Motorcycle Trade Insurance
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Why Compare Motorcycle Trade Insurance Quotes With SimplyQuote?
If you own a motorcycle trade business, you probably have your hands full with managing the company, staff, and stock. The last thing you want to do is to sift through stacks of paperwork to find an insurance policy that works for your needs and your budget.
SimplyQuote makes it easy to compare motorcycle trader insurance from leading insurance providers in the UK. Within minutes you will receive insurance quotes, allowing you to quickly find the best deal so you can get back to running your motorcycle business.
What Do You Need To Get An Insurance Quote?
You need to provide SimplyQuote with the following information:
- Personal information: Name and surname, contact info, address
- Business information: Whether you’re a sole trader, limited company, etc.
- Motorcycle details: The motorcycles you wish to include in the policy.
- Security measures: Security installed on the bikes and at the premises.
Why Do You Need Motorcycle Trade Insurance?
Motorcycle trade insurance is tailored to anyone who runs a motorcycle business. It gives you peace of mind that your business is sufficiently protected, should anything go wrong.
Motorcycle traders insurance is geared towards these businesses:
- New motorbike showrooms
- Used motorbike dealerships
- Bike bodywork specialists
- Bike repair shops and mechanics
- Motorbike servicing and MOT garages
With this type of insurance in place, your business will be protected from financial losses if you need to make a claim, or if a claim is made against you.
If your stock of motorbikes or motorcycling equipment is damaged or stolen, you’ll be financially protected. Your legal expenses will also be covered if someone takes you to court.
Without motorcycle trader insurance, you will have to pay all these costs yourself.
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What Does Motorcycle Trade Insurance Cover?
Motorcycle trade insurance usually covers the following:
On-road cover
On-road cover, also called road risks insurance, allows you and your staff to operate motorbikes that don’t belong to you.
You might have to test-ride a customer’s motorbike after repairing it or collect a used bike that will be sold as part of your company’s stock.
If you and your employees are moving bikes that don’t belong to you on public roads, then road risk cover is a legal requirement.
At a minimum, you will have to take out third-party only insurance.
Trade plate insurance
Trade plate insurance is sometimes included as part of motorcycle trader insurance cover. It is commonly used in the motor trade industry.
Trade plates permit you to drive or move vehicles that you are temporarily in possession of without having to pay tax or register them first. This insurance cover protects motorcycles that are using your trade plates.
Workmanship insurance
Workmanship insurance, also called service indemnity insurance, protects your business if it is accused of poor work that leads to an accident. This is applicable to mechanics who repair motorbikes.
For example, if you replace the brake lines of a motorbike but you do it incorrectly and the rider gets in an accident due to faulty brakes, this insurance covers the legal fees and compensation payouts.
Cover for tools
Tools and equipment cover protects your tools, machinery and any equipment you use in your motorbike trade. These tools are essential to your business, and the policy will cover the cost of repairing or replacing damaged or stolen equipment so you can keep running your business.
Stock protection
Vehicle stock cover protects the unsold motorcycles you have in your showroom. This cover is important if there is a break-in, fire or flood at your business premises.
Note: If this occurs, the business will only be compensated the trade cost, not the retail price.
Stock protection will also cover general stock like spare parts, motorbike accessories, and safety equipment that you sell in your motorcycle shop.
Demonstration cover
Demonstration cover is specifically for motor trade companies selling vehicles that can be test-driven. In the case of motorcycle traders, demonstration cover protects customers who are test-riding your motorcycle stock. That means your customers – and your bikes – will be protected when out on the road.
Liability cover
Public liability
Public liability insurance covers your business for legal fees and compensation if there is an accident that causes injury or damage to a member of the public while on your business premises, as a result of your operations.
Employers’ liability
Employers liability covers any legal costs and compensation if one of your employees becomes ill or injured because of their work.
Product liability
This insurance pays out for court costs and compensation if an accident is caused because of a faulty part fitted by you or an employee.
