As a motor trade insurance policy holder you probably are aware of your cover wording. We have prepared below some definitions that may help you:
Road Risk Cover – Indemnity for damage or loss to any insured vehicle whilst being used on the public highway, temporarily parked during the course of a journey or parked at the home address of the insured.
Third Party, Fire and Theft – Loss by fire or theft of vehicles in the possession of the insured up to a maximum amount as declared and accepted by the underwriters. Trade value will apply to own vehicles. Excluding any loss whilst kept on or adjacent to any Trade Premises unless specifically covered on the policy – i.e stock of vehicles cover.
Accidental Damage – As per Third Party, Fire and Theft but including damage to vehicles in your possession – to include accidental damage, vandalism, and malicious damage.
Demonstration Cover – Cover extends the policy to allow the prospective purchaser of an Insured vehicle to drive such vehicle before deciding on purchase. The person must hold the relevant full UK driving licence and be accompanied at all times.
MID – Because of the 4th EU Motor Insurance Directive the policyholder is obliged to provide the Motor Insurance Database (MID) with the registration numbers of vehicles that are owned by or in his/her custody or control for motor trade purposes and will be driven, used or parked on a road or public place. However, the policyholder is not required to provide details of customers vehicles in his or her custody or control for repair or servicing etc.
Split Indemnity – The ability to split the amount of cover given between your own and the client’s vehicles. Ie you could cover £10k for your own vehicles and £20k for customers resulting in a price saving
Carriage of Vehicles – Generally comprehensive cover, for vehicles in your possession on the back of a recovery vehicle.
Think Insurance specialises in Motor Trade Insurance.