MOTOR TRADE INSURANCE GUIDE 1 Personalised Policy Each policy is different because each business is different. We tailor your policy to your business to ensure you only pay for what you need to 2 Flexible Payment 3 Whatever position your business is in we are happy to work with you to try and make your Motor Trade Insurance financially manageable Account Management You ll have an Account Manager throughout the duration of your policy to assist you with the insurance side of your business 03303 331 258 www.skyinsurance.co.uk 28 Station Close, Potters Bar, Hertfordshire, EN6 1TL
Let us introduce ourselves... For over 30 years Sky Insurance have built our business on providing bespoke products, delivered with expert advice and great service. We take the same care and attention when it comes to your Motor Trade business whether you work in sales, repair or something a little more unusual. We know that when it comes to your Motor Trade Insurance it can be a bit confusing making sure the cover is right for your business. Our handy guide is designed to help you understand your Motor Trade Insurance, cut through the jargon and allow you more time to focus on running your business. Sky Insurance do the hard work for you. We search the leading Motor Trade Insurers to make sure we re providing you with the right cover at the right price. Motor Trade Team Sky Insurance Motor Trade Made Simple We explain the bolts to save you going nuts... SKY INSURANCE MOTOR TRADE INSURANCE 03303 331 258 2
bespoke tailor-made policies How do we personalise your policy? Who you are: To understand your needs we believe it s important to understand who you are and what s important to you. What you do: It s key to make sure you re covered correctly and only pay for what you actually need, by establishing exactly what you do we can achieve this. Where you ve been: Although your driving history is essential, by also understanding your experience in the industry it can help us to keep your costs down. Where you re going: We can help tailor a policy to your needs and adjust cover at any time as your business grows. Help us understand your plans and we ll arrange cover that fits. 3
WHAT IS MOTOR TRADE INSURANCE? A Motor Trade Insurance policy is a specialist insurance policy designed to make your business safe and secure. They re usually split into two different types of policy: Road Risks Cover or Motor Trade Combined Cover. ROAD RISKS COVER COMBINED COVER Read through our guide to find out exactly what each type of cover means and how it could be useful to you. Exceptional service, everything I ve ever wanted from a broker. I couldn t imagine going anywhere else. Mr Paul Burbridge P D Motors, Sole Trader Southgate, London ROAD RISKS COVER The basic type of cover required by all Motor Trade related businesses. Third Party, TP Fire & Theft or Comprehensive available Variable Indemnity Limits Various Uses Cover for your own vehices at home and on the road Cover for customers vehicles at home and on the road Demonstration Cover - Accompanied Test Drive Use Vehicles in Transit Cover at a Trade Premises Legal Expenses MOTOR TRADE COMBINED COVER A more extensive type of cover suitable for all Motor Traders. All covers listed in the Road Risks section Public Liability Employers Liability Sales and Service Indemnity Material Damage Company Equipment Business Stock Business Interruption & Book Debts Personal Accident Engineering Inspection Wrongful Conversion Courtesy Car Cover SKY INSURANCE MOTOR TRADE INSURANCE 03303 331 258 4
Your vehicles & the motor insurers database explained What is it? The Motor Insurers Database (MID) is a database where information on all insured vehicles are registered. It can be used by the Police, the Public and Insurance Companies to confirm if a vehicle is insured. What does it do for a Motor Trader? It keeps track of all vehicles you have on cover on your Motor Trade Insurance policy. You can add and remove vehicles whenever necessary. How do I use it? Different Insurers have different methods ranging from Smartphone Apps to updating online or simply picking up the phone and getting in touch. When should I use it? You should always update your MID as soon as possible after either selling a vehicle or whenever you have a new vehicle, either for your own use or for sale. You wouldn t usually need to add customers vehicles to the MID whilst you work on them. What if I don t use it? Consequences of not updating your MID can range from fines, loss of no claims bonus or simply a headache you could do without. 5
Key features of what sky insurance can offer BESPOKE FLEXIBLE SIMPLE Bespoke Cover Wide range of trades Choice of Drivers and Useage Various vehicle types Free and easy access to your MID Convicted and Non-Standard Risks Covered Flexible payment options Preferential rates on other Sky Products such as Home Insurance SKY INSURANCE MOTOR TRADE INSURANCE 03303 331 258 6
01. Third party only The minimum level of cover required by law. The good news is that should you be involved in an accident there is cover in place for a Third Party - Person or Property. However, there is not cover in place for Accidental Damage, Fire or Theft to your own or customer s vehicles. 02. Third party, fire & theft You can step things up a notch here. In addition to Third Party Only, this cover is for your own and customers vehicles against Fire & Theft claims, although there is still no cover in place against Accidental Damage. 03. Comprehensive The best thing about Comprehensive cover is that you re now covered against Accidental Damage on your own and customer vehicles whilst still getting the same benefits as Third Party, Fire & Theft. quote / Renewal checklist A handy list of just what we need to get to work on arranging a quotation Renewal date: We recommend you start looking around 2 weeks early Insurer: Knowing who you re with helps speed up our Quote times Level of Cover & Indemnity: Comprehensive or Third Party? 5,000 or 50,000? No Claims Bonus: How many years Claim Free Driving do you have? Driving History: Information on any Accidents, Claims or Points on Licences and Special Terms. indemnity Put simply, this is to make sure you are in the exact same financial position you were in before the insured incident happened. The figure is based on trade values for the vehicles and it is important that you get this right, as it will stipulate the maximum you could get paid after a valid claim. It can also be a different level for your vehicles than that of your customers vehicles (known as Split Indemnity). 7
