A Quick Guide to Car Import and Export Insurance
For many working in the motor trade, moving cars around a showroom or down the road to a mechanic is part of their everyday job. There may be an element of risk involved, but nothing compared to moving motors across borders and through some volatile regions. Getting a car from A to B carries a good deal more risk when A and B are hundreds, if not thousands, of miles apart.
For anyone transporting vehicles across long distances, car importers and exporters, the correct cover is a must. Whether you bring foreign vehicles into the country, sending cars overseas, forwarding freight or importing and exporting equipment and spare parts, having the proper safeguards in place is essential.
Importing and exporting cars is quite a specialist area and motor trade insurance for this type of business reflects that. Road risks, vehicles and cargo storage and all forms for liability insurance are covered in car import and export insurance.
Considering the fact that many vehicles will have to travel long journeys, usually onboard ships, the possibility for damage or theft is high. If you make a living out of this kind of business, costly damage to your stock or stolen vehicles will severely eat into your profits.
Liability insurance to protect employees and customers
Importing and exporting is a difficult operation to pull off on your own. You’ll need employees and if that’s the case, you’re legally obliged to have employer’s liability insurance.
This will cover you for any claims brought against you if any of your staff are injured or fall ill while working for you, wherever that might be.
Public liability will help with claims brought by customers or members of the public suffer injury, illness or damage to their property as a result of your operations
Even though a lot of your work may be done in transit, you’re still likely to operate from a central location. That’s why it’s also a good idea to have building and contents cover as part of your car import insurance policy in case your central premises are damaged by flood, fire or natural disaster. Contents cover will protect you for the theft of stock or damage to fixtures and fittings.
Of course, if any of these mishaps befalls your day-to-day operations, then you’ll also have the safety of business interruption insurance which will safeguard your income if you have to cease business for a period of time.
Reduce the risk on the road
Moving cars over large distance means there will probably be a lot of drivers involved. With road risks insurance, all drivers can be covered by one policy, which saves on time and paperwork.
Road risk comes in three different types of cover – third party, third party fire and theft and comprehensive. Third party is the minimum amount of cover allowed by law, and is the cheapest. However, if you are moving vast quantities of vehicles each year, you may consider protecting your goods with the best possible cover.
MTI deals with specialist motor trades insurance brokers, meaning we can find the best car import insurance deals on offer. With so many different features available, many car importers and exporters may opt for a combined policy which brings together all the different strands of cover in one plan.
Make sure your vehicles are covered, whether they are coming or going, with a car importers and exporters insurance plan from MTI