The part time motor trade insurance industry is officially booming. Recent statistics have shown that more and more people across the country are looking to the industry to bring in extra income. There are many reasons as to why this is happening and you could probably write a book on that subject alone.
Examples include the economy – a deteriorating economic climate means people are looking to other methods of income generation. Whether it is because they don’t feel secure in their job or because they are suffering being self employed – the public is fighting back.

The advent of ebay has made it possible for amateur traders to test the waters at very little cost. You can post a vehicle for sale for a minimum charge and only really have to pay out a significant sum if the vehicle sells – a kind of guarantee or safety net.
The public has also become aware that they can purchase suitable insurance while not being a full time business. This can enable them to drive their own cars and customer’s cars legally.

Recent clampdowns by the government and police – including the MID database – means that a lot of people have been taken off the road or punished for having inadequate cover. This has filtered down into the publi psyche meaning most traders now strive to be 100% legal. Unfortunately, there is another reason and that is where people just try to insure all their own private vehicles for minimum cost. This should be avoided as you are basically paying for cover that will never pay out. We must stress that to have such a policy you must have a link to the industry (your insurance broker can explain the ins and outs to you upon request).
So, if your thinking about how to get better off this year and want to join thousands of other like minded people then consider purchasing a part time motor trader insurance policy.

For many of us the recession, with it’s increased fuel costs and the rise in living expenses, has made it necessary for us to look at other ways of earning a second income. For some, the recession can be an ideal time for starting a new venture; for others an increase in income may demand working longer hours in their current job.  Another group of people will turn to the motor trade for extra revenue. If this is the case they may ask the question “Do I need part time motor trade insurance”?

Sorting this out may seem like a mine field for a person who wishes to sell cars from home on a part time basis, or from a forecourt. You may be expected to take people out for a test drive, and repair the cars on your property. Perhaps you will choose to valet the cars yourself or employ someone else for this role? To try and work out the correct level of cover you require, and the type of policy you will need, is exactly what your insurance company should be willing and able to advise you on; taking the pressure off yourself, and giving you peace of mind.

Although you may only be trading on a part time basis, a reliable and responsible insurance company will not penalise you, or take you any less seriously than a full time motor trader. Some companies may prefer full time cover only, and leave the part time traders high and dry. Choosing a company who has advisors for this specialist area is vital for anyone considering selling cars, and repairing or valeting cars, on a part time basis.

The cover you may need to acquire can be anything from public liability to demonstration cover; depending on exactly what you and your business need at that time. There are many policies for many purposes, and provided you make your requirements clear, then the insurance broker will be happy to explain exactly what is involved and provide appropriate cover .

Policies for the motor trade – brief guide

Third Party
Covers any damage caused to other peoples cars if you are involved in an accident, but does not cover any damage to your own vehicle.
Third party fire and theft
The above, plus loss and damage caused by either fire or theft of your car.
Comprehensive cover
All of the above plus cover for the damage to your own car.
Liability insurance
For motor traders who are receiving customers into their places of work -this can include garages and any other work premises you are trading from.
Combined insurance
For traders who are generally working from business premises. An more extensive policy.

With the current economic climate hitting many people hard financially, there is an increasing need for some to look at other potential income streams to supplement their full time wage. Making the move to work within the motor trade in the evening or weekends means that a part time traders insurance policy could be perfect for you.

Whether you decide to start buying and selling the odd car or move into the mobile valeter’s market, you need to make sure that you are properly covered to carry out the work that you are going to be doing. After all, the worst case scenario would be that you started your secondary business to earn yourself more money and then ended up paying out instead!

Working within the industry on a part time basis doesn’t mean that you are restricted to the level of cover you can get. In fact, with most companies, you will find that you can get pretty much the same cover as a full time trader. If you are going to be selling cars then demonstration cover can still be added to your policy, likewise you could add public liability insurance if customers are going to be coming to your place of work. Whatever role within the motor trade you are taking up as a secondary occupation, you can get the right additions to your policy.

At Think Insurance, we pride ourselves on being able to create a policy that is tailored exactly to your personal needs. This means that you can rest safe in the knowledge that the cover you take out is cost effective and doesn’t include any unnecessary additions.

Taking up a second job working with cars can be an extremely good way of earning more money in these tight times. If you do make the decision to do this though, it is vitally important that you take out the right part time motor trade insurance.

There are  people around the country that sell just a small number of cars throughout the year. They are not selling as a full time occupation and may just be doing it to earn themselves a little bit of extra cash (with the economy how it is who can blame them!). Others simply love the buzz of selling cars. Whatever their reasons for doing so, the fact that they are involved in trading/working with cars on a regular basis means that they could be classed as working within the motor trade – this means that they should have a trade policy to be correctly covered in the event of a claim. This doesn’t mean that they need to pay for a full blown traders policy with all the bells and whistles but it does mean that they can be covered for their own and other people’s vehicles. (Always subject to terms and conditions of course!)

You will usually find that taking out one of these so called “part time” policies means that you can still get all of the added benefits of a full time one. You should  still be allowed to make additions to your  cover so that you can add demonstration use, stock of vehicles or public liability for instance,  to make sure that you are insured for all relevant risks. People that are working within the trade, but only on a part time basis, should not be discriminated against because of that fact but this can sometimes happen. Some insurer’s will see them as being a higher risk than someone doing it as their only job for various reasons – but why should this be the case?

In summary -If you are currently selling cars in addition to your  everyday job then you should make sure that you do things properly and find yourself an understanding  insurer. Easier said than done I hear you say? Choosing a broker that can offer you a tailor made policy for your specific situation means that you will end up getting a much better deal, and a fairer price. Taking out a part time traders insurance policy shouldn’t mean being ripped off – so it is best to consult with a knowledgeable broker to find out exactly what is best for you and how they can help.

Think Insurance – Quality, Service and Price

Think Insurance can provide you with a cheap insurance quote today, whether you are looking for a motor trade, home, taxi or commercial insurance policy, leave your details and we will contact you.

Not everyone working within the motor trade is doing so as a full time occupation. There are numerous areas and trades that can easily accommodate people who are just looking for a side job. For people who find themselves in this situation a normal traders insurance policy is not really suited to their needs. In these cases a tailored part time motor trade insurance policy would be much more beneficial. You may find however that these policies can be hard to find and sometimes don’t seem to offer the same value as a full time policy. Why is this you find yourself asking?

There a number of reasons that you may struggle to find the right part time policy. Firstly is the simple fact that the majority of policies available are aimed at the full time trade. This can sometimes make the price of the policy and the level of cover provided unsuitable for anyone who is only trading part time. Another thing is the fact that a lot of companies seem to discriminate against part time traders as they consider them to be a higher risk than people working full time in the industry. Is this really fair though? Who is to say that just because you are not working in the motor trade full time that you are going to be any less cautious or any more careless with the vehicles you are working with!

It really shouldn’t matter whether you are selling cars as your only source of income or running a valeting service alongside your normal job. There should be a policy that suits your needs. By making sure that your prospective insurance provider can give you the type of cover you require, you will ultimately get the best value for your money. Make sure you don’t settle for a second rate part time motor trade insurance policy, the right one for you is out there no matter what area you find yourself trading in.

Think Insurance – Quality, Service and Price