Tag: motor insurance

luxury cars in a dealership

The top things that affect motor trade policies

Gareth Rowett

When it comes to motor trade insurance, there are some key things that could affect policies. It is important to recognise and understand these if you are in this industry, to avoid being without important protection that you need. At Rowett Insurance we want to support you in this. Take a look at our blog below which explores some common issues.  

Defective Workmanship Insurance

This type of cover is usually taken out as part of a motor traders combined policy. It provides cover for accidental damage of client vehicles whilst left in your custody and control. It is crucial that any incidents of accidental damage are notified to your broker or insurer at the time the incident occurs, otherwise the majority of these cases end up with court proceedings when the matter could have been rectified at the time of the loss.

Motor Insurance Database (MID)

Uninsured drivers currently cost UK motorists over £500 million per year1. This means every time a driver pays their insurance premium, a portion of this amount goes to pay for these illegal road users. To tackle this problem, the Motor Insurance Database (MID) was established.

The regulations place a direct obligation on motor traders to load their vehicle details at inception and update the MID immediately for any vehicle acquisition or disposal.

Which vehicles should be added on the MID?

  • All permanent vehicles insured on your motor trade policy which are your property.
  • Trade plates.
  • Temporary vehicles.
  • Stock vehicles do not need to be added on the MID.

If you don’t remove any vehicle you dispose of immediately from the MID, then you could be liable for any third party claims after you have sold it if the new owner hasn’t arranged insurance. This would then affect your insurance premium.

Personally Owned Vehicles

It is common practice within the motor trade market to extend the policy to include vehicles privately owned by directors of the business.

Only directors of limited or public limited companies and their spouses are able to have their privately owned vehicles covered under a motor trade policy. Acceptance is normally restricted to a maximum of two privately owned vehicles per director and one privately owned vehicle per spouse.

You need to specifically request this extension for any personally owned vehicles to be covered under the policy.

County Court Judgments (CCJs)

Do you have, or have you ever had, a County Court Judgment against your name?

If the answer is yes, then your broker and/or insurer need to know about it. It is vitally important, and your duty to declare, any CCJs against you, be them personal or business related, as this can have an impact on your insurance policy which could be invalidated if not disclosed.

At Rowett Insurance we are here to support you. Please speak to us today for a no-obligation review of your current cover and a chat about your unique requirements. Get in touch on 01726 871144 option 3.

  1. https://www.mib.org.uk/media-centre/ ↩︎
rolls royce - luxury vehicle theft

Be on your guard: protect your luxury vehicle from theft

Gareth Rowett

In recent weeks an unfortunate trend in luxury vehicle theft claims has emerged specifically in some affluent areas of London.

We’ve been advised by our insurers Aviva to make our clients aware of the risk in this area and to be extra vigilant in taking the necessary precautions to protect your luxury vehicles.

To help mitigate the risk, they suggest taking the following actions. 

  1. Always lock your car securely when you leave it, even for a short time, and keep your keys with you. Using a steering wheel lock for extra (visible) security could make a would-be thief pass over your vehicle for another.
  2. Consider installing trackers and immobilisers. Products such as the Tracker S5 Plus, Ghost II, Scorpion X and NoGo are Thatcham-approved and highly recommended as they offer an extra layer of protection from key cloning and hacking.
  3. Make sure the subscription for your vehicle tracking device is maintained – a subscription thatʼs overdue could affect your motor insurance policy.

In addition to using steering wheel locks and installing trackers and immobilisers, there are a few other measures you can take to further enhance the security of your vehicle. One simple yet effective step is to always park your car in well-lit areas or secure parking lots, as this can deter potential thieves. It’s also a good idea to keep your car keys in a safe place at home, away from windows and doors, to prevent them from being easily accessible to burglars.

Another important aspect of vehicle security is being cautious about who you lend your car to. While it may be tempting to lend your car to a friend or family member, it’s crucial to ensure that they are responsible and trustworthy drivers. By being selective about who you allow to drive your car, you can minimize the risk of it being stolen or damaged.

Regular maintenance and servicing of your vehicle can also contribute to its security. By keeping your car in good condition, you reduce the likelihood of breakdowns or malfunctions that could make it an easy target for thieves. Additionally, maintaining up-to-date records of your vehicle’s maintenance and repairs can be helpful in the event of an insurance claim.

Lastly, it’s important to stay informed about the latest security threats and techniques used by car thieves. Keeping up with news and updates from reputable sources can help you stay one step ahead and take necessary precautions to protect your vehicle. By staying proactive and implementing these security measures, you can greatly reduce the risk of your cherished car being stolen or compromised.

Of course it’s vital that you have adequate vehicle insurance to protect your cherished car. When you arrange your motor insurance with us, we will ensure to get full details of your car so that the cover is sufficiently high value.

If you have any concerns about your current level of insurance, or are considering investing in a new or vintage luxury vehicle, call us on 01726 871144 and select option 1 to be taken straight to the personal insurance department.