You don’t have to work full time in the motor trade industry to need a motor trade insurance policy. Some motor traders work part-time, restoring or selling vehicles as a small supplementary income or part-time business, and spend the rest of their time doing another occupation.
However, working part time as a motor trader does not mean you do not need motor trade insurance. As a general rule, if you have a turnover of six vehicles per year, you can be considered to be a part-time business that requires insurance.
Having said that, most insurers realise that part-time motor traders do not need to be insured to the same degree as a full-time motor trader. Someone who restores one vehicle at a time, for example, is more likely to operate from home than on their own business premises.
That’s why many insurers create bespoke policies for part-time motor traders who invest time and money into their small business but don’t need the same level of cover as a larger motor trader.
Part-Time Motor Trade Insurance Policies
Whether you work a few days a week or just at the weekend, having a valid motor trade insurance policy is vital. However, a problem many part-time motor traders have is that some insurers consider them a great risk than those who operate full time. This is because working less frequently could cause them to be less experienced or become rusty.
But while this may be concern for some, the best motor trade insurers will assess the needs and risks of each individual part-time motor trader to find the perfect policy for them.
Part-time motor trade insurance policies are often more flexible than full-time policies and can incorporate additional business uses. This means if the motor trader works as an electrician or a plumber as their main occupation, some insurers will cover their vehicles while they are undertaking this occupation too.
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Since some people have been known to take out a motor trade insurance policy to get cover to drive any vehicle, insurers require proof that you do operate within the motor trade. There are several ways to provide proof that you are a part-time motor trader. If you sell vehicles you could provide copies of sales invoices and if you’re a mechanic you could show the receipts for car parts you’ve bought.
Whatever you do, make sure you discuss your insurance needs with a specialist insurance broker who will ensure you receive comprehensive cover for every aspect of your part-time business.