Car Dealer Insurance

Some policies require it and some do not. Accompanied drives are the better control and usually the better terms, so it is worth knowing which basis your quote assumes.

They become stock as soon as you take them in, and the policy covers them within the declared total. The risk is that a busy week of part exchanges pushes you above that figure.

No. A trade policy insures your business; a warranty is a product you buy or sell separately. Confusing the two is a common and awkward mistake to make with a customer.

The funder’s interest is usually noted on the policy. It is a straightforward step but it does need doing, because the funder will expect to be paid first after a total loss.

They are the single most examined detail after a dealer theft. Locked away, out of sight and never left in a vehicle is what insurers expect, and what they will ask about.

Yes, and it is increasingly common. The stock still has to be somewhere, so the storage arrangement becomes the question an insurer asks rather than the showroom, and a secured unit will rate better than a row of cars on a driveway.

It narrows the market and tightens the conditions, particularly around demonstration and overnight security. The single vehicle value limit is the figure to check first.

Not once vehicles belonging to other people are involved. The cover exists precisely because an ordinary policy stops at your own vehicle, and that is not where this work happens.

If you have a unit, a forecourt or a workshop, it usually makes sense to bring it into one combined policy. If you work from customer sites, road risk alone may be all you need.

Yes, and there are policies written specifically for it. What matters is that the arrangement is described honestly, including any other job you hold alongside it.

Tell the insurer. It is a mid-term change rather than a problem, and a turnover that has doubled since inception is the kind of thing that gets examined after a large claim.

Only where stock in trade has been included and declared. Road risk alone covers the driving, not the value of vehicles standing on your forecourt.

Where they are kept, whether the store is locked and whether it is visible from outside. It is a condition on almost every policy in this trade.

Usually, and it is easy to exceed without noticing. Ask what the single vehicle limit is before taking in something expensive, because working on it outside that limit leaves you carrying the risk.

Often the same day, once the information is complete. The driver details are reliably the slow part, so have licence numbers, dates of birth and any convictions written down before you begin rather than chasing them afterwards.