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.