Exporting Insurance
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Why Compare Motor Trade Export Insurance With SimplyQuote?
Exporting vehicles abroad is tough as is. From organising shipments to ensuring your paperwork is in order, it involves a lot of work.
Finding and comparing cheaper motor trade insurance quotes shouldn’t be that labour-intensive, especially when you have a business to run.
That’s why SimplyQuote’s 100% free, online comparison tool is designed to streamline the entire comparison process. With the click of a button, you’ll receive a range of insurance policies from top UK insurers within minutes.
It’s that easy.
What Do You Need To Get An Motor Trade Exporting Insurance Quote?
We’ll need the following information before we can give you a motor trade insurance quote for your UK exporting business:
- Personal details, such as your name, surname, and occupation.
- Business details, including your business premises address, how many employees you have, where the items are exported to and the nature of your business (e.g. motor trader, motor mechanic).
- What the export vehicle insurance is needed for (temporary or permanent).
- Type of motor traders insurance policy you are interested in (goods in transit, liability cover, combined motor trade insurance, etc).
Why Do You Need Motor Trade Exporting Insurance?
It’s a legal requirement to have this kind of insurance for your business if you export motor vehicles or spare parts abroad.
This specialised motor trade insurance cover protects your business if something goes wrong, such as potential financial losses from damaged or stolen vehicles, legal fees if a claim is made against you, and compensation charges.
If you don’t have export insurance in place, these costs will still need to be paid and you would be expected to cover them yourself.
Motor trade export insurance is also referred to as:
- Motor trade insurance
- Export car insurance
- Freight motor trade insurance
- Cargo export car insurance
- Import-export insurance
What types of businesses need motor trade insurance?
- Car dealerships
- Car repair garages
- Mechanics
- Valet services
- Vehicle restorers
- MOT testing stations
Note: This includes full-time, part-time or self-employed contractors in the exporting motor trade industry.
Looking for the cheap Export Traders Insurance? Get a quote today!
Get QuotesWhat Does Export Motor Trade Insurance Cover?
Vehicle export insurance includes several types of car insurance, ranging from standard motor trade cover to liability insurance. Not all exporters will require identical insurance, so you can tailor your export policy to match your needs.
Generally, car export insurance includes:
Cover for motor trade businesses
- Road risk insurance is the lowest level of cover your motor trade business needs to legally drive third-party vehicles. It permits you and your employees (i.e. named drivers) to operate vehicles that don’t belong to you, including driving short distances to loading trucks.
- Business premises cover gives you financial protection in the event of an accident or incident involving your business property or permanent fixtures and fittings that are owned by your business. This could include damages incurred from a break-in at your office, garage or storage building.
- Commercial contents cover includes interior equipment and furnishings such as computers, laptops, printers, mobile devices and furniture. This is much like the contents insurance you might purchase to protect your personal belongings in your home.
- Tools and equipment insurance protects specialist tools and equipment used in your trade, whether they are being carried in trucks or vans or are located elsewhere.
Exported goods insurance
- General average and salvage insurance is a legal principle of maritime law that applies to shipments of goods across the sea. This ensures that any losses from an incident at sea are shared proportionately by all parties. It’s an emergency action that may involve making a voluntary sacrifice of some cargo to save the majority of a shipment.
- Storage cover protects goods in storage buildings before or after being exported, in the event they are damaged, lost or stolen (i.e. damaged cargo).
- Parts-only insurance covers exactly what the name suggests – parts only. This does not offer protection when driving third-party vehicles on the road and will only compensate the costs for parts and spares.
- Goods in transit cover is a broad spectrum “all-risks” insurance that protects the items you are exporting from damage, destruction, loss, theft or vandalism. It may also compensate you against wars, strikes and terrorism. The terms and conditions of each policy may vary, so it’s a good idea to check the exclusions before you proceed.
Liability insurance
- Public liability insurance protects you if a member of the public is injured because of your cargo shipment or for any other reason that is connected to your business. It covers legal fees and compensation.
- Employers’ liability insurance provides financial support if one of your employees suffers an injury at work or becomes ill on the job and requires compensation.
Export credit insurance
Export credit insurance may come in handy if you export products to foreign buyers.
Export credit insurance reduces the risks of doing business internationally by providing financial coverage if the buyer is unable to pay. It also covers commercial risks such as bankruptcy (of the buyer), political risks, such as war that could result in non-payment, and issues with currency or export regulations.
Note: Some of these policies may be available as “add-ons” to customise your insurance policy.
Are There Any Exclusions On A Motor Trade Insurance Policy?
While the above list mentions what is generally covered in a motor trade insurance policy, there are a few scenarios where you won’t be protected:
- Personal use of vehicles (you drive the vehicles for personal errands/entertainment)
- Damage caused by wear and tear (e.g. brake pads, tyres)
- Damage caused to export vehicles by unnamed drivers
- Deliberate damage to exported goods and vehicles
- Costs incurred due to negligence (e.g. vehicles not properly secured during transit)
How Much Exporting Insurance Do You Need?
