Part time motor trade insurance

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Compare part time motor trade insurance

It can be a potential minefield when comparing part-time motor traders insurance policies to find the best deal. Getting the best deal is sometimes an abstract concept that is more about your own individual needs than generic coverage. Buying and selling cars is an exciting business that is fraught with amazing highs and monumental lows. The idea is to ride the highs and prepare for the lows with a top insurance policy.

A part time motor trade insurance policy is for the professional who buys and sells vehicles, but does not do it as their main revenue stream. It is also referred to as auto trader's insurance. Many of them specialize in a particular type of vehicle like sports cars, muscle cars or motorcycles. MultiQuoteTime works in partnership with QuoteZone who can help you by providing multiple car trader insurance quotes from a panel of select UK brokers and underwriters. This type of policy can be tailored made to fit your needs and the operation you have. To qualify for this type of policy, at a minimum, 1 vehicle should be purchased and sold per month.

What is Part Time Motor Trade Insurance?

The definition of part-time motor trader's insurance is coverage for buying and selling vehicles from your home, a showroom, or other business premises. It provides cover for the repairing and servicing of vehicles, and even covers breakdown services or even tire fittings.

You can combine policies that include road risks and other categories that we will go into later. So, if you are a car salesperson or motor industry worker who runs your own business or works even part-time, getting viable motor trade business insurance is essential.

Do I Need Part-Time Motor Trade Insurance?

Motor trade insurance is an umbrella term that covers a wide range of things. If you are involved in the motor trade, you might benefit from this policy, but don’t even realize it. If you are involved in one of the following sectors, motor trade coverage will fit you like a glove on a cold winter morning.

Part-time and full-time motor traders
Mobile mechanics
Vehicle recovery service agents
Car valets
Working in body shops and crash repair
Tire fitters
MOT centers

All these motor trade categories have varying risks and have specific insurance needs.

What Does Motor Trade Insurance Cover?

Motor trade insurance policies cover companies or person that work on and drive their customer’s vehicles. The policy can be streamlined to cover you, the company owner, and one or more of your employees. Although, you will need employer’s liability insurance if someone works for you. Even if you don’t drive your client’s vehicle, you’ll still need some form of motor trade insurance in event of any accidents to the vehicle in question.

Here are some examples of the coverage you can expect from a standard policy.

Cover in case your vehicle is damaged in an accident or stolen.
Cover for any claims that may arise out of the work you do on the vehicles.
Insurance for your customer’s vehicles when you want need to carry out a road test.
Protection in case the tools or equipment you use are damaged or stolen when the premises are included in the policy.

What Types of Road Risk Motor Trade Insurance Are Available?

Motor trade road risk insurance offers the same level of protection as for full-time traders, but since the risks are reduced because of the low volume of vehicles that you deal with. If you are part-time and only deal with a low number of vehicles, your premium costs should be lower than full-time operators. The cover comes in 3 levels similar to standard car insurance and include;

Third-Party Only Insurance

Meets the minimum requirement set by the UK government. This road risk cover repairs a third party’s vehicle and handles the medical bills of the people in that vehicle only.

Third party fire and theft

This is the same as above, plus your vehicles are covered if they are damaged by fire or are stolen.

Comprehensive

This cover the costs of repairs for both vehicles involved in an accident and medical bills of the occupants of both vehicles.

All policies can be tailored to fit the needs of your business. When requesting a quote, you will have to provide information about yourself and business. This information will enable the panel of insurance brokers to offer quotes that are tailored to your individual requirements.

How do I qualify for part-time motor trade insurance?

To obtain a motor trade insurance policy, you will need to prove that you are indeed an official motor trader. Providing evidence such as invoices and receipts is the most common practice. Genuine traders will have no trouble doing this.

How much will a part-time motor trade insurance policy cost?

The price of a part-time trader insurance policy will depend on many factors. Age is going at the top of the list as you will find motor trader insurance under 25 can be the most expensive. The second factor can be the level and extent of cover that you require. Opting for the highest levels of cover is good when you make a claim, but you need to ask yourself, is it worth the extra expense.

Should I Buy Motor Trade Insurance?

If you are working in the motor trade part or full time, and you continually have to drive lots of different vehicles, you really do need motor trade insurance. You owe it not only to yourself, but to your clients. You have a responsibility not only to repair their cars, but to also ensure that your client’s vehicles are safe at all times.

If you buy or sell cars or need to make repairs to your client’s cars, you need to be protected against all eventualities. You don’t want to cause damage to a customer’s car and then be left to foot the bill from your own pocket.

How can I save money?

To save on a part-time trade policy premium, you must reduce the risk you pose to the broker. We have listed some steps that should lead to a lower premium below. Speak with your broker for other opportunities to reduce your premium.

Making your place of business as secure as you can with fencing or have all the vehicles parked in a locked facility. Make use of technology by installing CCTV and alarms connected to the local police station. You should also install security lighting.
Pay the premium annually to avoid the interest charges attached to monthly payments.
All insurance policies come with an excess, the amount you accept liability for. In negotiation with your broker, this could be increased to a larger amount in return for a discounted premium.

How much will a part time motor trade insurance policy cost?

The price of a part time trader insurance policy will depend on many factors. Age is going at the top of the list as you will find the motor trader insurance under 25 can be the most expensive. The second factor can be the level and extent of cover that you require. Opting for the highest levels of cover is good when you make a claim, but you need to ask yourself, is it worth the extra expense.

How do I qualify for part time motor trade insurance?

Compare the cost of part time motor trader Insurance

Request multiple quotes for part time trade insurance by selecting GET QUOTES below. Then simply wait to receive multiple motor trader insurance quotes that match your business and financial requirements from a select panel of UK brokers. When reviewing the quotes, pay attention to any exclusions and limitations in the policies. If you have a specific requirement, make sure this is included within the policy. The panel of brokers will be able to advise and provide a policy that meets with your actual trader requirements.