Tuesday, 24 March 2009 12:00 AM
The number of vehicles on the road is increasing because of auto leasing and financing services. With this increase in vehicles, road accidents and theft of vehicles have also increased. The development in medical sciences can help the injured people recover, but nothing can be done regarding the loss of life; however, there are many firms that are providing coverage for damages in the case of accidents. Therefore, whenever you plan to buy a vehicle, it is always beneficial to go for motor trade insurance.
Buying motor trade insurance helps an individual in getting cover for his vehicle in the case of any unforeseen event or accident. Most of the insurance companies provide coverage for road accidents, theft, or any damage caused to the vehicle. When an individual wants to purchase a motor trade insurance policy, many choices are there because a number of companies are offering different types of insurance policies that depend on the extent of coverage required and circumstances.
There are two types of motor trade insurance policies, one being road risk and the other being a combined motor trade insurance. Different optional packages are also available with these two types of policies such as business disruption, engineering inspection, transported products and sales displays. A good motor trade insurance policy also covers any public liabilities along with road risk.
The first category of motor trade insurance is a combined motor trade insurance policy, which covers everything including:
1. Goods in transit
These kinds of policies are the most expensive insurance policies, because they provide maximum protection to the customers. Moreover, a combined insurance policy also covers road risks, repairs in consideration with the place where the goods are being transported. Sometimes it is beneficial for the customers to buy a combined insurance policy, such as in the case of high risks like transportation of goods in a chemical plant.
The second category of motor trade insurance is road risk, which is also known as third party insurance. This kind of insurance can meet the legal requirement of keeping the vehicle insured and it also eliminates the liability of the customer to cover any kind of damage or loss caused to a vehicle in an accident. Furthermore, this policy is cheap as compared to a combined policy, because it provides coverage only for the other party to whom the loss has been caused.
While purchasing motor trade insurance, a buyer should be fully informed regarding the limits and the exclusions of the policy. Most buyers of an insurance policy think that finding a suitable motor trade insurance quote is enough to purchase a good policy, however, various other aspects should be considered to avoid any future inconvenience. Customers should also be informed about insurance policy rules in certain circumstances, for example if the vehicle goes out of country for the delivery of goods. In addition to that, a person should evaluate the requirements that he wants to cover in an insurance policy. For buying the cheap insurance policy, you can get online motor trade insurance quotes, which are available on the official websites of the companies.