Business premise insurance
Business premise insurance offers financial protection if there is damage to your business property, whether it is an office, shop, showroom or workshop.
Contents cover
This cover protects everything inside the business property. For example, computers, furniture and desks. However, if you have specialist tools, you may need to get additional equipment cover for any technical equipment.
Business interruption cover
Business interruption cover will help your business to keep trading, by paying staff and utility bills, if there is a disruption (like a fire or flood) that forces the business to close.
What’s not covered?
- Personal use of motorcycles
- Wear and tear
- Illegal use of motorcycles
- Intentional damage to the stock or business premises
- Negligence or misuse
What Are The Motorcycle Trade Insurance Cover Levels?
The level of cover your business needs depends on your specific circumstances, business activities and how extensive you want your insurance cover to be. There are two levels of cover considered statutory minimums for the motor trade industry:
Road risk cover
This level of cover must legally be in place if anyone working for you is riding someone else’s motorbikes on public roads, like when stock is being transported from a storage unit to a showroom.
At a minimum, you will require third-party-only road risk cover, which will only cover damage or injuries to third parties and their property. If you need more cover, consider taking out comprehensive policies.
Employers liability cover
This is also legally required if you employ staff (even part-time or casual staff). If you don’t have employers liability insurance, you can face daily, hefty fines.
Which Add-Ons Are Available For Motorcycle Trade Insurance?
The following optional extras can be added to your motorcycle trade insurance policy:
- Goods in transit cover: Insures any motorcycle spare parts or accessories that are being transported from one area to another (e.g. if you have multiple business premises and stock is moved between them).
- Breakdown cover: Covers roadside assistance and towing to a mechanic if a motorcycle breaks down.
- Personal accident cover: Provides financial compensation in the event of death, disability or serious injury to the insured individual(s) who are involved in the business.
- Key cover: Offers protection in case of lost or stolen keys by covering the replacement cost of keys and locks.
How Much Does Motorcycle Trade Insurance Cost?
There’s no set fee for motorbike trader insurance, as the price depends on your insurance provider and other factors. However, the average cost of motor trade insurance in the UK is £776 per year.
Which factors impact the cost of motor trade insurance policies?
- Your business location
- The nature (e.g. workshop, showroom) and size of your business
- The value and type of the motorcycles in your possession.
- Your number of employees
- The number of people included in your policy
- Your claims history
Looking for the cheap Motorcycle Trade Insurance? Get a quote today!
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How To Get Cheaper Motorcycle Shop Insurance Policies
There are some easy ways to get more affordable premiums:
- Opting to pay a single, annual lump sum for your motorcycle trade insurance instead of taking out a monthly payment plan that would incur interest.
- Give a highly accurate estimate of the value of the items you wish to be insured, like your stock and business premises. With inaccurate figures, you risk overpaying for your insurance cover or having it invalidated.
- Improving the security of your business premises, storage units, or stocks. Consider installing advanced security systems like alarms and CCTV. This will reduce the chances of a break-in, making you lower risk to insurance providers.
- Shop around for different motorbike traders insurance quotes by using SimplyQuote’s comparison tool.
- Increase your voluntary excess (as long as you can afford it when it is time to make a claim).
How To Compare Motorbike Trade Insurance Quotes With SimplyQuote?
- Fill in an online questionnaire: Provide info on yourself, your business, your stock and your level of cover needed.
- Select add-ons: Opt for which extras you want added to your insurance policy.
- Compare insurance quotes: Receive and compare quotes from leading insurance companies.
- Cut your costs: Save money on insurance premiums by finding the best deal.
Frequently Asked Questions
Motorcycle trade insurance is an insurance policy specifically designed for businesses involved in the buying, selling, servicing, repairing or trading of motorbikes. It provides unique cover for risks faced by motorcycle traders so that their business operations are protected against liabilities and losses.
- Receive highly tailored policies specific to your business operations.
- The claims process is easy and straightforward so you can focus on running your business.