What is Part Time Motor Trade Insurance?
Part-time traders’ insurance is a unique insurance policy that is designed to help individuals who are working within the motor trade on a part-time basis. So no matter whether it is a weekend hobby to earn some extra cash, or you are a self-employed car dealer, these policies are specifically designed for those who typically work in the industry on their weekends and evenings.
Unlike large corporate policies, which are designed to protect multiple employees at the same time, these insurance products focus on individuals. Here at Total Insurance, we work with the UK’s leading part-time motor trade brokers, ensuring our customers can always find the most competitive policies for their needs.
Who needs part-time trader’s insurance?
If you work a normal 9-5 job but like to buy and sell or service vehicles during your evenings and weekends to earn some extra cash, then you need part-time motor trade insurance coverage. In order to be eligible, you will need to be able to show brokers that you are doing this in a professional capacity by showing receipts for vehicle purchases or buying parts.
Most professionals will also need to demonstrate that they are repairing or selling a minimum number of vehicles a month. However, this number will be considerably lower than for normal full-time traders or mechanics.
If you are not operating for profit, then it is likely that you will not need to consider part-time trader’s insurance and a private car insurance policy will cover you. If you are unsure of what cover you need, then you should speak with an insurance broker today.
How our process works
We’ve worked hard to refine our process and keep it as quick, easy and simple as possible for our customers.
What does part-time motor trade insurance cover?
When you start to compare part time trader’s insurance, you will notice that there are very different levels of coverage on offer. Finding the right level for you will depend on your requirements and how busy you are; however, typically, this kind of policies will cover you for.
What additional coverage is available for part time traders?
While those five areas are the most commonly included on a part time trader insurance policy, it is possible to add a range of additional coverage to ensure you are fully protected. Some of the most popular additions include.
How much coverage do you need?
When comparing part-time motor trade insurance policies, one area that can differ greatly is the level of coverage or the level of cover you need. This will depend on your personal circumstances and the size of your operation, which means that there is no one-size-fits-all approach, and you will need to tailor your policy around you.
While most of the policy can be tailored to your requirements, there are some minimum coverage levels that you will need to have in place. For example, if you are seeking employers’ liability coverage, you will need a minimum of £5,000,000, while for any driving cover, you will need at least third party.
If you are unsure of the level of coverage you need, our team will be able to help you tailor your quote to ensure that you are fully protected.
How to save money on your part-time motor trade insurance?
Everyone wants to have cheap part-time trader’s insurance, but it is important that you are not missing out on the coverage you need in order to save money. We always strive to deliver the most affordable and comprehensive quotes possible for our customers, helping you to save valuable time and money.
If you are looking to reduce your premium, there are certain aspects that can help to lower your costs. As with any insurance policy, building up a No Claims Discount is one of the most effective methods of lowering your premium and demonstrating you are a lower risk to insurance brokers.
The location you are operating in can also impact your premium. Urban areas or regions known for high crime rates often have higher costs, so, if possible, try relocating your business premises to a securer property or even a better location. One of our experienced agents will be able to help you with more information on the best areas to look for.
Another top tip for cheap part-time motor trade insurance is to pay the premium in full upfront. Of course, this is not always possible for everyone, and monthly payment plans are the only way that they can pay the coverage. However, this option does come at a higher price which means you will end up paying more over the course of 12 months.
Equally, opting for a higher voluntary excess can also reduce your premiums. This means you will be responsible for paying more initial costs in the event of a claim, but if you can afford it, then this can be an effective way to lower the cost of your part-time trader’s insurance policy.
Who is Part-Time Traders Insurance For?
A part-time traders insurance policy is generally for those who buy and sell cars as an additional income to their usual job.
Part time motor trade insurance is not limited to car sales though, anyone who works within the motor trade industry on a part time basis should get part time motor trade cover.