Part Time Motor Trade Insurance

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Part time motor trade insurance

If you run your own motor trade business on a part-time basis, you will need to arrange suitable insurance to ensure that you are sufficiently protected as well as operating within the law.

It is a legal requirement for anyone driving on public roads in the UK to have road risks cover and operating in the motor trade industry is no exception. If you, or other people involved with the business, will be driving company and customer vehicles as part of your operations, then a motor trade road risk policy will provide the minimum level of cover you need for all named drivers on one policy.

As a part-time motor trader, you will be operating for less hours than a full-time trader and can therefore benefit from cheaper cover as a result. It is important to note that you will be required to provide proof of other employment or retirement to demonstrate that you are only operating on part-time basis.

What type of cover is needed for a part-time motor trader?

Regardless of whether you operate as a car valeter, a mechanic or a vehicle seller, there are two main types of motor trade insurance, namely road risks cover and combined cover. As you work on a part-time basis, it is likely that you operate your motor trade company from home where a road risk policy is generally sufficient. That said, your part-time status does not mean that road risks cover is the correct policy for you as you may also want to include cover for a business premises, vehicle stock, tools and more and in this case a combined motor trade policy would be more suitable.

As well as this, you will also need to decide on what level of road risks insurance you will need. The three levels are the same however as a standard car insurance policy, namely third party only, third party, fire and theft and fully comprehensive, so you should be familiar with these.

Read on to find out how you can decide which policy you need.

Compare quotes for part time motor trade insurance

At Quote Goat, we work with a panel of insurance specialists, making it easy for part-time motor traders to compare quotes from up to 5 insurance providers by completing just one quote form.

As well as ease of comparing tailored quotes, insurance specialists on the comparison panel can offer any advice you require and arrange suitable cover for your circumstances, for example guiding you as to what type of policy you require.

How to reduce the cost of part-time traders’ insurance

As a part-time motor trader it is important to keep the cost of running your business to a minimum. Following these tips can make it easier to find cheap part-time traders insurance:

  • Pay annually: If possible, pay for your insurance annually, as monthly payments will incur the additional cost of interest which can add around 10% to overall payments each year.
  • Don’t over insure: make sure you check your policy for unnecessary added extras. Do not include named drivers that are not necessary as additional drivers, especially traders under 25 and drivers with convictions or claims will push up the price of your insurance.
  • Avoid vehicle modifications: try to avoid driving and dealing in vehicles with modifications as this too can drive up the cost of your cover.
  • Compare annually: although auto-renewing your policy is the easy option, taking the time to compare motor trade insurance quotes each year can lead to significant savings. The insurance industry is not known for rewarding longer term customers so take advantage of this by switching each year.
  • No claims: building up a no claims bonus will bring down the cost of your cover, typically generating further savings for each year that you do not make a claim.

Arranging part-time motor trader cover with Quote Goat

To see how much you can save on a part-time motor trade insurance policy, run a no-obligation, free quote with Quote Goat today.

Michael FootePart Time Motor Trade Insurance