Vehicle Transportation Insurance
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A type of motor trade insurance, vehicle transportation cover is designed for businesses involved in transporting vehicles from one location to another.
Moving vehicles such as cars, vans and motorbikes, whether that is part of a collection or delivery service or for another purpose, inevitably means a lot of time is spent on the road. The chances of being involved in a road accident increase with more time spent behind the wheel, which means there could be a lot at stake.
What’s more, trucks can be targeted by criminals. For businesses within the motor trade industry, this means you risk facing financial losses if something goes wrong and someone makes a claim against your business.
If someone took you to court over an incident that related to your business, such as an injury that was incurred because of your business activities, insurance could cover the compensation owed and the legal fees your business incurred. Without insurance, your business would have no choice but to find the money to cover these costs on its own, which could cause financial ruin.
Protection with vehicle transportation insurance provides peace of mind that your business has the correct insurance policies in place to cover you against industry-related risks.
Risks covered by car transport insurance
Typically, motor trade insurance works as a bundle of insurance policies that can be tailored to suit your business needs.
This means that, unlike other types of insurance, you won’t be tied to a specific, pre-determined coverage features and can pick and choose between options instead. Therefore, you can build up your insurance bundle to the level of cover you are comfortable with.
Not all insurance quotes include the same features as standard. Some insurance policies might have specific conditions or exclusions written into their terms and conditions. It’s important to make sure you know and understand the way each policy works, particularly when combining multiple features into your vehicle transportation insurance.
Most motor trade businesses looking for car transportation cover will consider the following features:
Business interruption insurance
Business interruption insurance will support your business to work through periods of closure and loss of income because of unexpected events outside of your control.
Business premises cover
Business premises cover is for offices, yards, garages or units that you want to insure against incidents like fires, floods and vandalism. You may also want to take out contents cover for items like computers if these are stored inside your business premises.
Car storage insurance
Car storage insurance cover is helpful if you’ll be storing vehicles before transporting them, or if you need to store them somewhere during the transportation process. It covers the goods in case they are stolen or damaged whilst they are being stored.
Goods in transit insurance
Goods in transit insurance covers your business for loss of goods or any damage that is done to the cars you are transporting. This is sometimes called freight liability cover by insurance providers.
Loading and unloading insurance
Loading and unloading insurance covers vehicles against damage whilst you are loading or unloading them from your truck, or whichever means of transport you are using.
Overseas insurance
Overseas insurance is an important consideration if your vehicle transportation collects or delivers vehicles outside of the UK.
Own goods cover
Own goods cover can replace items owned and used by your transportation business, such as straps and ropes, if they are damaged, destroyed or stolen.
Personal items insurance
Personal items insurance provides cover for the driver’s personal during transit. For example, if they are using their personal mobile or satnav and this is damaged or stolen during work.
Road risk insurance
Road risk insurance covers you to drive cars that aren’t yours. If you’ll be operating customer’s cars during your business activities, then this cover is required by law.
Vehicle transportation liability insurance
Vehicle transportation liability insurance includes various options such as public liability insurance in case a member of the public takes you to court, or employers’ liability if a member of staff gets injured or becomes ill because of work. Liability insurance covers the cost your legal fees and compensation pay-outs, which can be very expensive.
The level of car transporter insurance you need
There are certain types of insurance that almost all motor trade businesses are required to take out, by law. These are road risk insurance and employers’ liability cover.
Road risk insurance covers you to operate vehicles that don’t belong to you or your business. This includes driving a car you are transporting on a public road, even if you are only moving it a short distance to park it on a truck to transport it.
The more basic option for road risk cover is third-party only cover. This reflects the levels of cover that third-party offers for personal or business car insurance. It does not provide financial cover for the car you are operating if you are involved in a crash, but does cover you for injuries to other people and damage to their property.
For a greater level of protection, you might instead choose third-party, fire and theft cover. This still won’t cover the car you are driving if it is involved in a crash, but it does protect cars in your care from criminal activity such as fire and theft.
The most extensive coverage is fully comprehensive. This type of insurance is the safest option because it covers you for the vehicle you are driving if you are in a crash, as well as and for other vehicles.
Employers’ liability insurance is essential if your vehicle transportation business employs members of staff. You won’t need it if you are a sole trader, but you will need it for any employees, including part-time workers.
The employers’ liability cover you take out must be worth £5,000,000 at a minimum. You risk being fined £2,500 each day you operate without this insurance, so it’s worth it.
Your insurance firm will also want to agree your level of indemnity with you. This is the sum insured, meaning it’s the value of all items you have covered by your policy. This amount is reflected in the maximum you can be awarded if you successfully make a claim.
Many insurers will have their own criteria that you’ll need to work with, such as a minimum indemnity level, commonly set at around £10,000,000. Insurance providers do this to ensure you have a sufficient level of protection if you need it.
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Insurance cover can be a vital lifeline for your business. Without it, you risk being liable to pay for legal fees, expensive compensation settlements, or the cost to repair or rebuild damages to vehicles and property.
Even motor trade businesses that are very careful have to be realistic about the risks of their industry and the potential financial consequences if something goes wrong.
The price you pay for your vehicle transportation insurance might not be the same as someone else’s insurance cover, even if you are in the same industry. It depend largely on how you package up your insurance features.
Taking out lots of insurance coverage can provide peace of mind, but it might prove costly as the premiums of each feature will add up. You’ll want to find a realistic balance and accept the level of risk you feel comfortable with.
In addition to your premiums reflecting the policies you have chosen, the cost of your insurance will also depend on a number of other factors.
This usually includes the size of your business, the range and complexity of activities and the scale that it delivers its services.
Some factors can be used as leverage to encourage lower premiums. These include:
- Agreeing to pay a higher voluntary excess. This is the amount you will be required to pay if you make a claim on your insurance. Whilst this figure can be set to zero, it will have a great impact on the premiums you are charged. You can use this to your advantage and, by opting to pay more for your voluntary excess, you will lower your premiums.
- Choosing your policies carefully based on the type of insurance cover your business needs. Motor trade cover is not a one-size-fits-all insurance, which is why it includes multiple policies that are combined to make bundles. Your business won’t need every option, so you should cherry pick your insurance features. Choosing carefully means you only pay for what you need.
- Prioritising safety and security. Store your vehicles safely with security measures that will deter criminals, such as CCTV and high-security locking systems, to avoid theft or vandalism. Demonstrating safety and security for both your business vehicles and the goods you will be transporting shows you pose a lower risk, which is an excellent way to encourage cheaper rates from insurers.
- Select named drivers with good driving experience and clean records. Showing your insurance firm that your drivers are reliable, have experience behind the wheel and obey the rules of the roads will give them confidence that you’re unlikely to make a claim. You should also choose named drivers over the age of 25, because this will have a significant impact on quotes.
- Pay for a year’s worth of insurance up-front. Insurers almost always offer cheaper deals for a bulk purchase of a year’s worth of insurance instead of monthly payments because it reduces their administrative costs. If settling the bill straight away is an affordable option for you, this is an easy way to reduce costs overall.
Most importantly, compare deals! The single best way to reduce your insurance costs is to compare quotes and switch deals regularly.
Use UtilitySaving Expert.com for free to compare the best value vehicle transportation insurance deals and switch to a new insurance provider instantly.
