Internal risk motor trade package policy

Motor Trade (Internal Risks)  

Do you work in any aspect of motor trade? Then, you ought to possess an appropriate policy in place if you continuously work with vehicles in any way like buying & selling, repairing, and valeting. If you don’t have comprehensive insurance, you must be prepared to pay the price if you have an accident or your customer files a lawsuit against you. Also, having a basic level of insurance is mandatory regardless of the size of your business and whether you work part-time or full time. If you’re running a business in the motor trade, then it is a legal necessity for you to buy a basic level of motor trade insurance. If you don’t, then you’re violating the law. So, first, buy basic insurance and then decide if you require supplementary cover for specific activities/ services offered by your business. This helps you to be completely protected when something goes wrong.

There are several cases of vehicle theft and/ or damage that result in a significant disruption in businesses upsetting the motor traders. The Motor Trade (Internal Risks) policy includes business interruption cove, providing traders with protection and peace.

Third Party Only

The Third Party Only cover, TPO in short, is the most basic level of insurance and covers any third party involved in any mishap or claim you’re involved in. This means, if you’re involved in a crash while driving your vehicle, then your insurance will only cover the cost of any damage caused to the third party or their property. TPO does not cover the cost of repairs or loss to your vehicles or property. TPO is the minimum level of cover available to motor traders, and every trader is required by law to have this cover in place.

Third-party Fire and Theft

The insurance comes in various levels. From Third-party only policy, being the most basic level of cover to comprehensive being the most comprehensive one! Here’s a quick and brief summary on the different cover levels:

Comprehensive Insurance

Comprehensive insurance will ensure you and your business are also covered against any damage to your vehicles regardless of who’s fault it is.

Key Features

1. Comprehensive Cover

This type of insurance covers:

• Damage to own vehicles. It pays up to an amount of Rs. 50,000/- for one accident.
• Damage to the third party’s vehicle. It Pays up to an amount of Rs. 1. 5 lac for one accident.
• Bodily injury unlimited
• Property damage excluding damage to vehicles up to an amount of Rs. 1. 5 lac for one accident

2. Liability Only Cover

This type of insurance covers:

• Injury to the body (Unlimited)
• Property damage which excludes damage to vehicles up to an amount of Rs. 1,50,000/- for any one accident