Running own business, second stream of income. All you need is enough money to get your first vehicle, and you’re away. Obviously, it’s better if you have experience of the industry – as you can pretty much hit the ground running. Otherwise, it won’t be this straightforward, as you’ll need to do your homework, make connections and learn about values.
But most importantly, you are now self-employed – even if it’s only part time, working around your full time job. And that means that legally you are required to get motor trade insurance for self employed motor traders.
Motor Trade Insurance – How it Works
It will cover your vehicle, as well as your customers’ cars. It recognises that you will be handling a lot of cars and covers you adequately for such a risk. You may also need Public Liability Cover, and if you get help from anyone else then you may also need Employers Liability Cover to protect yourself from claims made against you.
Some policies, but not all, will also cover you for road risk, and to cover vehicles at your home. You can get different levels of cover, from Comprehensive, Third Party Fire and Theft, and Third Party Only, depending on what you need. A qualified motor trade cover specialist will be able to help advise you on this, by identifying any risks to your business using their experience and knowledge.
Who can get motor trade insurance?
Whatever you do, if you are buying and selling cars, or fixing them, then you need cover. From valeters, mechanics, windscreen repairers, auto electricians and auto engineers – if you do any work within the motor trade, then you are covered for the risk of the work you do.
Part time motor trade insurance
If you’re looking for a boost to your finances, then working in the motor trade part time is a great way of getting some extra cash. You can even run everything from your own home, or you may want to rent out a little garage or premises somewhere. However, in order to do this you will need adequate cover – for the work you’re doing, the vehicles you’re doing it on, and registering and deregistering vehicles for the MID, as you go along.
Getting a part time motor trade insurance quote will help you to do this, and a specialised adviser will be able to make sure you’re protected, so that there are no expensive claims made against you coming out of your own pocket in the future. Just make sure you speak to an experienced broker, who has the know-how and the connections to negotiate a cheaper deal for you. And, above all else, ensure you are completely transparent with them so they can get you what you need.
A few tips for cheaper cover
- If you’re older or have been getting insurance for years, then you’re more likely to get cheaper insurance
- Make sure your property is fitted securely, with appropriate locks, security lights and indoor storage, if possible
- Use a broker. They have pre-established relationships with many insurers as well as the language to help get you a better dealJuly 19, 2014