cheap trade insurance for part time dealer

[legendtrader]

Hi, I have found a number of companies and a broker online that offers trade insurance for part time dealers, planning to speak to them tuesday. I just need cover for driving cars i buy back from auction to my garage and for accompanied test drives with buyers. I want to pay premiums monthly. I don't want cover for my own personal cars these will be kept entirely separate on personal policies. just for info i am age 39 with clean license.

Does anyone have any recommendations on where i should go for cover and what the likely price would be? was hoping to pick something up for <£500.

I totally understand that the cheaper policies may cover me for less and not pay out as easily however I am only going to have 1 or 2 cars in stock at any one time, bog standard audis, vw, bmw, mercs. The maximum vehicle value is going to be £20k so I am not that concerned about having a top of the range policy.

[legendtrader]

Bump. Anyone got suggestions, fanks

[Thankyou4calling]

No chance of a £500 policy if you tell the truth about your intentions. £2000 is nearer the mark.

[legendtrader]

Thankyou4calling said:

No chance of a £500 policy if you tell the truth about your intentions. £2000 is nearer the mark.

When you say telling the truth do you mean saying something like it's only going to be 3 or 4 cars per year or similar.

[hoppo4.2]

I have near enough the same policy 5 years trade no claims. I managed to battle it down to 1100.

By the way cover for own vehicles makes no difference to the cost as you are covered for road risk in any car.

[Andyjc86]

Since yesterday you've asked about insurance, trade plates and how to work out VAT. Have you ever been in the car sales industry before?

My motor trade policy is through Covea insurance, bit I'm a mechanic so it's a different type of policy you need. They do one for traders, but you won't get it for £500. You basically have to add and remove every vehicle you buy to the policy.

[legendtrader]

Andyjc86 said:

Since yesterday you've asked about insurance, trade plates and how to work out VAT. Have you ever been in the car sales industry before?

My motor trade policy is through Covea insurance, bit I'm a mechanic so it's a different type of policy you need. They do one for traders, but you won't get it for £500. You basically have to add and remove every vehicle you buy to the policy.

No I have never worked in the industry hence why I am asking.

[Andyjc86]

You'll struggle to sell £20k vehicles as a home trader, most £20k vehicles go on finance, which I doubt you'll offer. Stick to vehicles that cost about £6-10k, you'll do better.

[Thankyou4calling]

legendtrader said:

When you say telling the truth do you mean saying something like it's only going to be 3 or 4 cars per year or similar.

are you seriously asking what I mean by telling the truth! Just stop now before you waste time and money.

[legendtrader]

Thankyou4calling said:

are you seriously asking what I mean by telling the truth! Just stop now before you waste time and money.

yeah i guess there are some people are take the P***. I suppose if you say you are a mechanic working from home you can get a cheap quote compared to if you say you are a car dealer working from home. That would be insurance fraud though. In the event of a claim surely they are going to want records to prove things. Anyways I have contacted a few companies online and waiting for quotes. thanks

[confused_buyer]

I think you'll struggle to get it for £500 but under £1000 may be achievable.

It depends on whether you want a "road risks" only policy or an all in-one one which covers stock, equipment etc.

[MG CHRIS]

Are you planning on trading from home are you planning on giving full protection to the buyer as your a trader. Why are you going into this without no history in the trade.

Given you think you can get covered for 500 then not sure you should be getting anywhere near trading.

[Jagmanv12]

From my experience you will be looking at over £1000 as others have posted.
That's if you have bog standard up to 2 litre cars. Anything remotely sporty will increase the premium or will only be covered TP.
Is £20k total stock value or £20k per car?
If you have several cars at 20k each then premium could be up to £2000.

You could try www.insurance-policies.co.uk

Edited by Jagmanv12 on Monday 29th August 14:10

[legendtrader]

MG CHRIS said:

Are you planning on trading from home are you planning on giving full protection to the buyer as your a trader. Why are you going into this without no history in the trade.

Given you think you can get covered for 500 then not sure you should be getting anywhere near trading.

