All motor trade insurance policies on the market today carry restrictions – a fact that may of not been explained to you when you took out the policy! Here we are going to look at some of the more common exclusions and restrictions that may be hiding in your small print.
1) Performance/Sports cars – whilst most policies will cover GTI’s and the like, that’s where trader’s insurance policies can really start to differ from each other. Some will exclude vehicles over a certain group, whilst others may restrict engine size or even specific models – eg a Subaru impreza (one of the most feared cars by insurance companies!).
2) Multi-Seated Vehicles – most policies will restrict seating capacity in some way or another. Whether it’s an 8 seat restriction or a 16 seat minibus restriction make sure you’re covered for what you think you are.
3) Modified/Kit Cars – some companies will cover these no questions asked but others shy away from them like from a plague! Third party only is common on these vehicles.
4) Classic Cars – most policies cover classic cars but they probably won’t pay out what they’re worth! A classic car is only worth what someone is willing to pay – and unfortunately an insurance company will generally undervalue a vehicle over 20yrs old.
5) Commercial Vehicles – many policies restrict to under 3.5 Tonne unless you pay more – but be aware some policies exclude vans altogether!
I hope these points can help with your motor trade insurance in the future. Remember – if you don’t ask you don’t know!
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