends on a number of factors, including your experience, the levels of cover you require, the employees driving the vehicles, and your premises. The easiest way to get an accurate quote for road risk-only insurance is to submit the form and discuss your requirements with an insurance provider.
Do insurance providers require a policy holder to have trade experience?
Some do. Therefore, if you are new to the motor trade industry, you are likely to receive fewer options when you compare road risk insurance online than businesses with more experience.
