Trade Insurance
Discussion
I want to go, buy a car from the auctions and run it for a bit whilst I will stick it up for sale. I'm only really after breaking even so I'm not a trader - just want to drive lots of different cars. If I see another car I like, I might be running 2 at the same time (both owned by me), but I'd only be driving either 1 at a time whilst one\both sold.
I don't want to be charged £25 every month to change details of cars....or be told I have to have a 2nd policy if I happen to buy another car. I might buy\sell 2 cars in a year....I might have 15, who knows how it's going to pan out - I just want a bit of fun with different cars (Motor Trade Policies seem to insist you sell minimum of 10 cars a year which I might not).
In summary, I want a policy that insures me to drive any car I own, without having to tell them when I change. Happy for them to put stipulations about only being group 10 & under or something....whatever.
Any ideas?
I don't want to be charged £25 every month to change details of cars....or be told I have to have a 2nd policy if I happen to buy another car. I might buy\sell 2 cars in a year....I might have 15, who knows how it's going to pan out - I just want a bit of fun with different cars (Motor Trade Policies seem to insist you sell minimum of 10 cars a year which I might not).
In summary, I want a policy that insures me to drive any car I own, without having to tell them when I change. Happy for them to put stipulations about only being group 10 & under or something....whatever.
Any ideas?
POORCARDEALER said:
And when you have a claim they will want to see you books, stock book, VAT number and all the other things that will prove you are a trader, when you are unable to show them, they will cancel the policy and you are then in the poo.
Exactly my issue - I'm not going to be a trader....I'd simply be wanting to buy a car or 2...run them myself and sell them when if I got the right price as a private sale. I wouldn't be offering a warranty etc, simply having a bit of fun trying new cars and maybe bring some new life to old dogs.Surely there must be insurance companies that offer private insurance to people who like to switch cars regularly without the hasstle of have 2 policies running or paying £25 every time they want to make a mid-term amendment? Am I alone in wanted to have a couple of years of experiencing lots of different cars and seeing if I can run a few sheds for 12 months and get my money back on them?
Fish981 said:
My trade policy says it's only available to people who are involved in the motor trade with the intent of generating a profit or income from their activities.
'I did intend to make a profit, but it just doesn't seem to be going very well'To the OP - I think it'd be far far cheaper to just pay the £25 a month = £300 yearly than to get a traders policy anyway.
Failing that, someone out there will insure you to drive 'any car', with a few conditions tacked on.
Frances The Mute said:
Trade policies cover you for any car you submit to them via the MID. They couldn't care less whether you drive one car today and another car, tomorrow.
All I would suggest is you keep your insurance cert on you in the event of getting gripped by plod.
Quite, I got stopped by the boys in blue but not even the certificate saved me, an hour later and the car seized I couldn't get it back till the next day when insurance was open.All I would suggest is you keep your insurance cert on you in the event of getting gripped by plod.
Nightmare.
Carl
itz_baseline said:
Exactly my issue - I'm not going to be a trader....I'd simply be wanting to buy a car or 2...run them myself and sell them when if I got the right price as a private sale. I wouldn't be offering a warranty etc, simply having a bit of fun trying new cars and maybe bring some new life to old dogs.
Surely there must be insurance companies that offer private insurance to people who like to switch cars regularly without the hasstle of have 2 policies running or paying £25 every time they want to make a mid-term amendment? Am I alone in wanted to have a couple of years of experiencing lots of different cars and seeing if I can run a few sheds for 12 months and get my money back on them?
Then the answer is to be up front and tell the insurance broker this in the first place and see if they can find a suitable policy.Surely there must be insurance companies that offer private insurance to people who like to switch cars regularly without the hasstle of have 2 policies running or paying £25 every time they want to make a mid-term amendment? Am I alone in wanted to have a couple of years of experiencing lots of different cars and seeing if I can run a few sheds for 12 months and get my money back on them?
Trade insurance might not be very good price wise for one or two cars, you might be better off paying the change fee. You are also either trade or not so if you have a trade policy you can be pretty sure you'd be counted as trade for both warranties and the HMRC - you can't have it both ways and pick and choose which bits you want. We'd all like to do that!
I would forget it. A trade policy is a non starter for you, even traders have difficulty with them these days.
