With motor trade insurance, you will be able to drive all the cars & vans that you own as well as the vehicles of your customers. If necessary, you can add public liability, internal risks, and carrier liability. But do you really need cheap part time motor trade insurance? How do you get the best cover for your motor vehicle? Read on and find out.
Why Do You Need It?
There are certain conditions that call for having cheap part time motor trade insurance:
- Part-time or full-time vehicle selling. If you are engaged in selling or buying vehicles on a part-time or full-time basis, you will need to be covered with a motor trade policy. Buyers will usually use the insurance of their private car or van as coverage when picking up a car they are buying. However, using the DOC extension of your private vehicle policy is risky. The cover is third party and many insurance companies exclude use with the motor trade.
- Repair, servicing, or cleaning vehicles. Repairing or servicing a vehicle without the proper motor trade policy can expose you to major financial loss. Similarly, moving a vehicle without coverage can have dangerous ramifications.
- Recovery vehicles. Without motor trade insurance, you can be shocked with the amount the recovery agent will charge you on a vehicle with basic coverage. Aside from motor trade policy, you may also need additional coverage for the towed vehicles.
Levels of Coverage
Depending on what your business needs, there are various levels of coverage you can avail of. Like a personal car insurance policy, there are three possible coverages you can get:
- Third Party. This is the cheapest coverage and is the legal minimum requirement. In third party coverage, insurer pays for damage, loss or injury to other vehicles and passengers except yours. However, your passengers are fully covered.
- Third Party Fire and Theft. Aside from the above coverage, this level of insurance covers theft, fire, or loss to vehicles under your control or possession.
- Comprehensive Insurance. This is the most expensive coverage you can get. Aside from the levels of coverage above, you will also be covered for accidental damage to your customer’s vehicles as well as yours.
Motor trade insurance can be tricky. There are several insurance providers on the market offering different types of coverage. Talk to an insurance professional in order to find the best part time motor trade insurance for your needs.