Yes trading from home part time providing minimum 1 year left on manufacturers warranty plus additional insurance based warranty. I didn't say I think I can get covered for 500 I said I hope to. Thanks

[legendtrader]

Jagmanv12 said:

From my experience you will be looking at over £1000 as others have posted.
That's if you have bog standard up to 2 litre cars. Anything remotely sporty will increase the premium or will only be covered TP.
Is £20k total stock value or £20k per car?
If you have several cars at 20k each then premium could be up to £2000.

You could try www.insurance-policies.co.uk

Edited by Jagmanv12 on Monday 29th August 14:10

Yes 20k max stock 10k max car 2 litres engine max - road risks only. Thanks

[anonymous-user]

I wont advertise my company, but if you google Road Risks Insurance or Motor Trade Insurance all the major brokers will come up.

there are also a couple of lead brokers who will sell the lead to 4 or 4 specialist brokers.

[POORCARDEALER]

Some of these insurers that insure home traders are to be avoided, youll find out how good they are when you make a claim, be careful, and it wont be £500 a year

[northwest monkey]

legendtrader said:

MG CHRIS said:

Are you planning on trading from home are you planning on giving full protection to the buyer as your a trader. Why are you going into this without no history in the trade.

Given you think you can get covered for 500 then not sure you should be getting anywhere near trading.

Yes trading from home part time providing minimum 1 year left on manufacturers warranty plus additional insurance based warranty. I didn't say I think I can get covered for 500 I said I hope to. Thanks

Honestly mate, I think you're wasting your time. People looking to buy "nearly new" still under warranty cars will go to a glass dealer where they can get finance, servicing, part-ex etc.

Why not look to specialise in something niche?

[MDMA .]

northwest monkey said:

legendtrader said:

MG CHRIS said:

Are you planning on trading from home are you planning on giving full protection to the buyer as your a trader. Why are you going into this without no history in the trade.

Given you think you can get covered for 500 then not sure you should be getting anywhere near trading.

Yes trading from home part time providing minimum 1 year left on manufacturers warranty plus additional insurance based warranty. I didn't say I think I can get covered for 500 I said I hope to. Thanks

Honestly mate, I think you're wasting your time. People looking to buy "nearly new" still under warranty cars will go to a glass dealer where they can get finance, servicing, part-ex etc.

Why not look to specialise in something niche?

as above. you seem to be asking too many questions and not have a clue ( not meant in a funny way ). instead of asking all the time, have you actually phoned any companies up yet and got a quote ?

I'd keep it niche. specialist cars ( maybe the same make / model specialist ). used to be a guy online who was some sort of clinical surgeon or something. sold nice top end BMW's / Mercs. old ones but nice. was a hobby for him and just bought privately, detailed the death out of them then put up for sale. wife would only let him have 1 car at a time ! he turned some nice cars over. will see if I can find out who he was and you will get an idea of what he did.

was thinking about doing the same years ago. couldn't be bothered with the hassle / agro that goes with it though ( and the costs / paperwork / tax / vat etc ).

HTH.

edit - found him. this is how you deal from home ! http://www.bmwclassics.co.uk/about/index.html

Edited by MDMA . on Tuesday 30th August 11:26

[Shaw Tarse]

MDMA . said:

as above. you seem to be asking too many questions and not have a clue ( not meant in a funny way ). instead of asking all the time, have you actually phoned any companies up yet and got a quote ?

I'd keep it niche. specialist cars ( maybe the same make / model specialist ). used to be a guy online who was some sort of clinical surgeon or something. sold nice top end BMW's / Mercs. old ones but nice. was a hobby for him and just bought privately, detailed the death out of them then put up for sale. wife would only let him have 1 car at a time ! he turned some nice cars over. will see if I can find out who he was and you will get an idea of what he did.

was thinking about doing the same years ago. couldn't be bothered with the hassle / agro that goes with it though ( and the costs / paperwork / tax / vat etc ).

HTH.

edit - found him. this is how you deal from home ! http://www.bmwclassics.co.uk/about/index.html

Edited by MDMA . on Tuesday 30th August 11:26

He's a PHer.