Insight on Motor Trade Insurance
In this world of uncertainties, where no one knows what can happen at the very next moment, an insurance policy comes in handy as the insurance policy covers the policy holders in case of any unforeseen mishap. There are different types of insurance policies available from different companies, and even the same policy can be modified where the extent of coverage and features provided may be different. The policy holder pays a certain premium on the policy taken for a specific time, and in the case of a mishap, the insurance company pays for all the charges caused to the person or to the vehicle in accordance with the extent of the insurance policy of the policy holder. So an insurance policy keeps a person safe from the charges that may occur. There are many insurance policies available, for example life insurance, vehicle insurance and motor trade insurance.
Motor trade insurance is an insurance policy that is chosen by an organization or an individual being involved in the fixing, selling, or purchasing of cars.
A motor trade insurance policy saves the policy holder from any damage caused to the business, may it be at the time of accident or any kind of mishap at the place of work. Any damages caused are paid by the motor trade insurance company. All the motor trade insurance policies available are very flexible in terms of their extensibility, as the nature of business for motor trade is different for different organizations. So meeting the requirements of the clients, there are 5 different types of motor trade insurance policies available from insurance companies.
Comprehensive motor trade insurance policy, combined motor trade insurance policy, third party motor trade insurance policy, liability motor trade insurance policy and lastly fire and theft motor trade insurance policy. As stated above, all the mentioned motor trade insurance policies are different in terms of their extent of coverage, features, and the premium paid for the insurance policy.
Comprehensive motor trade insurance policy is the one where all the cars involved in the business are covered for all the damages caused in any mishap or accident. It is similar to third party policy, but is better in terms of coverage. A third party motor trade insurance policy is the one where the extent of coverage is the least and is only opted by an organization or an individual to meet with the minimal legal requirements, as no car is allowed to be driven on the road without an insurance policy.
Third party motor trade insurance policy covers all the mechanics, technicians, cars and clients, but the extent of coverage is not the liability of the insurance company. Liability motor trade insurance policy keeps the business protected if there is involvement in providing services to the public. A liability motor trade insurance policy covers all the employees, vehicles, and the clients as well. All the motor trade insurance policies mentioned above just have a slight difference among them, so in order to get an insurance policy, an expert from the insurance company should be called, who can generate a quote that best suits the business.