How much motor trader insurance?

How much motor trader insurance?

Author
Discussion

Bogracer

Original Poster:

432 posts

180 months

Wednesday 25th January 2012
quotequote all
My spare time car obsession and hobby is a pretty viable business as family, friends and friends of friends keep asking me to source cars for them.

I was just wondering if there was a small car trader policy anyone could recommend and and what it is likely to cost?

Kind regards,
James

Sifly

570 posts

151 months

Wednesday 25th January 2012
quotequote all
Give Giles Insurance Brokers a call, they sorted me out with a great NIG Motor Trade policy.

Tel: 01582 542 330

Theres two of us on the policy, fully comp on any car up to an agreed value. It covers our own private cars plus all the stock and our premises which holds about 10 cars.
It costs around £1300 per year, and includes demonstration cover and casual drivers with our permission.

I've had various policies over the years, but this deal is by far the best and most practical, with first class support from Giles as and when required.

Buff Mchugelarge

3,306 posts

123 months

Wednesday 25th January 2012
quotequote all
Sorry for the slight hijack
Would a policy like this cover me on my own private cars?


Reason I ask is I tend to change car alot, and insurance can be a nightmare, canceling/changing cars every 2-6 months.
I was thinking of a 'traders policy' to cover me as opposed to my car/s?

Sifly

570 posts

151 months

Wednesday 25th January 2012
quotequote all
Yes, most policies will cover your private car once they have its details. However, if you are not actively trading, there's a get out clause for them to prevent private drivers taking a trade policy as a cheaper option to a private policy.
I still have a seperate specialist classic car policy for piece of mind with my 'toy', although I could still drive it on my trade policy if need be. Once you have proof of a period of trading, and have the required insurance in place, you can then apply to the DVLA for a set of trade plates which are a must for trade work.

TallPaul

1,490 posts

231 months

Wednesday 25th January 2012
quotequote all
Sifly said:
... fully comp on any car up to an agreed value. It covers our own private cars plus all the stock and our premises which holds about 10 cars.
It costs around £1300 per year, and includes demonstration cover and casual drivers with our permission....
I think this may be a barrier to most people getting a traders policy. Its rare (but not impossible) to be able to get a traders policy without premises. Also, if you do manage to find a company willing to offer cover, make sure you're happy with how they will value your vehicles in the event of a claim.

TallPaul

1,490 posts

231 months

Wednesday 25th January 2012
quotequote all
Double post!

Ade07

489 posts

140 months

Wednesday 25th January 2012
quotequote all
Tamworth Insurance Brokers. Two of us on our policy, no limit on amount of vehicles, all private cars covered. Myself and a mate on the policy for £90 per month (45 each). We don't have premises either, wasn't an issue. Great value IMO.

ATM

14,121 posts

192 months

Tuesday 15th April 2014
quotequote all
Ade07 said:
Tamworth Insurance Brokers
I cant these on Google?

All that jazz

7,632 posts

119 months

Tuesday 15th April 2014
quotequote all
It's worth noting that NCB accrued on a trader policy is not transferable to a private policy.

TheAngryDog

11,579 posts

182 months

Tuesday 15th April 2014
quotequote all
I had a traders policy, it didn't cover me to drive other peoples cars third party like normal insurance policies. Would be wise to check this as well before taking a policy, if you need to drive other peoples cars such as friends or families

andymc

6,816 posts

180 months

Tuesday 15th April 2014
quotequote all
you also need to be trading, they can ask for proof of tade

Toaster Pilot

13,925 posts

131 months

Tuesday 15th April 2014
quotequote all
Bollington just quoted me reasonably , capped to insurance group 31 because I'm 23.

They did say they'd need evidence of trading at least six cars a year at renewal or in the event of a claim.

Edited by Toaster Pilot on Tuesday 15th April 21:03

All that jazz

7,632 posts

119 months

Wednesday 16th April 2014
quotequote all
Toaster Pilot said:
Bollington just quoted me reasonably , capped to insurance group 31 because I'm 23.

