All motor trade insurance policies on the market today carry restrictions – a fact that may of not been explained to you when you took out the policy! Here we are going to look at some of the more common exclusions and restrictions that may be hiding in your small print.
1) Performance/Sports cars – whilst most policies will cover GTI’s and the like, that’s where trader’s insurance policies can really start to differ from each other. Some will exclude vehicles over a certain group, whilst others may restrict engine size or even specific models – eg a Subaru impreza (one of the most feared cars by insurance companies!).
2) Multi-Seated Vehicles – most policies will restrict seating capacity in some way or another. Whether it’s an 8 seat restriction or a 16 seat minibus restriction make sure you’re covered for what you think you are.
3) Modified/Kit Cars – some companies will cover these no questions asked but others shy away from them like from a plague! Third party only is common on these vehicles.
4) Classic Cars – most policies cover classic cars but they probably won’t pay out what they’re worth! A classic car is only worth what someone is willing to pay – and unfortunately an insurance company will generally undervalue a vehicle over 20yrs old.
5) Commercial Vehicles – many policies restrict to under 3.5 Tonne unless you pay more – but be aware some policies exclude vans altogether!
I hope these points can help you in the future when looking at motor trade insurance. Remember – if you don’t ask you don’t know!
Watch the video related to motor sport parts
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Help answer the question about motor sport parts
Can you put a 250 ninja motor in a lifan 200 sport fame and what would be required?I just bought a 06 lifan 200 sport, cant find anyting an the net for prefomance parts, so I thought why not just put a bigger motor in. If any body knows or has asumptions please let me know thanks.
About Author
Chris Roche -
About the Author:
Written by Director of Think Insurance,Garrath Hussey. For more information on motor trade insurance, taxi insurance or other automotive insurances check out our site and give us a call for a cheap traders insurance quote.
Tags: motor, motor trade insurance, parts