Part Time Motor Trade Insurance Cost
If you’re considering whether to take on a motor trade profession on a part time basis, make sure you research all the costs beforehand.
The cost of an insurance policy for motor traders can vary from profession-to-profession and even trader-to-trader. Whether the trader is operating on a full time or a part time basis can also affect the cost, but it might not be in the way you think…
A part-time trader is someone who runs their motor trade business on the side, while working in another occupation on a full-time basis. The Trader’s second (or other) occupation can have a significant impact on the Part Time Motor Trade insurance cost. There are some professions that will immediately restrict your ability to even take out a Motor Trade policy, and each insurer we deal with can have different preferences as to which additional professions they do and don’t like – to find out if your profession would be acceptable if you wanted to start a part time trade business, call our experts on 0800 221 8077 to find out. When taking out a policy as a part-time trader then it would be wise to state your other profession early on in the quotation process to avoid disappointment and wasted time.
Part-Time Motor Trade Insurance Is For Part Time Traders Only
If your other profession does prevent you from taking out a Part-Time Motor Trade insurance policy then you may be tempted to apply for an insurance policy as a full-time trader, however you should only do this if you intend to operate as a motor trader full-time.
If you aren’t satisfied with the Part Time Motor Trade insurance cost and are tempted to pretend to be a full-time trader to get a better price, we strongly advise against doing this, as it would breach the terms and conditions of your Motor Trade insurance policy. This would then result in your policy being cancelled or possibly voided. Any ongoing claims would automatically be rejected, and the cancellation or voided policy may impact your ability to get an insurance policy in the future.
There are of course the common things that can alter the Part Time Motor Trade insurance cost, just like the cost for a regular full-time Traders insurance policy. This can include things like where you operate from, the value of the vehicles you work with, and employees insured on the policy, amongst other factors.
Level of Cover
One of the main factors in a Part Time Motor Trade insurance cost is going to be the level of cover and type of policy you intend to take out. For example, there could be a big difference between taking out a Part-Time Motor Trade insurance policy with Third Party Only cover, and taking out a Comprehensive policy, or in some cases there may not be much of a difference at all.
Adding additional insurance products to your Part-Time Motor Trade insurance policy can also increase the cost, however these additions are usually necessary to ensure that your motor trade business is properly insured for any eventuality. Additional products such as Demonstration cover are vital for car dealers, and other products such as Business Interruption can often save a business from financial ruin, should the worse happen.
Even if your business is run on a part time basis, it’s important to make sure you know exactly what needs to be covered. Even if your Part time Motor Trade insurance cost begins to rise, you may think you are saving money in the short term if you decide not to insure some parts of your business, but it could end up costing you a lot more if something goes wrong and you have to find the money to replace it out of your own pocket.
Get a Part Time Motor Trade Insurance Quote
Whether you need a quote as a full-time trader or a part-time trader we can help! To talk to a member of our specialist Motor Trade insurance team call 0800 221 8077 or click ‘Get a Quote’ below, complete your details, and one of our experts will be in touch.