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The benefits of motor trade insurance

Obtaining a motor trade insurance may be tasking particularly in the beginning of the year whereby you have numerous things to take care of. Just like any other form of insurance, you must tread carefully when choosing the ideal motor trade insurance. Whereas you can use the internet to look for a perfect service provider, you should exercise caution as well since you might be directed to the scamming websites. All in all, motor trade insurance is ideal for individuals with motor vehicles. Let us look at some of the benefits of motor traders insurance;

Benefits

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It is important to have combined motor trade insurance cover especially if you are in the automotive business. Many motor traders are now taking up the motor trade insurance cover. One of the reasons is because the combined policies are ideal for companies that have their premises. The premise could be their build, forecourt, warehouse, or a workshop just but to mention a few. When all these are combined, they form the basis of the combined package.

Less administration

With the motor trade insurance, you will expect less government. At times, it is ideal to have one supplier who you pay either annually, semi-annually, or monthly. Most people in the motor trade industry do not like a lot of paperwork since they are usually more technical. The lesser the paperwork, the better for most of them. By consolidating various policies that they have, they will significantly reduce their paperwork which will be good news to their accountants and individuals who audit their books. They also have the option of paying annually which means that they are only notified once a year of the amount of money that they are to pay.

Lower fees

By adopting the motor trade insurance; it leads to lower costs. This is because the multiple insurance covers are usually consolidated to one. This reduces the cost that is associated with each policy since such policies are often charged individually. Many motor vehicle companies are increasingly doing this. Since there are many another service provider, providing the same, prices have drastically gone down because of competition. This is one of the reasons as to why the clients are getting the best deal on the same.

Better coverage

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The motor trade insurance offers better coverage than the individual policies because it is comprehensive. A client can get coverage for all the items in his business. Not just the vehicles but the building and other assets that he owns.

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Factors to consider when insuring a private road

Private roads, unlike normal roads which are owned by the local authority or council, belong to the people that own the property through which it runs. Such owners may include private individuals, residents’ associations, or estate managers. As such, it is the responsibility of the private owner to keep the road maintained and insured.

Why private roads need insurance

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If you own a private road, you might well wonder why you need insurance if, in theory, only a small handful of people are using it. However, if you consult professional like financial adviser truro, you will note that the simple fact is that any road, however private in theory, is, by its very nature, accessible to the public, and, therefore, subject to accidents and claims for liability. Furthermore, your private road is likely to be used by more types of vehicles than you might initially think.

Apart from residents and their visitors, these might include delivery drivers, dustmen, utility company vehicles, and taxis. Postmen are a case in point. In the UK, for example, any postman who has an accident where the liability can be attributed to a road, pavement or verge will nearly always sue for damages, even if it occurs on a private road because their union supports them doing so.

Reasons to insure a private road

Accidents

Even if your road is private, it may be adjacent to a public area, like a communal car park, or a right of way. When people and vehicles mix, there is always the potential for accidents. While the most common cause of accidents is due to poorly maintained road surfaces or falling trees, there is always the risk of more serious incidents, such as spillage from a delivery truck, or even a collision resulting in physical injury.

Legal claims

Legal claims can arise where there is no moral fault – the owners have taken all reasonable steps to safeguard the road and its users, but they are still legally liable, as a result of an accident, to pay compensation. There can also be malicious claims which need to be dealt with because ignoring them, can result in legal proceedings, and the risk of an adverse judgment, however spurious the claim. Insurance then is necessary for the private road owner.

Factors to consider when insuring a private road

Involved parties

First of all, if there is more than one owner of the road, then they should be contacted and made aware of the situation, as a joint policy should be taken out. This is because, where a private road is owned equally, home owners are personally liable for damages. The fact that one of the owners has insurance in place does not relieve the others of their legal responsibilities.

Type of cover

The level of cover needs to be factored into the equation. For example, beyond protecting you in the event of somebody suffering an injury or damage to their car as a result of using the private road, what else is covered? Some policies protect against damage to signs, gates, fences, street lights and security fences, for example. And there are others that will indemnify you for the cost of repairing underground cables, pipes and drains where these are not the responsibility of the utility company.

Insurance company reputation

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