Road risks and employers’ liability insurance are two mandatory insurance policies you need:
Road Risk Insurance
Road risk insurance is a legal requirement for most businesses in the motor trade industry. If your staff members will be handling vehicles that do not belong to your business, you’ll need road risk cover. You can choose the level, ranging from third-party-only (the bare minimum) to fully comprehensive (the most extensive cover).
Employers’ Liability Insurance
Employers’ liability insurance is also a legal requirement if you have any employees, even if the staff members work part-time or casually. The minimum amount of cover is £5,000,000, and if you don’t have the correct cover in place, you risk being fined £2,500 each day without it.
Finally, you’ll need to consider the sum insured. This is sometimes referred to as the indemnity level and refers to the maximum amount of money you could claim on your insurance policy.
Insurance providers often set their own standard indemnity levels. For example, public liability is usually £10 million. You can request to increase the level if necessary for your business, but this may result in higher premiums.
Note: Tailor your insurance policies to reflect your business needs.
What Levels Of Road Risk Motor Trade Insurance Can You Get?
Businesses can choose from three levels of export car insurance for their road risk cover:
Third-party only (TPO)
Third-party only (TPO) is the bare minimum level of cover you need and is a legal requirement. It protects you and your business against third-party claims should other people (or their property) become injured or damaged as a result of your business activities.
Third-party, fire and theft (TPFT)
Third-party, fire and theft (TPFT) offers a middle-ground level of cover. It includes basic TPO and will also compensate you if vehicles in your care are damaged by fire or are stolen.
Fully comprehensive
Fully comprehensive policies offers the highest level of cover. It’s a combination of TPO and TPFT levels with the added benefit of covering medical costs (if you or your employees are injured) and vehicle repair costs in the event of an accident.
What Types Of Export Motor Trade Insurance Are Available?
There are several types of export car insurance available for those operating in the automotive industry:
- Combined motor trade insurance – a combination of road risks and business premises cover.
- Product liability – covers you against claims in the event you fit defective parts or spares into a vehicle.
- Material damage – offers protection against damaged stock vehicles or equipment you own (e.g. such as cars for resale as a motor trader).
- Extra drivers – opting for “any driver” policies may be cheaper in the long run whereby any employee is covered to drive exported vehicles.
- Vehicles covered – you can specify which vehicles you/your employees are exporting, such as cars, vans or HGVs.
- Minder policies – usually apply to businesses dealing with third-party vehicles as part of other insurance claims (e.g. mechanical repair insurance, valeting insurance, repossession agent insurance).
- Traders policies – applies to motor traders, including car dealers and commercial vehicle importers.
- Enthusiast policies – applies to part-time traders such as classic car collectors or vehicle restorers.
How Much Does Motor Trade Export Insurance Cost?
As a guideline, you can expect to pay:
- £318 = Third-party only
- £382 = Third-party, fire and theft
- £477 = Comprehensive
It’s difficult to give an exact cost estimate for motor trade export insurance as it depends on several factors, such as the nature of your business, which vehicles are being exported and the level of cover you choose.
What impacts car export insurance prices?
- The size of your business
- Number of employees
- The types and number of vehicles typically being used, traded or worked on
- The level of protection chosen (TPO, TPFT, comprehensive)
- Claims history
- Age (younger policyholders pay higher premiums)
How To Get Cheaper Export Motor Trade Insurance Rates?
Here are a few handy tips to lower costs on your export car insurance policy:
- Up the security of your exported vehicles, spare parts and/or equipment. This includes ensuring storage buildings and warehouses are equipped with CCTV security cameras, tracking devices and high-security fencing.
- Voluntarily increase the excess you pay if/when you make a claim with your insurance provider.
- Opt for the right insurance cover for your business operations – do you need once-off/temporary cover or do you export cars around the clock?
- Pay premiums upfront for the year as opposed to monthly instalments.
How To Compare Export Traders Insurance Quotes With SimplyQuote?
Compare export car insurance providers with SimplyQuote in four easy steps:
- Fill in the online form: Tell us about yourself, your business activities and the types of vehicles you work with.
- Select policy extras: Add any extra policies you may need.
- Compare quotes: Find a quote to suit your budget and business needs.
- Save money: Experience cost savings like never before!
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Frequently Asked Questions
Motor trade export insurance is a type of commercial motor trade policy that protects exporters from certain risks when shipping vehicles (or spare parts) abroad.
The great thing about motor trade insurance is that it doesn’t only apply to one type of vehicle make and model. You have the flexibility to insure different vehicles within your policy, including:
- Vehicles – cars, vans, trucks
- Motorcycles, scooters
- Commercial vehicles – tippers, pickup trucks, coaches
Use SimplyQuote’s 100% free, online comparison tool to find cheaper export car insurance in the UK.
- Importing insurance applies to bringing in manufactured goods (e.g. vehicles) or services from foreign countries that are sold domestically in the UK. For instance, UK motor traders bring in Ford pickup trucks from America.
- Exporting insurance applies to goods and services domestically manufactured in the UK, like Land Rover and Mini Cooper, and are sold to foreign markets.
Yes, you can get export car insurance for single “once-off” shipments or one that applies permanently (i.e. annual policy). The type of policy you choose will depend on the nature of your business.
Yes. If you are self-employed operating in the automotive industry and export vehicles/spare parts for a living, you will still need export vehicle insurance.