They did say they'd need evidence of trading at least six cars a year at renewal or in the event of a claim.

Edited by Toaster Pilot on Tuesday 15th April 21:03
Try Tradewise through TradePlan. No-one else could come close for me, especially at renewal time.

Snowboy

8,028 posts

124 months

Wednesday 16th April 2014
quotequote all
andymc said:
you also need to be trading, they can ask for proof of trade
I would guess this would be the problem for most people.

I also wonder if there might be some link to the inland revenue to check if the trader is registered.
Perhaps something like a vat reg number.

If you're not a trader I think it a potential minefield.

All that jazz

7,632 posts

119 months

Wednesday 16th April 2014
quotequote all
Snowboy said:
I would guess this would be the problem for most people.

I also wonder if there might be some link to the inland revenue to check if the trader is registered.
Perhaps something like a vat reg number.

If you're not a trader I think it a potential minefield.
It's actually not a problem at all. Plenty of people doing valeting and such like from home that have trader insurance to move customer vehicles or for general cover in case someone ploughs into them whilst in your possession.

t400ble

1,743 posts

94 months

Wednesday 16th April 2014
quotequote all
TheAngryDog said:
I had a traders policy, it didn't cover me to drive other peoples cars third party like normal insurance policies. Would be wise to check this as well before taking a policy, if you need to drive other peoples cars such as friends or families
No but you'd be covered on your trade policy to drive them

t400ble

1,743 posts

94 months

Wednesday 16th April 2014
quotequote all
Snowboy said:
I would guess this would be the problem for most people.

I also wonder if there might be some link to the inland revenue to check if the trader is registered.
Perhaps something like a vat reg number.

If you're not a trader I think it a potential minefield.
Well, you have to be a genuine trade user. I get asked for receipts etc to be sent in as proof

ATM

14,121 posts

192 months

Wednesday 16th April 2014
quotequote all
t400ble said:
Snowboy said:
I would guess this would be the problem for most people.

I also wonder if there might be some link to the inland revenue to check if the trader is registered.
Perhaps something like a vat reg number.

If you're not a trader I think it a potential minefield.
Well, you have to be a genuine trade user. I get asked for receipts etc to be sent in as proof
I bought and sold 3 cars last year just for private use. I could easily buy and sell 6. I could even buy 6 turds and scrap them for the sake of proving I am a trader.

I thought a trader doesn't need to register the vehicles on the registration docs, so how does one prove that they have traded these cars?

All that jazz

7,632 posts

119 months

Wednesday 16th April 2014
quotequote all
ATM said:
t400ble said:
Snowboy said:
I would guess this would be the problem for most people.

I also wonder if there might be some link to the inland revenue to check if the trader is registered.
Perhaps something like a vat reg number.

If you're not a trader I think it a potential minefield.
Well, you have to be a genuine trade user. I get asked for receipts etc to be sent in as proof
I bought and sold 3 cars last year just for private use. I could easily buy and sell 6. I could even buy 6 turds and scrap them for the sake of proving I am a trader.

I thought a trader doesn't need to register the vehicles on the registration docs, so how does one prove that they have traded these cars?
You don't. The t400 person is talking out of their arse. I've never been asked to provide any proof (including the event of a claim) with any of the trade ins cos I've been with over the years. Sounds like another forum "expert" that doesn't actually have any hands on experience or knowledge in my personal opinion.

GreatGranny

8,215 posts

199 months

Wednesday 16th April 2014
quotequote all
Snowboy said:
I would guess this would be the problem for most people.

I also wonder if there might be some link to the inland revenue to check if the trader is registered.
Perhaps something like a vat reg number.

If you're not a trader I think it a potential minefield.
Most small trader's turnover isn't enough to be VAT registered.
Think the threshold is £50k per annum.

But as you said they will want proof of trading especially if you make a claim.