Whether you are a full-time or part-time motor trader, spotting a bargain that you sell on for a profit, reducing your overhead costs, and protecting your livelihood are all part and parcel of your successful business.
While buying and selling cars is your specialism, ours is making sure your motor trade business has the financial protection it needs – and at a price that suits your budget.
Here are 5 quick tips about buying car trader insurance.
- Level of insurance
- just as with your regular motor insurance, car trader insurance may be arranged to give you the minimum legal requirement for third party cover only, or upgraded to third party, fire and theft, or comprehensive insurance.
- the level of cover you choose is likely to be determined by the type, age and value of the vehicles you are buying and selling:
- Named drivers
- car trader insurance typically allows you to drive any vehicle that comes into your possession in the course of your business, but only for named drivers;
- it saves you the time, hassle, inconvenience and expense of insuring each vehicle separately;
- it may also cover those vehicles owned and used by you and your spouse (provided they are one of the named drivers);
- Customers’ cars
- as a car trader, you might be not only buying and selling vehicles but also repairing, delivering or valeting cars on behalf of customers;
- your motor trader insurance also covers you (and your named drivers) for these activities, but remember that this is only when you are driving them or have them temporarily in your possession for purposes connected with your motor trading business;
- No claims discounts
- just as with your regular motor insurance, your car trader insurance also builds up valuable no claims discounts every year that you remain claims-free;
- you might want to consider paying what is typically only a small additional premium to protect that no claims discount – so that you retain the benefits even if you need to claim for one of those inevitable knocks, scrapes or accidents that happens to one of your own or one of your customer’s vehicles;
- Online providers
- take advantage of the fact that reputable providers of motor trader insurance invariably maintain a website where you may start to learn more about the subject;
- websites are likely to tell you more about the company itself and provide you with various contact options – such as telephone numbers, email addresses and hours of business. This may give you the peace of mind that you are dealing with a trustworthy provider of car trader insurance who can be reached easily whether you have a query or need to make a claim.
Whether you are earning your living as a motor trader – buying and selling cars, repairing them, valeting them or delivering them to your customers – or doing so on an entirely part-time basis, motor trader insurance is typically essential. It provides continuous insurance cover for any of the vehicles which come into your possession in the course of your business, yet still offers a number of cost-saving options.