Insurers will generally only put another vehicle on your policy if you are the owner and registered keeper. They just dont need to take the risk with you so they dont bother.
They wont just let you have a policy where you can jump in any car and drive it as a private bloke and if it comes up on ANPR as no insurance held you will be on the bus watching your earner pass by on a recovery truck.
Insurers will generally only put another vehicle on your policy if you are the owner and registered keeper. They just dont need to take the risk with you so they dont bother.
They wont just let you have a policy where you can jump in any car and drive it as a private bloke and if it comes up on ANPR as no insurance held you will be on the bus watching your earner pass by on a recovery truck.
Thanks for all the replies.
Out of interest, if I bought say 3 or 4 cars a year and sold them and made a couple of hundred quid profit....at what point does the tax man need to know about it? Surely it's no different to buying a classic car that is appreciating, keeping it a few years and making some money back on it no?
Out of interest, if I bought say 3 or 4 cars a year and sold them and made a couple of hundred quid profit....at what point does the tax man need to know about it? Surely it's no different to buying a classic car that is appreciating, keeping it a few years and making some money back on it no?
For a start, a Motor Trade policy when you're not a motor trader is just going to get you into bother in the event of a claim. A mate of mine who is a bike breaker had a claim refused because they still had him down as a car breaker.
IIRC motor traders still have to declare any vehicles that are owned by them - it doesn't get you out of paying for them. What a motor trade policy does is cover you for vehicles "in your custody or control," i.e. when a customer's car is in for servicing or it's stock on a forecourt, for example.
IIRC motor traders still have to declare any vehicles that are owned by them - it doesn't get you out of paying for them. What a motor trade policy does is cover you for vehicles "in your custody or control," i.e. when a customer's car is in for servicing or it's stock on a forecourt, for example.
itz_baseline said:
Exactly my issue - I'm not going to be a trader....I'd simply be wanting to buy a car or 2...run them myself and sell them when if I got the right price as a private sale. I wouldn't be offering a warranty etc, simply having a bit of fun trying new cars and maybe bring some new life to old dogs.
Surely there must be insurance companies that offer private insurance to people who like to switch cars regularly without the hasstle of have 2 policies running or paying £25 every time they want to make a mid-term amendment? Am I alone in wanted to have a couple of years of experiencing lots of different cars and seeing if I can run a few sheds for 12 months and get my money back on them?
I imagine the risk profile for what you're proposing would be pretty terrible, and consequently would either come with some pretty tight restrictions on what you could have on the policy, or be so expensive you'd be better off just paying the £25 every 3 months.Surely there must be insurance companies that offer private insurance to people who like to switch cars regularly without the hasstle of have 2 policies running or paying £25 every time they want to make a mid-term amendment? Am I alone in wanted to have a couple of years of experiencing lots of different cars and seeing if I can run a few sheds for 12 months and get my money back on them?
itz_baseline said:
Exactly my issue - I'm not going to be a trader....I'd simply be wanting to buy a car or 2...run them myself and sell them when if I got the right price as a private sale. I wouldn't be offering a warranty etc, simply having a bit of fun trying new cars and maybe bring some new life to old dogs.
So not a trader in any way shape or form then.Just as an aside. A proper traders policy would be a hell of a lot more than your current expected insurance costs anyway with a much higher excess.
itz_baseline said:
Thanks for all the replies.
Out of interest, if I bought say 3 or 4 cars a year and sold them and made a couple of hundred quid profit....at what point does the tax man need to know about it? Surely it's no different to buying a classic car that is appreciating, keeping it a few years and making some money back on it no?
From a technical point of view he needs to know about both. They would either be liable for income tax and NI contributions or in the case of the latter capital gains tax.Out of interest, if I bought say 3 or 4 cars a year and sold them and made a couple of hundred quid profit....at what point does the tax man need to know about it? Surely it's no different to buying a classic car that is appreciating, keeping it a few years and making some money back on it no?
confused_buyer said:
From a technical point of view he needs to know about both. They would either be liable for income tax and NI contributions or in the case of the latter capital gains tax.
Ah right, yeah - probably similar to share dealing then where you have to start paying capital gains tax after the first £7k profit or whatever it is now.Gassing Station | General Gassing | Top of Page | What's New | My Stuff