If you work in the motor trade industry, you’ll be aware that there are a wide range of laws and policies that you must abide by to remain above the law. Did you know that if you make a living by buying and selling cars, you need insurance, even if it’s from the comfort of your own home?
We spoke to specialised insurance advisors, Insurance Revolution about what Working From Home Vehicle Trader insurance actually entails, so you can work out if you actually need it.
Vehicle Trader Working from Home Insurance has been specifically tailored for the problems that can arise from having customers in your own home. If you’re not insured and a customer injures themselves on your premises, you could be held accountable and made to pay a hefty bill.
Your Vehicle Trader Working from Home Insurance also covers you should the worst happen during a test drive. Other instances that this type of policy covers you for include: vehicle servicing, breakdown recovery, MOT prep & testing, mechanical repairs and business premises cover.
Levels of cover available for car traders
As with most types of insurance, there are a range of different levels of cover available, depending on whether you’re looking for risks, liability or premises insurance.
Motor trade risk insurance is the minimum level of insurance that you can have to legally run a motor trade business. You may, however, choose if you want third party, third party fire & theft or comprehensive cover, as all three of these meet the minimum level required by law.
Motor trade liability insurance covers motor trade professionals from claims that could result from customers who are injured on company premises, including t the motor trader’s home if that’s where they run the business is located. These sorts of claims are usually compensation for medical expenses, so can cost the trader thousands if not covered by insurance.
Motor trade premises insurance covers any content and equipment that’s used for the purposes of the business. This could include cars, tools and electrical items.
Tips when comparing car traders insurance
Cheap motor trade insurance can be hard to come by, so it’s important to shop around to ensure that you get the best deal. Consider a higher excess and don’t forget to include your no-claims bonus to lower your premiums. Also, make sure to compare what’s included in a standard policy to what has to be purchased separately.