If you are a motor trade industry organization that is planning to come up with your renewal, many traders to this ask if they can actually get a part time motor trade insurance instead of a full time in order to cut down with the costs. The major differences between the part time and the full time trade insurance is that the part time traders will generally have another occupation that helps them in forming their income, and for these traders the motor trade industry is just a supplementary income.
Now when it comes to the full time traders, these are the ones who completely rely on the income that they gain from the motor trade as the main revenue stream. It might concern you that you belong to one of the above mentioned categories, and one of these categories might be offering you with benefits that others don’t making you feel confused as to which category will your business fall. Given below are some of the questions that will help you gain the answers for all the questions you have in your mind.
Is the Part Time Cover As Good As the Full Time Cover?
Yes very much. The part time motor trade insurance is also the same as full time cover, and is also cheaper based on your risk profile. The full time cover to this will cost more during this stage due to the increase level of your trading activity. The greater the level of your trading activity the higher will be the chances of an accident happening within the claim.
So if you are individual who is self-employed then working as a sole trade say for instance when your income has been just through your business, and you wish to gain an extension policy that covers not just your business but would even combine the policies reducing the costs of the insurance. You can also check with your advisor if you have any doubts related to this.
Will you still have to prove on the trading activity when it comes to your Part Time Motor Trade Insurance??
Yes it’s obvious that you will have to prove a level or trade activity to your insurer. And depending on your insurance policy when it comes to the part time motor trade insurance, it’s obvious that you will have to show proof related to the buying and selling at least 6 cars in a year. And in case you are in the department of the vehicle repairs then it is important that you show in multiple receipts or invoices for all the work that you carry out. Remember repairing or selling just two cars in a year will not qualify you and your business and you will not be able to obtain the policy in a right manner.
Summing up the entire article was based on the agenda of understanding the major differences between part time motor trade insurance and the full time motor trade insurance. Understand the business and the trade. Get to know the trading process along with the problems that you might have faced and how this insurance can turn out to be a major help for you.