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What the Experts Say
Eamonn Turley Founder of MultiQuoteTime
" The minimum legal level of Road Risk Cover is third party, but only comprehensive cover will provide cover for customer cars plus your own vehicles against any damage incurred in an accident which is your fault. For many, this is the preferred option, especially if you are dealing with high value vehicles"
What Is Road Risk Only Insurance?
In simple terms, a road risk insurance allows you to drive any vehicle trusted to your care. Road Risk only insurance is a policy taken out most often by people that work with cars to be able to take the cars on the road, even though they don't own them or have a specific policy in their name for each car.
Common uses of road risks insurance include motor tradesmen, such as mechanics that have to transport the cars they work on, car sales such as showrooms and auctions, as well as some business-use vehicles to assist tradesmen on the job.
This type of road risk insurance policy, or road risk only policy, will cover the cars you work on for third party only, third party, theft and fire, or comprehensive. The options can be more or less flexible depending on the policy provider.
The road risk only policy will not include any other business cover, such as public liability, employer's liability, commercial, or commercial fleet insurance, but a road risk policy can be taken out with a commercial policy.
What is a Combined Trader Policy
This is the term used to refer to a
Road Risk Insurance Under 25
Young motor workers or sole traders that are in need of not only their own motor insurance but also road risks insurance will not like to hear about this increased expense, but to combat the hiked premiums they can seek specialist under 25 policies. Due to the targeted focus on road risks insurance for younger drivers that goes into underwriting these policies, they are often worked out to be a better rate, more relevant to the driver, and with more comprehensive cover than those provided from general insurers.
How Much Does Road Risk Insurance Cost?
The road risk insurance cost will vary depending on certain features of the business and the insured, but can start at as low as, £300 per year.
Can I Drive Any Car On A Road Risk Insurance Policy?
Not too long ago, comprehensive motor insurance cover allowed any motorist to drive your car as standard, but this type of cover is less common these days. Instead, for anybody but the owner or a named driver on the policy to drive the car, a special road risks policy must be held by the non-owner.
The owner or named driver must give permission and hand the car into the care or custody of the person named on the road risks cover. At this point, the policy will cover the road user, so long as the car is within the value that is allowed on the road risks policy and a car in care or custody of the company, driven for the purposes specific to the owner’s needs.
How Can I Save Money on Road Risk Traders Insurance?
Save money of rod risk traders insurance by following the following tips and advice.
Many policies will have an optional, or a written in limit of the value of a car that can be driven. This can affect the premium, so it's worth looking for a low max value if you’re looking to save.
Trader Policies will often be a large package policy aimed at providing cover for all of your business needs, you may be able to save by having a clear idea of what you want covered before browsing the policies on offer.
Other tips to save include increasing your excess, pay your premium annually rather than monthly, and finally make sure your premises are as secure as possible before applying, to get the best rates from your insurance provider.
Road Risk Insurance FAQ's
The difference between a standard motor insurance policy and a motor trade road risk policy is that the road risk insurance provides the driver with road risk insurance without specifying a particular car. A standard car insurance policy will cover the driver to drive one specific car only. In general terms, the holder of motor trade road risk policy can drive any vehicle in connection with their motor trade.
Many get into the motor trade business as a side hassle or a part time activity. They can stay part time or take the plunge and go full time. Given this demand, part time motor trade insurance is widely available with insurance brokers that specialise in the motor trade industry, broker examples include Bollington Motor trade Insurance and Tradex.
Yes, you will need a form of road risk trade insurance to run your business if you are a motor trader or within your business you are dealing with vehicles. This includes those that service vehicles and repair vehicles, but also extends to car valeting, indeed anything that you have custody of a vehicle other than your personal car.