Buying and selling vehicles from home can be a lucrative way to supplement your main income; it is important, however, to ensure that your part-time business complies fully with the law and is appropriately insured. As with the cars you own personally, vehicles purchased for investment purposes that are parked on your property and which you drive at any point, must be insured. This is not only a legal requirement; it also safeguards you and your vehicles against vandalism, accident, fire and theft. This policy will allow you to drive any vehicle you own, assuming it is not insured elsewhere and that it is in a roadworthy condition, enabling the holder to drive home a car purchased at an auction, for example. Remember that the police are always on the lookout for uninsured vehicles and, until you register your new vehicle on the Motor Insurance Database, you will be at risk of being stopped and possibly even having the vehicle impounded. You have only 7 days in which to satisfy the criteria laid down by the M.I.D, so you must get into the habit of registering the vehicles on the database upon purchase, as well as removing them as they are sold. Keep an up-to-date list of all your vehicles so that you always know which ones are on the database. Dealers operating out of trading premises away from the home present a number of different risks to an insurer, and if you look carefully at most “Road Risks” policies, cover IS NOT provided at the trading site for anything other than the basic “Third Party Only” cover. Consequently, when you are at work, your personal and stock vehicles are not covered to the full extent of the policy, unless you have requested and purchased additional cover. The dealer using premises should be requesting the full Traders combined package as they are at risk from a number of different areas to the trader using his home as the workplace, they will have the building to cover, their tools and equipment, the vehicle stock (more vehicles as more storage space), and their liability issues. If you trade from home our policy will give you the following benefits:
- Comprehensive, Third party Fire & Theft or Third party only cover
- Overnight cover from home
- Most types of vehicle including commercial (check your policy)
- Towing cover (usually on a Third Party Only basis)
- Optional Protected Bonus
- Optional additional use for other occupations
- Drive any vehicle you own
- Allow customers to test drive (conditions apply)
- Test drive cars yourself prior to purchase
- Variable levels of indemnity
NTI is one of the UK’s premier motor trade insurers; our service is underpinned by an adept knowledge of the industry, high quality products, as well as the attentiveness of our team and their commitment to finding you the best deal possible. Please drop us a line either by phone or by email and we will be very happy to locate and quote you on the policy that best suits your circumstances. If your business premises are away from the home and you are looking for comprehensive cover, a combined motor trade policy maybe a more beneficial option.
