If you’ve taken out an insurance policy for a domestic vehicle as well as a motor trade insurance policy, you could be paying more than you need to. While motor trade insurance policies are usually only for those who work in the motor trade, most insurers will also allow you to add your significant other to the policy for a relatively low cost – allowing them to cancel their private insurance policy and save money.
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.
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Motor Trade Insurance Policies for the Under 25s
Young drivers are often the hardest hit by insurance costs – but what happens if an under 25 year old works in the motor trade industry and needs to drive a vehicle as part of their work? Many motor traders don’t know how younger drivers affect their insurance costs so Unicom is here to tell you all you need to know.
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Motor trade insurance can be a complex business – not least because no motor trade business or insurance policy is the same. Yet whether you’re running an MOT station, a valeting service or a repair garage, certain regulations and restrictions are in place for you when you purchase your motor trade insurance policy.
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Simply put, Third party only insurance is the minimum level of cover you can purchase and will only cover third party damage, neither you nor your customer’s vehicles will be covered.
Motor trade insurance policies cover those who work in the motor trade – buying, selling, repairing and servicing vehicles. However, motor trade businesses come in all shapes and sizes and one size does not necessarily fit all. That’s why it’s a good idea to research the different types of motor trade insurance to find the ideal policy for your business.
How Motor Trade Insurance Differs From Normal Car Insurance
If you’re new to the motor trade, one thing you should know is that a motor trade insurance policy is not the same as a normal car insurance policy.
Some people try to pass themselves off as part-time motor traders in order to get an insurance policy that allows them to drive any car. However, falsely claiming to be a motor trader will invalidate your insurance policy and leave you without adequate protection if something happens.
Insuring Your Older Vehicles on a Motor Trade Insurance Policy
Finding an insurance policy that provides a good, reliable recovery service is essential if you run a business – particularly if you work in the motor trade industry. If you’re a mobile valeter who relies on a vehicle to reach customers, your vehicle is key to your business and without it your commercial activity could be severely disrupted.
Even the most modern cars can’t guarantee they won’t break down; but the older your car is, the more likely it is that sooner or later it’ll need the help of a recovery service.
According to the Society of Motor Traders and Manufacturers (SMMT), 6.7 million old or used cars were bought in 2012 and the average age of a car in the UK in 2012 was 7.59 years.
Yet buying used vehicles for your commercial fleet can be a wise move – saving you money and increasing your profit margin. That’s why it’s advisable to invest in a good motor trade insurance policy that will provide you with a reliable breakdown service – just in case.
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Taking out a motor trade insurance policy doesn’t necessarily mean your vehicles are insured for anyone to drive them. Whatever type of business you run, rules and restrictions apply so speaking to your specialist insurance advisor will ensure you have the right level of insurance for whoever needs to drive your vehicle.
Finding comprehensive insurance for your motor trade business is not as simple as just insuring your vehicles. For starters some levels of cover you automatically get with private insurance you will not get with a motor trade insurance policy (windscreen cover is a good example of this), whether you run a valeting business, a garage or a breakdown recovery service, other areas of your business will need to be insured too.
Do you work part time in the motor trade industry? If you do, you could be paying more for your insurance than you need to by taking out a full motor trade insurance policy.
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