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
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.
All of the above plus cover for the damage to your own car.
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.
For traders who are generally working from business premises. An more extensive policy.