Car traders insurance

[ady_glanza]

Hello all

I know it may be a bit of a stupid question, but it is possible to get traders insurance even if you don't have a company name, VAT number etc

I've been on a few sites and it asks me for my company name, address etc of it. Yet i know lads around the age of 18 are driving group 20 japanese import cars as they have traders insurance.

I feel that it may work out cheaper for me as currently i get quoted around £3,500 to insure and Evo 4 and that is me being 30 years old, clean license, 9 years no claims, but a bad postcode area

Thanks

 

[Beaker]

If you get traders insurance on false pretences you may as well not bother with insurance. Just because others do it, doesnt make it right. Just accept that you can not afford an evo or move.

 

[Nwimie]

what a joke of a quote.

 

[boost abuse]

Hello all

I know it may be a bit of a stupid question, but it is possible to get traders insurance even if you don't have a company name, VAT number etc

I've been on a few sites and it asks me for my company name, address etc of it. Yet i know lads around the age of 18 are driving group 20 japanese import cars as they have traders insurance.

I feel that it may work out cheaper for me as currently i get quoted around £3,500 to insure and Evo 4 and that is me being 30 years old, clean license, 9 years no claims, but a bad postcode area

Thanks

just say your a private importer and import cars to sell them on, i know a couple of people who have done it and its fine, 100% legit.

not all company's are VAT registered so that shouldn't be an issue

 

[Rory]

you dont have to trade to get a "Trsders Plicy"

Mate had one, all he had to do was prove he had sold / bought so many cars a year.

 

[Starlet_EP82]

yeh get a traders policy it will be better for you my familys on it my dads had the policy for 30 years now but i think when u apply fr it now they come out and see your work place and why you need it

 

[Momin]

You can get traders insurance but in the event of you making a claim they will ask for proof that you were trading.

You'l just have to sell a minimum of a 2/3 cars a year. (Keep recipts from sold cars etc).

Starlet_EP82: They dont come and check your workplace to see why you need it. Its just like normal insurance. I think your getting confused with applying for trade plates, where they come and visit your premesis and see how many cars you sell etc.

 

[Gord R]

I find it hard to believe 18 year olds are running a traders policy, you have to be at least 21 if not 25 for most.

My old man has a NIG traders policy (car dealer) and they will only cover me for personal use up to a 1.3. Thats said its at my dad discretion on car for business use. Im 18.

As mentioned many stipulate you have to sell a certain amount of cars per year.

Another factor many people dont consider is that some will only pay you book(trade) price on your car. So if you have paid retail prices you still stand to loose out anyway.

On the plus points, it does mean you are covered on pretty much any car, so saves huge hassle on insurance.

 

[wesgt]

I find it hard to believe 18 year olds are running a traders policy, you have to be at least 21 if not 25 for most.

My old man has a NIG traders policy (car dealer) and they will only cover me for personal use up to a 1.3. Thats said its at my dad discretion on car for business use. Im 18.

As mentioned many stipulate you have to sell a certain amount of cars per year.

Another factor many people dont consider is that some will only pay you book(trade) price on your car. So if you have paid retail prices you still stand to loose out anyway.

On the plus points, it does mean you are covered on pretty much any car, so saves huge hassle on insurance.

i knew lads that got on a traders policy when they were 17 on provisional, on there parents policy, you'd be surprised what an insurance company will do when threatened with losing a customer

 

[tom_hunt]

£3,500 for an Evo 4?? lol Thats got to be bollox. I'm 21 and when I was looking in to getting an Evo 4 it was £2000 n sumet.

Iv been on a forum where there was an 19 year old with an Evo 9 with traders insurance. I was going to look into doing it my self but never got round to doing it.

Tom

 

[Starlet_EP82]

I find it hard to believe 18 year olds are running a traders policy, you have to be at least 21 if not 25 for most.

My old man has a NIG traders policy (car dealer) and they will only cover me for personal use up to a 1.3. Thats said its at my dad discretion on car for business use. Im 18.

As mentioned many stipulate you have to sell a certain amount of cars per year.

Another factor many people dont consider is that some will only pay you book(trade) price on your car. So if you have paid retail prices you still stand to loose out anyway.

On the plus points, it does mean you are covered on pretty much any car, so saves huge hassle on insurance.

I am on traders policy and i am fully comp our whole policy is fully comp and if some body wants to test drive a car like some 1 else it will be third party for that person

 

[Gord R]

Who are you with mate. Do they cover you on your starlet for social use ok?

 

[Adam_Glanza]

i can assure you, they will be probably just a named driver on a trade policy.

to take one out urself your probably looking at around 5/6000 a year! but being a named driver on one would be less.

not worth it imo unless its alot less, which i very much doubt it will be

 

[Gord R]

Even being a named driver (as i am) many still put restrictions on. NIG say i can only drive up to a 1.3 (no turbos) for social use.

 

[Toby@ToyTuning.com]

I wouldn't get trade insurance if your not a legit trader risky if you ask me but each to there own.

I use Tradewise, pay £1,100 a year with a £10,000 indemnity which means I can drive anything up to that value. They will only pay out that at one time so if I had 6 Starlets that were stolen that were £14,000 total I would only get £10,000

That also includes demonstration cover and I also have Martina on it, she can't use it for her own personal car but she can drive mine, when I let her. When I was 24 they wanted £3,500, as soon as I was 25 it was a 1/3 less they just don't like it under 25 when your own business.

Also if I drive one car worth £11,000 I am under insured and they won't pay out and can hold me liable. Not as easy as everyone makes out but it is good I must admit, before I had to have separate policies for each car we sold unless it was at Kevins, I just used to swap them as you have 14 days to cancel but was a pain in the arse, just wasn't prepared to pay 3.5k!

T

 

[Trevor]

Traders Insurance

You might be able to get it no bother.The problems occur when you have a claim made against your policy.The company will want to see proof of trading,trading premises,invoices,number of cars sold and paperwork to prove.I know a lad who was jailed when a claim was made against his policy for personal injury of £150,000.He had claimed to be a trader but couldn't prove it when it mattered.it may be a cheap option for you now but it may prove extremely expensive in the long run.Think carefully about it.

 

[Toby@ToyTuning.com]

Totally agree with you Trev, insurance is just one risk that is not worth taking in my eyes you could end with a law suit on your hands, they will come after everything you have some real horror stories out there.

T

 

[wesgt]

well i got a quote here in ireland, and before anyone jumps in and says i'm talking shit, i'm not :haha: it was 2,500, fully comp, i can drive anything up to a value of 35,000, turbo or not. I don't have to be a trader, or have premises. I'm 25 with a full licence since i was 17 and 3years no claims discount.

 

[GTWorld]

I got a quote on a Gt Turbo Standard by elephant for £3000 fully comp lol then went to skyinsurance that got it down to £1800, bare in mind had 2 crashes, 1 not my fault and 1 50/50 and 1 year no claim and only 19!! Is That good?