Motor Trade Insurance

Motor trade insurance is for those who are involved in the buying, selling, repairing and related services of the motor trade. Different types of motor trade insurance policies are designed fro the motor traders. But there are five broad types of motor insurance policies. These are:

1. Third party only
2. Fire and theft motor insurance policy
3. Comprehensive policy
4. Liability policy
5. Combined policy

The third party only policy caters to the minimum requirement of the insurance. This policy meets the minimum legal requirement and thus is most suitable when you don't require any insurance.

Fire and theft insurance covers the vehicle for the losses due to theft and damages due to fire. The combined policy covers for everything. It covers for damages due to fire, theft, accidents and other features. It also covers for the repair and road risks. Such covers are provided keeping in mind the place where and when the goods are being dispatched.

The comprehensive policy covers for the comprehensive costs such as for the repairs and damages caused due to factors other than accidents besides covering for the third party theft and fire. Liability insurance policy provides cover for the vehicles which have public as their property and thus are involved in commuting activities. This policy is beneficial for those businesses which have employees working with the vehicles. The liability coverage is thus of three types- public, employers and product and service types.

Determine your business needs before you choose any policy. This will help you to determine the best policy for your business. You can also take the help of a broker who can explain you different options and plans available for your business. It is important for you to understand your business needs before you decide to take any plan.

To find out a suitable insurance plan for your business you can search for the option online. Browse the sites of different companies and download the quotes. Compare them and then make a choice. You can also take the help of the sites giving comparative quotes of the different plans from different insurance companies.

Find out about the limits and exclusion of the policies. There are different policies which differ very slightly. Therefore give the process some time. Think before you take a decision.

Consult the broker or an insurance agent to understand the plan, its features, the different benefits that the plan provides and the clam process. Ask them about the different information that you will have to furnish them if you take the plan.