MOTOR TRADE INSURANCE GLOSSARY For the full version of the glossary visit our website Cover for your own vehicles at home Cover for any vehicles owned by, or on a long-term lease to you or your business and kept at your home overnight. This is included as standard on both Road Risks and Combined Motor Trade policies. business stock Business stock refers to the items you use in the wider scale of your business, such as spare parts, equipment, cleaning materials and sundries. We can have these included as part of your contents cover. Demonstration cover This lets you take a customer on an accompanied test-drive in a vehicle. You ll need to be sat next to them whilst they drive and most insurers limit this to Third Party Only cover. cover for customers vehicles at home Cover for any Vehicle, kept at your home overnight and during business hours and in your custody or control in connection with your Motor Trade business. This is included as standard on both Road Risks and Combined Motor Trade Stock of Vehicles Vehicles at your trade premises will be automatically covered during business hours. For cover outside of business hours, Stock of Vehicles cover can be provided. sales and service indemnity Sales & Service Indemnity will cover the product or service you supply. It s sometimes called Defective Workmanship cover. Business interuption & Book Debts This cover can help your business in the event you can no longer trade due to something like fire or flood. It s designed around getting you back on your feet and can even cover an increased cost of working whilst everything s put right. Employers Liability If you have Employees, this cover is a legal requirement. It ll provide financial protection should an employee become injured in the line of duty. pubic liability If you have either customers visiting you or you work on a mobile basis, this is recommended cover should accidents occur. SKY INSURANCE MOTOR TRADE INSURANCE 03303 331 258 8
material damage If you work in a premises it may be worth looking into making sure the four walls of your business are protected. Just because it s not your home, doesn t mean it couldn t be subject to the same losses. Also known as Buildings Cover. engineering inspection If you work with lifts, ramps or anything similar then this cover will make sure you re complying with all your legal requirements with regards to the maintance and condition of the equipment. legal expenses We can offer cover for a wide range of issues from employment or contract disputes, debt recovery and motor uninsured loss. company equipment Computers, desks, chairs, phones, printers, signs and more. In the event of a loss, it s replacing these little things that can add up. This will form part of your Contents Cover. wrongful conversion If you buy or sell cars, Wrongful Conversion cover can help against loss if you were to purchase a vehicle from someone who does not legally own it. vehicles in transit If you work in vehicle recovery, delivery or simply transport your own or customers vehicles regularly, this will be ideal to help make sure your vehicles are insured correctly. 9
Drivers Insured Only: Ideal for a smaller start- up or established one- man band looking to minimise cost. Insured and Spouse: We can even include cover for a Spouse, whether they are involved Full- Time in your business or just occasionally helping out. Employees / Any Driver: Cover is available for Employees for both Motor Trade and Social, Domestic and Pleasure use. Cover for Any Driver for Motor Trade use, starting as young as 21 is also available on Combined Motor Trade policies. Vehicles A Motor Trade Insurance Policy will usually include cover for any vehicles owned by you and your business or any vehicles in your custody or control in connection with your business. What this means is that you don t need a second policy for your family car and you don t need to worry about your customers vehicles not being covered whilst you re working on them. Keeping your vehicles insured and up- to-date is made easy with access to the Motor Insurers Database (MID), see page 5 for more information. SKY INSURANCE MOTOR TRADE INSURANCE 03303 331 258 10
OUR PROMISE TO YOU SIMPLE TAILORED SUPPORT At Sky Insurance, we make sure that we put your needs first. Whether you re a sole trader, partnership or limited company, we can provide the cover that is right for your business. We can tailor each policy to your needs, making sure that everything your business requires is covered and exclude the parts you don t need, to save you money. As your business grows, the insurance cover you require will change. We will always keep the same core principles in mind no matter how your business needs change; to provide you with the best policy, at the right price with the highest level of service. This is the Sky insurance way. 11
WHAT NEXT? Now you ve seen what Sky Insurance can offer, the next step is to let us take a look at your business so you can really see the benefit of a bespoke Motor Trade Policy. Have the information from the Quote / Renewal Checklist on page 7 prepared. GET IN TOUCH: Our Motor Trade team are specialist insurance advisors that understand the business and how to effectively cover what you need. You can contact us either by phone, via our website or you can arrange to pop into our office and have a chat. 28 Station Close, Potters Bar, Hertfordshire, EN6 1TL 03303 331 258