Tag Archives: motor

What is Motor Trade Insurance? – Part 2

Posted on by

Part 2 in our What is Motor Trade Insurance? series looks at Third Party, Fire and Theft policies. In the last post we looked at Third Party Only Motor Trade motor trade insurance theft policyInsurance and what is covered with TPO policies. With Third Party, Fire and Theft motor trade cover, you are covered for everything in a Third Party Only Motor Trade Policy, including the following:

  • fire damage to any vehicles connected to the motor trader.
  • cover for theft of vehicles connected to the motor trader.

In Part 3 we will look into Comprehensive cover in Motor Trade Insurance.

What is Motor Trade Insurance? Part 1 – Third Party Only

Posted on by

A Motor Trader is someone that makes a living buying and selling cars. A Motor Trade Insurance Policy is designed to cover the person in the event of a fire, theft or accidental damages.

When a motor trader applies for a motor trade insurance quote, it is important they get a policy that meets their requirements and fits within their budget. When applying for a motor trade insurance policy you can chose from 3 different levels of cover.

Image: digitalart / FreeDigitalPhotos.net

TPO – Third Party Only (also known as Third Party Road Risks Policy)

TPO policies are required by law if the motor trader wishes to

  • drive their own or customers cars on the public highway
  • repairs the vehicles
  • buy and sells cars for a profit
  • works as a fitter or valeter or as a mobile tuner
  • runs a MOT station/garage

Third Party Only motor trade policies only cover the third party in the event of an accident, property damage or death caused by any of the vehicles connected to the trader.

Coming up in Part 2 – Third Party, Fire and Theft Policies in the Motor Trade.

 

Massive £10 million fine for Toyota

Posted on by
Reply

We reported yesterday that there were more cars that were having to be recalled from Toyota and in all the chaos, they are going to have to cough up a heavy fine.

Its the biggest fine that has ever been handed out by the US department of transportation and even though Toyota are denying actually hiding the faulty vehicles, they are still accepting responsibility of not handling the situation better. With recalls still taking place for the SUVs and Lexus, it shows its still not over for Toyota and they are going to have to take responsibility for anything else that is coming. The problems so far that have been listed since the initial recall of Toyota motor vehicles include faulty accelerator problems, potential roll over issues, stability management and weight distribution issues.

Electronic Insurance Certificates

Posted on by
Reply

The ability to offer motor insurance certificates online will become part of legislation as of this month. Some insurance certificates are already offered online by some companies. As legislation is going to be amended, more and more insurance companies will eventually offer this facility and even the ability to send the insurance certificate via email. The idea is going to save the insurance industry millions and will greatly help the environment. More information is being exchanged over the internet and online so this is a great step in the right direction.