London Placements

Your London Career Advice Resource

London Placements

Your London Career Advice Resource

Author: Eve Taylor

Insurance
Eve Taylor

Insuring a Mini Fleet

Whether you have a personal collection of cars or you run a business that relies on the use of 2-5 vehicles, mini fleet insurance provides a way to insure your vehicles together in a way that’s cheap and convenient.

There are now many great places you can find mini fleet insurance online, so getting a policy at a reasonable price should not be an issue.

If you’re considering getting mini fleet insurance then below are some of the biggest advantages of it.

Why consider mini fleet insurance?

  • It’s cheaper – One of the most obvious benefits of mini fleet insurance is that it usually works out cheaper compared to insuring your vehicles on separate policies. The cost of a mini fleet policy will depend on various factors, including how many vehicles you’re insuring, the value of the vehicles, how secure they are and the named drivers. However in most cases a fleet policy will be cheaper.
  • It’s easier – Another big benefit of mini fleet insurance is that it’s easier to manage. Having one policy for all your vehicles rather than separate policies for each means there’s less paperwork and it’s easier to make a claim.
  • A great option for small business owners – If you run a small business with between 2 and 5 vehicles, whether they’re vans, cars or any other type of vehicle, then you can get them insured together under one convenient policy.

Ways to save money

  • Hire reliable drivers – If you’re getting mini fleet insurance for your business then one of the best ways to save money is by hiring reliable drivers who are over the age of 25. The age of your named drivers always makes a big difference since younger drivers are much more likely to be involved in a collision statistically.
  • Secure your vehicles – Making your vehicles secure is another way to cut down the cost of mini fleet insurance. The vast majority of modern vehicles come with an alarm as standard but you should also make sure the vehicles are securely parked when not in use.
  • Get quotes from different insurance providers – Getting quotes from different insurance providers is easier than ever to do now and is one of the best ways you can save money on mini fleet insurance.
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Career Advice
Eve Taylor

Starting a Motor Trade Business in London

When a lot of people think of starting a career in London, they imagine working in an office for a big corporation. However it’s certainly possible to start your own business in the capital and if you have a passion for cars, then a motor trade business could be the perfect fit.

Below are some of the main types of motor trade businesses you can choose from as well as some of the practical considerations.

Types of motor trade businesses

Image result for mot garage

  • MOT garage – If you have experience working as a mechanic then you might consider opening your own MOT garage. You will of course need a premises for this, as well as staff so it’s not viable in every circumstance.
  • Breakdown recovery agent – You might also consider working as a breakdown recovery agent. The good thing about this type of business is you can start it with relatively little investment, work as a freelancer and don’t require your own premises. You will have to be prepared to drive in the London’s notoriously stressful driving conditions on a daily basis however.
  • Mobile mechanic – This is another type of motor trade business you can run without the need for a premises or too much initial investment.
  • Vehicle sales – Buying and selling cars is another very viable way to make money in the motor trade. You will need a good knowledge of cars to make it a success though. 

Practical considerations

  • Choosing a premises – Depending on what type of motor trade business you want to start, you might need to get a premises. You should think carefully before investing in a premises and make sure it is in a good location and has adequate space for your needs.
  • Paying tax – When you run your own business, even if it’s as a freelancer, you need to make sure you are paying tax at the right rate. Failure to do this can land you in legal trouble and also put your business in jeopardy so it’s very important to take care of.
  • Getting insurance – In order to operate a motor trade business you’ll also need to get a motor trade insurance policy from a site such as Traders Insurance. A motor trade policy will protect you for road risks as well as providing cover for your premises itself if you choose to get a combined motor trade insurance policy.
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