Importing Insurance
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Low cost importing insurance policies
Motor trade businesses that import vehicles to the UK are presented with a unique set of challenges, and importing insurance helps protect those businesses against the risks they face.
Rather than a generic package, motor trade insurance can typically include a bundle of specific policies that reflect the needs of a business.
Some insurance policies for importing vehicles will include cover for:
- commercial and personal vehicles,
- additional named drivers,
- collecting and delivering your customers’ vehicles,
- the retail value of your customers’ vehicles.
While most features are optional, road risk insurance and employers’ liability insurance are necessary for most motor traders, by law.
Road risk insurance for car importation
As part of your car importing insurance, you will almost certainly need to include a road risk policy. For most motor traders, this is a legal requirement.
Road risk covers you and your employees to operate vehicles that don’t belong to you whilst those vehicles are in your care, custody and control. This includes manoeuvring a car from a loading spot on a truck or ferry and driving it on a public road to park it. Even if this journey is very short, you’ll need to have road risk cover in place.
You can name multiple drivers on your road risk policy, enabling you to cover your staff members to drive those vehicles too.
Depending on your needs, you can take out various levels of road risk cover. These terms will be familiar because they use the same categories as other commercial car insurance and personal car insurance options:
- Third-party only
- Third-party, fire and theft
- Comprehensive
Levels of cover available for businesses importing cars
When it comes to importing insurance, you’re probably wondering what types of cover are available for businesses importing cars.
Third-party only cover
This is the legal minimum and offers the most basic level of protection for road risk insurance.
If you are involved in an accident, this level of insurance will cover damages to other vehicles and injuries to other people, but won’t cover you for damage to the car you or another named driver was operating.
This is the case even if that vehicle doesn’t belong to you, so if damage is done to a customers’ car that is being imported whilst you are driving it, you won’t be protected by your insurance policy.
Although the price is high if something goes wrong, this is sometimes the cheapest option, so it’s worth taking time to consider the risks and whether they are right for your motor trade business.
Third-party, fire and theft cover
The next level of insurance is third-party, fire and theft, which offers a middle-ground option in terms of both protection and price.
This level of insurance includes everything from the third-party only option but adds additional cover against fire damage and car theft.
However, the problem remains that you would be liable for damages to a customers’ car that you were operating if it was involved in a crash.
Comprehensive cover
Offering the most extensive coverage for road risk insurance, comprehensive policies will cover you for everything offered by the third party, fire and theft insurance option, and more.
This level of cover also protects you financially for any damage done to the vehicle you are operating if it is involved in a road accident. If there’s a crash whilst you are moving a customer’s car throughout the importing process, you’ll be fully covered by your insurance.
As the option that offers the most protection, comprehensive cover is often the most expensive choice. However, it also means you won’t be caught out with unexpected fees if something goes wrong later, making it good value for money for many motor traders.
Compare importing insurance with Utility Saving Expert
Find competitive insurance quotes for your car importing business using Utility Saving Expert. Our free comparison software allows you to quickly source the cheapest motor trade deals so you can find insurance that offers your business the best value for money.
