Working in the motor trade is viewed by the many who join it each year as a potential source of income in many areas from selling on vehicles to fixing them up.
What do I need to know before going into it?
You should read up and try to learn as much as you can before starting up any business, but because the motor industry is a specialist area involving many skills, you need to know exactly what you’re talking about. As one bad job will spread like wildfire, and nobody will want to touch you if word gets about that you don’t know your stuff.
What is classed as part time motor trading?
Whether you’re selling on cars on top of another job, or fixing up them up in evenings and weekends to earn a bit of extra cash – anything that involves trading with motors is classed as working within the motor trade.
Do I really need motor trade insurance if I’m only doing it on a part time basis?
Yes. Starting up a part time career in the motor trade opens you up to a range of risks that you need to be covered for – and at Insure Motor Trade, we hear on a daily basis the amount of various dangers various businesses face, so we fully understand your need to have secure and comprehensive cover.
A part time trader is still a trader, whether they are working as an individual or through a small company. And basically you are dealing with high value goods and need to be covered adequately as a trader for liability with your customers. Vehicles will also need to be registered with the MID.
What is the MID?
The MID is the Motor Insurance Database, which has insurance details of every vehicle to prevent uninsured drivers. It was set up by the insurance industry to help reduce costs within the industry of compensation for victims, and the police use it to find uninsured drivers each month.
What exactly will Motor Trade Insurance cover me for?
A knowledgeable motor trade insurance broker will be able to explain to you things such as whether you are eligible for ‘additional business use’ as part of your policy for your other job; just what exactly your policy covers you for – for example, premises and storage; plus, how vehicles under a Statutory Off Road Notification can be covered for things such as fire, theft and damage.
How do I speak to a broker?
There are a number of ways you can get in touch for some advice. Just give us a call at Insure Motor Trade, email us or contact us on Facebook or Twitter, and we’ll put you immediately in touch with a specialised Motor Trade Insurance broker who will advise you on the risks your individual business faces and the appropriate cover that would benefit your part time motor trade business.
We have years of experience and have worked with a range of different businesses, so have plenty of knowledge in getting you the right insurance and thanks to our solid relationships with motor trade insurers, also how to get you the best deal on your policy.June 22, 2014