Classic Car Motor Trade Insurance
Restoring and maintaining classic cars requires exceptional care and skill. As you'll know, the work comes with several risks, one of which includes causing damage to a customer’s property. That said, arranging classic car motor trade insurance is wise as it could reduce your financial risk if an unexpected accident happens.
What is classic car motor trade insurance?
Also known as classic car restoration insurance, classic motor trade insurance is a type of cover for professional mechanics and restoration specialists.
Classic motor trade insurance comes with features that can protect you and your customers against the additional risks associated with repairing or restoring historic vehicles.
What does classic motor trade insurance cover?
Classic car motor trade insurance policies can offer various cover options, including protection when driving other people’s vehicles.
Classic car restoration insurance coverage varies according to your specific requirements and the risks you face. However, many classic car policies include these essential types of coverage:
Road risk insurance
Road risk insurance covers you when driving vehicles you don’t own for business purposes. In most cases, you can opt for third party, third party, fire and theft, or fully comprehensive cover depending on your requirements.
Traders combined
Traders combined insurance is a type of coverage which can protect your business premises, including essential assets such as machinery, equipment, employee belongings, and vehicles in transit. Many traders combined motor trade coverage features also include:
Tools & Equipment cover
Can protect against the loss or damage of tools and equipment.
Stock of vehicles
Can protect against the loss or damage of the vehicles on your premises.
Employers’ liability protection
Can protect against any internal employee claims made against your business up to an agreed amount.
Public liability protection
This is similar to employers’ liability insurance, but it can protect you against any claims made by clients or members of the public.
Material damage
Can protect against any potential material damage caused on your premises.
Theft of business money
Can reimburse for the theft of business funds or money.
Engineering inspection
Can cover regular engineering inspections to help keep your business safe and compliant.
Business interruption insurance
Can help you potentially recoup any related financial losses if you can’t trade properly or access your premises temporarily.
These are brief product descriptions only. Please refer to the policy documentation, paying particular attention to the terms and conditions, exclusions, warranties, subjectivities, excesses and any endorsements.
Who may need classic car motor trade insurance?
Whether you run a large business or perform services part-time, you're legally required to have a basic level of cover for your motor trade operations.
Mishaps can occur when restoring and maintaining classic vehicles. If you run these types of business, finding suitable classic motor trade insurance is particularly worth considering:
- A classic car restoration service provider
- A trading classic car rebuilder
- A classic car repairs & servicing specialist
- A classic car sales dealer or specialist
- A part-time or full-time classic car or historic vehicle trader
- A trader working from home or from business premises
Why choose ChoiceQuote for classic motor trade insurance?
Choosing a suitable type of classic car motor trade insurance could protect you from any significant financial losses incurred while running your business.
At ChoiceQuote, we offer classic car motor trade insurance policies to suit many situations and commercial activities.
In addition to providing insurance for motor traders of all shapes and sizes, we can also offer:
- Personal accident and public liability cover
- Instalment plans to fit your business’s budget
- Flexible insurance policy repayment options
- Different levels of indemnity tailored to your situation
- A dedicated call centre
- An online motor trade quote system
Find suitable classic car motor trade insurance coverage with ChoiceQuote
If you're searching for classic car restoration insurance, ChoiceQuote can help.
Call our friendly advisers on 01625 885046 to obtain a classic car motor trade insurance policy for your business. Alternatively, you can request a quote online and we’ll come back to you.
FAQs
Please note that these Frequently Asked Questions are not a substitute for the policy wording. For full terms and conditions, please see the policy documentation.
How much does classic car motor trade insurance cost?
Classic car motor trade insurance varies depending on your specific circumstances, including your type of business, the size of your business, and how many employees you want to insure on your policy. Contact us for a quote tailored to your needs.
How to reduce the cost of your classic car restoration insurance
You could potentially reduce your classic car motor trade insurance premiums by taking specific measures, such as reducing the number of named employees on your policy.
Limiting the number of employees on your policy
Typically, more employees can translate to higher motor trade insurance premiums. Limiting the number of employees covered by your policy and ensuring that those covered have a clean driving record could help keep costs down.
Improving your security measures
Having better security measures is another way of potentially lowering your annual insurance premiums. Installing a robust alarm system to protect your business premises, adding secure gates and fencing, and investing in quality key safes are all practical initiatives that may reduce your insurance costs.
Taking advantage of your no claims bonus (NCB)
A motor trade NCB could also reduce your classic car motor trade insurance premiums. In some cases, you can transfer your personal NCB to your motor trade policy or "mirror" it to help keep your annual costs down.
Before committing to any policy, you should always check that a potential provider will honour your personal NCB.
Is classic car motor trade insurance a legal requirement?
As a classic car motor trader, you're not legally required to hold specialist insurance. Providing you have a minimum level of road risk insurance, you'll meet legal requirements.
However, working with classic cars can come with its fair share of risks. Classic cars are incredibly valuable, and replacement parts are often expensive.
Without adequate cover, you could face significant financial consequences should an unexpected accident or issue occur. However, getting the right level of coverage for your needs means that you can trade with a reduced risk of carrying the financial burden in the event of the unexpected.
