Road Risk Insurance

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Compare Road Risk motor trade insurance policies from leading insurers, including;

Why compare Road Risk insurance with MultiQuoteTime?

If you drive vehicles you do not own as part of your business, you will need a motor trade insurance policy to ensure you have at least the legal minimum required coverage.

Finding the right motor trade business insurance policy to match your business model can be time-consuming. Accessing multiple quotes can help reduce stress and save you time.

Finding and comparing the latest deals available in the insurance marketplace is fast and simple with our partner, Quotezone. The online quote process is designed to be quick and simple, allowing you to compare results using smart filters to narrow down your hunt for the best deal online.

“Working with other people’s vehicles opens you to a wide range of risks and damages can be punishing if you are found to be liable, that is why it is important to have an insurance cover that is tailored to your business needs. Each business will have different requirements, and this type of policy is easily adjusted to cover your unique needs so you are not overpaying.”  Eamonn Turley, Founder of MultiQuoteTime.co.uk

Guide To 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 motor trade insurance policy that has combined several elements specific to the requirements of that particular business. When we talk about road risk this a core element of any motor trade policy, but you can then add cover for business premises, cover for stock and liability under one combined policy a with a single renewal and payment date. Although most providers will allow flexible monthly payments spread over 10 or 12 months.

Road Risk Insurance Under 25

When insuring traders that are under 25, the same principles apply as those premiums for regular motor insurance for younger drivers; it’s notably more expensive. That’s due to the fact that they are less experienced on the road, have less maturity, and are therefore more likely to get into an accident. 

Young motor workers or sole traders that are in need of not only their own motor insurance but also road risk 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. 

What factors influence the cost?

Driver age: The younger drivers, as noted above, and also the older drivers, are often less trusted by insurers, as they’re statistically more likely to get in accidents than those of middle age with good experience behind the wheel and quick reaction times. For this reason, up to a threshold, the older drivers will save on road risk costs. After a certain age, the premiums will go back up to account for the slower reaction times of older people. 
Driving licence: A cleaner licence with no points, or convictions will look much better to an insurer, often reducing your premium by well over 50%. A conviction will often see the premium rise by 100%. 
Type of business being insured: The type of business can affect the liability, as each trade will operate under different circumstances and pose their own challenges and hazards to cover. Highe risk trades, such as car scrap, are generally more expensive to insure than motor showrooms.
Sum insured of the vehicles covered: The premium of the road risks cover will hinge on the type of cars that are driven and the amount of cover that is required. 
Extent of cover: When you place your policy you can opt for the extent of cover that suits your needs, or appetite for risk. You are obligated to get at least third party insurance, but most companies will also opt in to third party, fire, and theft, or comprehensive, to cover the vehicles they drive, as well as any third parties’. 
Estimated mileage: The premiums will also rise, as the estimated mileage rises. The longer you’re on the road with the cars, the more likely an accident will occur. 

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 You Can Save Money on Road Risk Traders Insurance?

Save money of road risk traders insurance by following the following tips and advice.

  • Limit Cover to Less Expensive Cars: Many policies will have an optional to limit of the value of cars that are covered by the policy. This can affect the premium, so it’s worth looking for a low max value if you’re looking to save. This from a business perspective just means agreeing to avoid high value cars.
  • Combine Cover: 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.
  • Compare Quotes : Getting a range of quotes from specialist providers of trade insurance, including Tradex, Road Runner, and Ageas Insurance amongst others that specialise in this field. Using comparison sites like Multi Quote Time can help, by providing you access to a range of insurance quotes by simply completing one form. 
  • Agree to Higher Excess : 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.
  • Maintain a Clean Claims History : Fewer claims or better still no recent claims will always be rewarded with a lower insurance quotes for those in the motor trade industry.

What you will need to get road risk insurancequotes at MultiQuoteTime

To ensure you can quickly receive multiple road risk insurance options, please have the following information ready:

Trading Details: Trading name, the size, number of employees, and years in operation.
Working Status: Are you a full-time or a part-timer trader, do you work from home, mobile or other premises
Cover Requirements: You can choose from a wide range of trades, from breakdown recovery to MOT testing.
About you: How many years trading and number claims in past 5 years
Level of Cover: Choose your level of coverage, such as Fully Comprehensive or Third Party, Fire, and Theft.
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