Starting a Motor Trade Business when you’re under 25 is possible, but there are a few restrictions and qualification required. If you decide to proceed make sure you have under 25's trader insurance that provides comprehensive cover.To help those of you interested in this business sector we have created this helpful resource page.
What types of vehicles can a person under the age of 25 sell and still have motor trade insurance coverage?
An owner of the motor trade company under the age of 25 cannot be covered for all types of vehicles due to the high risk factors.
This helpful resource page can assist you on who can be covered and what can be covered when you are starting a Motor Trade Business when you’re under 25 years of age. If you have any questions or wish to take out a policy our friendly insurance brokers can assist you in finding the right coverage for your business in a budget you can afford.
It is vitally important that the right steps to take after an accident for Motor Trade Businesses are followed. As a motor trade business owner, you and your staff must be made aware of the steps to ensure coverage under your trader insurance policy will be accepted. Failure to do so could cause the claim to be rejected by your insurance company.
Failure to proceed with the steps to take after an accident for motor trade businesses could cause your claim to be rejected and make you financially responsible for any damages, medical bills and legal fees associated with the accident.
Working as an Auto Trader involves certain risks. Among these are your stock sustaining damaged or being stolen. It’s possible that while transporting vehicles or out on a test drive, you could be involved in an accident. There is always that chance that a member of your staff or a customer could sustain injury while on your premises.
Sometimes, folks will take out Auto Trader insurance in an attempt to get themselves cover so that they may drive any vehicle. Remember, you must be a genuine Auto Trader, whether it be full or part time, to qualify for this type of cover. Most insurance companies will require proof of this before issuing you an Auto Traders insurance policy.
Cover is available for salvage, scrap, and vehicle dismantles and for both full and part-time. Your Auto Trader Insurance policy can also cover prestige vehicle, sport cars, and import vehicle dealerships to protect vehicles while at trade premises.
If you work as an Auto Trader, you will need Road Risks insurance as a minimum. This will cover you as you drive not only vehicles that you own, but customer’s vehicles that have been left in your ‘custody and control’ as well.
In addition to this basic level of cover, you will need to consider whether or not to add combined insurance elements to your Auto Traders insurance policy. This combined insurance will bring together Road Risk insurance with several different options. If by chance you own the premises that you do business from, you may wish to insure it along with any of the fittings, machinery, tools, or vehicles that are left on site. There is also business interruption cover, which is designed to keep your business in operation in the unfortunate event that something should happen to your stock or premises.
Vehicle Exclusions Your Auto Traders insurance policy will exclude certain types of vehicles. Make sure that the policy you decide to take out will cover the vehicles you are dealing in.
Trading from Premises Auto Trader Road Risk insurance will not cover against damage or loss of vehicles kept at your business premises. If you require this type of cover, additional Premises Cover may be needed. That said, most insurance companies don’t class your home address as business premises.
Vehicle Values Most often, claims that are paid under an Auto Trader insurance policy are made at the current trade value of the vehicle(s). Because of this, you may find yourself falling short if you had paid full retail for the vehicle.
Additional Occupations If by chance you do your auto trading part-time, and another trade is your full-time job, (builder, construction worker) your Auto Trader insurance most often will not cover you to use vehicles in connection with this other trade. An extension to your policy is usually needed.
Cover and Benefits It’s important to remember that most Auto Trader insurance policies don’t provide the types of benefits that are normally associated with typical car insurance. Examples of this would be protected no claims bonus, courtesy vehicles, and wind screen cover.