Motor trade insurance — understand the cover your broker is putting in place for you

The past eighteen months has seen a welcome change for the fortunes of the motor trade. In relation to motor trade insurance specifically we have seen a general increase in premium levels ranging from a low of 3-5 per cent to 30 per cent and more in the cases of motor traders with claims.

The usual motor trade insurance will cover things like motor trade road insurance, liability insurance and property insurance - in this short article we just take the opportunity to point out some of the common misconceptions on covers that lead to problems when claims present

Things like –

The building is owned by an individual and the insurance is only arranged for the business and so the individual property owner isn’t protected

Client is unaware that a Road Risk Insurance policy only covers the vehicle ‘on the road ‘ and does not cover them at the garage premises ( this to be picked up by property cover )

Cars are registered in a name other than the actual garage (like in a directors or spouses name ) and they fail to disclose this to insurer

Clients assume that theft of vehicles at night from a forecourt is included and it may well not be

Client assumes that Defective Workmanship covers the making good of defective work whereas it only covers the consequences of same

Our message to you is that if you are a motor trader you should clearly understand what you have and what you haven’t. Choose your broker not only for good value but for their knowledge and expertise and make sure they understand the cover they are putting in place for you .

For details contact Seán Burke Burke Insurances Woodquay

Tel 091 563518 www.burkeins.ie

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