Motor Trade Road Risk Insurance Online Quote

Q: What is a road risk insurance policy?

A road risk insurance policy is primarily designed for motor traders and covers vehicles they drive or handle. This policy protects against risks when these individuals or businesses are driving customer cars on the road and protects them financially if accidents are caused to their own, clients’ or third-party property, depending on the policy level you choose.

Q: Is a road risk policy mandatory?

In the UK, driving a vehicle on public roads without at least Third Party Only (TPO) insurance is illegal. Therefore, if you’re a motor trader, a road risk policy is mandatory to meet the legal requirement for insurance.

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What is Motor Trade Road Risk Insurance?

Road risk insurance for the motor trade is the minimum level of insurance required for a business to operate. It covers damage caused by your vehicle to other people’s property as well as third-party liability.

It comes in a few levels, offering different types of coverage at different price points depending on your risk level and budget.

Types of Road Risk Insurance With Prime Cover

The staff at Prime Cover have been supplying motor trade road risk insurance to businesses and individuals in the motor trade for years, and we have access to the best and most trusted deals on the market. We give advice without using technical language so that everything is clear and easy to understand.

There are three primary types of road risk insurance which cover different levels of risk: third party only (TPO), Third Party, Fire and Theft (TPFT) and Comprehensive.

Third Party Only – this is the minimum requirement legally. It covers any liability to other people’s property resulting from an accident. It doesn’t cover the value of your vehicle, and it doesn’t cover theft or fire damage.
Third Party, Fire And Theft (TPFT) – this motor trade road risk level covers the same as TPO policies as well as if your own vehicles are stolen or damaged by fire. It still doesn’t cover damage to your own vehicle if you’re at fault or in an accident.
Comprehensive - this is the broadest level of coverage and has all the features of TPFT as well as cover for your own vehicle, whether you’re at fault or not.

What Does a Road Risk Policy Cover?

What a motor trade road risk policy covers will depend on which type of coverage (TPO, TPFT, Comprehensive) you have. Generally, it will cover customer vehicles, policy holder vehicles, and vehicles in trade. Certain vehicles are generally excluded; however, we are often able to accommodate these as well as, depending on your business, add many policy extensions, such as:

Accompanied demonstration cover (test drive cover)
Windscreen damage
Vehicles in transit
Trailer cover
No claims bonus protection
Stock of vehicles cover (where vehicles are stored at trade premises overnight)

And more! It is also worth considering that if you have a larger motor trade outfit, you may wish to combine your road risk insurance with other extensions or options, such as valeting liability insurance, to ensure all your trading activities are covered, and a combined motor trade insurance policy is often the best way to make sure this is the case.

Benefits of Road Risk Insurance

There are many benefits to motor trade road risk insurance, not the least of which is it is a legal requirement. You will need the minimum amount (TPO) to keep your business compliant and not face prosecution. Having a good road risk insurance policy grants other benefits, including:

Financial Protection

Accidents can be costly and it will protect against any significant out-of-pocket expenses.

Business Continuity

A road risk policy will enable daily operations to continue smoothly.

Flexibility

Road risk insurance policies can be tailored to your precise needs.

Protection Against Theft and Damage

Protection for assets, which is especially important for businesses with valuable stock.

Peace of Mind

You can continue to operate with the confidence that any mishaps will not cause loss of earnings.

Enhanced Reputation

The right level of insurance demonstrates responsibility and professionalism.

Optional Add-Ons

Customise your policy to unique requirements with Prime Cover, protecting exactly what you need.

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Motor Trade Road Risk Insurance Prices

Road risk insurance for the motor trade starts at as little as £8.73 per week, but your prices will vary based on a number of factors. Everything from your age, location, level of cover chosen, type of vehicle, any previous claims or convictions, and the amount of voluntary excess will all affect the cost of your insurance policy.

Prime Cover always aims to ensure you get the best price for the motor trade road risk insurance package you need for your business, sourcing the most competitive deals for your requirements.

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Can I Add to my Road Risk Insurance Policy?

Every business has different needs, and we can tailor our policy offerings to suit you. With a suite of add-ons including:

Accompanied demonstration cover (test drive cover)
Trade plate insurance coverage
Vehicles whilst in transit
Trailer cover
Custom mechanic insurance plans
No claims bonus (NCB) protection
Cover for stock vehicles whilst in storage
Windscreen protection
Excess protection
Motor trader's breakdown cover
Get covered with recovery truck insurance
Motor trader’s key protection
Motor legal protection

Businesses That Need Road Risk Insurance

Any motor trader that needs to drive as part of their business will be legally obligated to have road risk insurance, and most businesses, including part-time motor traders, will need add-ons for their unique requirements.

Mechanics/Mobile Mechanics
Whether you are a mechanic who fixes cars that have broken down on the side of the road or at your garage, you will need to protect yourself, your van and your equipment.
Valeters
These days, many people find it much easier to have someone clean and valet their vehicles, and you will need to make sure your equipment and business are fully protected.

Auto Electricians
Working on the complicated electronics of vehicles is a specialised field and your vehicles and equipment need protection to ensure you can keep working.
New Businesses
Your new business is vulnerable and unexpected, large costs could have devastating effects, so having the right insurance to protect it is essential.

Can I Reduce the Cost of my Road Risk Insurance?

There are a few ways that you can reduce the cost of your motor trade road risk policy.

- Lower levels of cover will generally cost less than comprehensive coverage, but you’ll be more susceptible to higher costs should something go wrong.
- Establish your motor trade business in an area with lower crime rates – insurers will often factor in the use of recognised security systems and devices to lower costs.

The best course of action is to discuss your needs with your insurer, who can offer the best advice on building a road risk policy that’s right for you.

Prime Cover: The Smart Choice for Motor Trade Road Risk Insurance

At Prime Cover, we work almost exclusively in the motor trade. We know the sector inside out and understand the potential risk areas.

We offer our customers outstanding levels of service and can work with you to build a policy that’s right for your business at a competitive price. Better yet, our 24/7 claims and support line is always there when you need it.

Click here to request a free quote in just five minutes.

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FAQs

What is a road risk insurance policy?

Who needs a road risk policy?

Those who need a road risk insurance policy include:

Motor Traders: This includes both full-time and part-time traders, whether they operate from a business premises or home.
Mechanics: Mechanics and garages often need this type of insurance to cover the vehicles they’re repairing, whether in a fixed spot or a mobile unit on the road.
Vehicle Recovery Agents: Those who operate tow trucks or recovery vehicles.
Valets and Car Cleaners: Professionals who drive or clean client cars.
Delivery Vehicles: Those who drive vehicles to deliver goods or services.
Car Sales: To allow those considering a purchase to test drive the vehicle of their choice before making a decision.

How can I get the best quote on my policy?

To get the best quote for your needs, consult with specialist brokers to be able to compare the various quotes and coverage to ensure you select the best options for your requirements.

Make sure the motor trade road risk policy is tailored to your specific business and that you’re not paying for cover you don’t need. Prime Cover prides itself on finding the most competitive quotes for all its customers, so get in touch today to find out how much you could save.