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For owners in the motor trade business who have employees that are under the age of 25 there is a special insurance policy you need to protect yourself and your business. This is motor trade insurance made specify for the business owner with younger employees.
The cost of Motor Trade Insurance for under 25 years of age employees or owners is higher than the industry average. The increased price of the premium is due to the associated risk insurance companies assign to younger drivers by default.
The motor trade insurance for under 25 is specifically designed to financially protect those who are the boss and under 25 years of age or an owner that employees people under the age of 25 that operate the vehicles involved in this type of business.
Businesses in the motor trade industry include new and used vehicle dealers, emissions testing facilities, repair garages, auction houses, vehicle restoration and modification specialists and valet service businesses. All of these businesses are required by UK law to have motor trade insurance to operate their business.
Motor trade business are those repair shops, car dealers, auction houses and testing centers that operate someone else’s vehicle as part of their business. This insurance will cover the costs of repairs to a vehicle that is involved in an accident that might or might not be the fault of the operator.
All of the types of policies listed below are also required to have public liability cover as part of their policy. Those businesses with employees must also have employer liability cover.
Yes, there can be employees working for a motor trade business that are under 25 years of age and avoid the higher premium costs under certain circumstances. The restriction is the employees under the age of 25 can never under any circumstances operate one the business’s vehicles, not even around the lot. If they do and there is an accident the claim will be rejected if submitted.
The most common positions of these young people include administrators, receptionists, car washers and janitors.
Employing anyone under the age of 25 that will operate a vehicle of the business. These employees must have possessed a UK driver’s license for a minimum of 1 year prior to employment. The minimum age differs from the many insurance firms who offer this specialty type of cover that includes 18, 22 and 23.
Yes there are 9 different types of policy depending on the coverage you desire.
By law everyone operating a vehicle on the road in the UK must be covered with a minimum of 3rd party liability insurance. In the motor trade industry the recommended minimal coverage is a comprehensive policy.
The reason motor trade insurance for those under 25 is higher than other drivers is the higher risks associated with covering younger drivers.
The under 25 traders insurance for employees is more expensive than a standard motor trade policy due to the added risk associated with young drivers. With this type of policy in place, the business will be protected just in case of an unforeseen occurrence like a fender bender or other type of accident. Without it, the business would be legally liable for all damaged inflicted on a vehicle by a driver under the age of 25.
Regardless if this a new venture or time to renew your annual policy it is best to compare all the options for under 25 insurance that are available. We can help by providing multi under 25 traders insurance quotes, from a panel of UK brokers. Start by tapping the button below.