All about Motor Trade Insurance Motor Trade Insurance is basically devised for dealers of all sorts of motor vehicles. These include people, which are into buying the vehicles, selling them or even repairing them. The type of vehicle has pretty much no impact on the insurance as insurances cover literally all the various types of motor vehicles seen speeding away on the roads. The type of insurance opted by a person depends upon his objects and of course, on his pocket as well. Just like several other types of insurance policies, Motor trade insurance is also subdivided into numerous categories. All these categories are handled differently by various motor trade insurance companies thus it is better to compare motor trade insurance statistics of all before signing up to any one of them. This insurance business in flourishing worldwide and is seen to thrive especially in metropolitan towns and country hubs. Motor trade insurance Birmingham is practically one of the largest insurance markets around the globe. What are the various types of Motor Trade Insurances? Five main types of insurance policies are known, they are as under: 1.
Third Party policy.
This is for the people who repair vehicles, deal in purchasing or selling cars and run a full-fledged MOT station. In addition, it also applies to those who drive their customerâ€™s vehicles or serve as mobile turners. This is the simplest policy and can be used for part time motor trade insurance. It covers any injury, property damage or death inflicted to the third party by a vehicle he traded. 2.
Theft and Fire third party policy.
This type of insurance is believed to be the cult of trade that is running the business of motor trade insurance brokers. Via this policy, the company takes responsibility of all sorts of damage caused by fire, theft or accidents in the car or any other vehicle. All the private motors are prone to such misfortunes on public roads; many citizens regard it as the best motor trade insurance. It is nothing but a wider approach to the preceding policy. 3.
It is simply the extension of the two above mentioned motor trade insurance policies. Thus, it covers all sorts of unintentional damage inflicted on the vehicles linked to the motor trade. 4.
This is designed for people who have to deal with the public within their premises, have to employ the working class to aid their work and master in car repair. They also deal in spare parts; they purchase them, supply them or fit it in the vehicles. It is further divided into 3 types. 5.
It is the most comprehensive motor trade insurance policy and covers everything from money to tools. It pays for the damage caused to liabilities and premises. It is however advisable to run for motor trade insurance compare before getting hooked up anywhere. Motor trade insurance Birmingham is practically one of the largest insurance markets around the globe.