Basically, a part time traders insurance is a specialized insurance under the general term motor trade insurance policy. The said insurance aims to cover the needs of people who work and are involved in motor trade but on a part time basis; part time because either they’re retired or have another occupation. For those considering this insurance but don’t actually have other occupations, then the full time motor trade insurance might be more ideal. Insurances are obvious legal requirements for any type of business categorized under motor trade regardless if they’re traders, tire fitters or mechanics.
Road Risk Insurance for Part Time Motor Trade
Three coverage levels are available for part time traders insurance, take note that these policies act as standard car policies and full time policies, all the while acknowledging the part time aspects of the business.
- Comprehensive – this includes coverage for certain damages on vehicles that you own in case it’s involved in unfortunate events.
- Third Party Only – covers costs to injuries and damages affecting third parties involved in the accident with you.
- Third Party, Fire and Theft –apart from the aforementioned case, this policy includes the damages to vehicles caused by theft, fire and attempted theft.
Part time traders who are covered by road risk insurance can confidently drive any vehicle as long as it’s in their possession, regardless if used for personal errands or matters in the business.
Part Time Combined Insurance
Offering wider coverage compared to road risk insurance for part time traders, apart from the three coverage levels above, part time combined policies could also insure equipment, buildings, money, contents, stock and tools on site. Those that sell vehicles from their residence should look into motor trade insurance with even better coverage, but if you’re not sure then we recommend a consultation with Thinking Insurance Services.