Traders Policy Cost
Discussion
Basic road risks policy £800 to £1600 depending on your situation, loads of exclusions, its not like regular car insurance and you may well have to prove you are a legitimite business (with trading accounts) when/if you make a claim.
If you have premisises/staff etc then much more cost but better level of cover than road risks.
If you have premisises/staff etc then much more cost but better level of cover than road risks.
Minimum premiums for fully comp are around £500 depending on the insurer, but then there are your specific risk factors to take into account, as rallycross states it's likely to be £800+. The other issue with a traders policy is that some insurers don't like classics, those that do will insure it as trade value, so you're not going to get agreed value or even market value on them. Try talking to a specialist broker like Tradesure on 0121 246-7070 or www.tradesure-quote.co.uk.
Edited by warp9 on Tuesday 6th September 16:29
trickywoo said:
Sounds way too low to me.
Isn't OP asking about insurance that lets punters out on test drives?
I'd have thought £10,000 would be nearer the mark.
You obviously don't know anything about a motor trade policy. A fully comp £800ish motor trade policy will let your customer go on an accompanied test drive.Isn't OP asking about insurance that lets punters out on test drives?
I'd have thought £10,000 would be nearer the mark.
warp9 said:
You obviously don't know anything about a motor trade policy. A fully comp £800ish motor trade policy will let your customer go on an accompanied test drive.
BTW if you have your company website on your profile it might pay to be a bit more civil in tone as I certainly won't be using your company.
trickywoo said:
BTW if you have your company website on your profile it might pay to be a bit more civil in tone as I certainly won't be using your company.
Maybe, but he was right, you don't know anything about trade policies, so why post in the first place? Trade policies allow the holder to drive any car "their property or in their custody or control" - if you think about it how else could dealers jump in and out of different cars all the time? Garages also have policies to allow mechanics to test drive customer's cars, deliver them etc.
To sign up, you chuck in your current job and become a motor trader!
I'd just like basic cover for any car I choose to be driving at the time, I don't intend using it for anything other than showing the Police if I get pulled in an otherwise "uninsured" car.
In the past I've had a fully comp policy that allows me to drive any car I don't own third party, even if it was uninsured and the Police disputed this on occasion but I had a letter from my insurance company backing that up.
I know new insurance laws have covered that loophole up somewhat by demanding an uninsured car be SORNed
In the past I've had a fully comp policy that allows me to drive any car I don't own third party, even if it was uninsured and the Police disputed this on occasion but I had a letter from my insurance company backing that up.
I know new insurance laws have covered that loophole up somewhat by demanding an uninsured car be SORNed
SambaS said:
I'd just like basic cover for any car I choose to be driving at the time, I don't intend using it for anything other than showing the Police if I get pulled in an otherwise "uninsured" car.
In the past I've had a fully comp policy that allows me to drive any car I don't own third party, even if it was uninsured and the Police disputed this on occasion but I had a letter from my insurance company backing that up.
I know new insurance laws have covered that loophole up somewhat by demanding an uninsured car be SORNed
If you plan to drive any SORN's or untaxed cars you will also need trade plates. If you think you're going to be storing, moving, collecting, test driving or whatever uninsured and/or untaxed cars you need trade insurance plus trade plates. There is no other way to do it and if you try and do it without you'll get caught eventually so you may as well do it right from the start.In the past I've had a fully comp policy that allows me to drive any car I don't own third party, even if it was uninsured and the Police disputed this on occasion but I had a letter from my insurance company backing that up.
I know new insurance laws have covered that loophole up somewhat by demanding an uninsured car be SORNed
confused_buyer said:
To sign up, you chuck in your current job and become a motor trader!
Not exactly. Two friends of mine have trade policy's. One is a tree surgeon with his own company. He just likes bikes and cars, has a van, swaps them fairly regularly. He finds it easyer with a trade policy. The other friend has no job but likes his toys. He has bikes and fast cars and just finds it easyer to use a traders policy. He also sticks my mates track car on so he doesnt have to have a policy running on it. This track car see's a fair amount of road action and even a commute a few times a week. I often wonder where the law lies with this. i think if there were ever an accident there would be some tricky questions needed answering?What do you traders think.
Both these policys were under £1000. The one chap was prieviously paying £1600 on his evo but now has bikes cars, vans, allsorts.
Just be aware that there are brokers out there who will be happy to sell you one of the cheap policies eg tradex or roadrunner but if and when you have to make a claim you will have to prove you are trading ( eg accounts or vat Reg) but if you cant then you may not get any payout.
Age is usually an exclusion below 25 on these policies.
Age is usually an exclusion below 25 on these policies.
rufusgti said:
Not exactly. Two friends of mine have trade policy's. One is a tree surgeon with his own company. He just likes bikes and cars, has a van, swaps them fairly regularly. He finds it easyer with a trade policy. The other friend has no job but likes his toys. He has bikes and fast cars and just finds it easyer to use a traders policy. He also sticks my mates track car on so he doesnt have to have a policy running on it. This track car see's a fair amount of road action and even a commute a few times a week. I often wonder where the law lies with this. i think if there were ever an accident there would be some tricky questions needed answering?
What do you traders think.
Both these policys were under £1000. The one chap was prieviously paying £1600 on his evo but now has bikes cars, vans, allsorts.
I'm not a trader, but I think your mates sound awesome What do you traders think.
Both these policys were under £1000. The one chap was prieviously paying £1600 on his evo but now has bikes cars, vans, allsorts.
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