Motor Trade insurance

[AmberSite]

What is the best insurance if it would be only one persons name who is selling and buying cars himself?
Thanks.

 

[S-Marketing]

What is the best insurance if it would be only one persons name who is selling and buying cars himself?
Thanks.

Just get a standard motor traders policy. In my experience its best to insure your own private vehicle separately, and not drive it on the trade policy though.

 

[AmberSite]

So basically what you are suggesting is to have two separate plocies: one for personal usage and another for business (if you can call it like that)?

 

[S-Marketing]

So basically what you are suggesting is to have two separate plocies: one for personal usage and another for business (if you can call it like that)?

Yes, that would be my advice. I made the mistake of using my own personal cars under the trade policy and found out when I sold the car business that trade policies no claim bonus, cant be used for personal policies so essentially lost all of my bonuses. That hurt a bit as I was in my 20's and liked my fast cars.

Also trade policies dont have the extras that personal policies have, such as windscreen cover, courtesy car etc etc etc. That was my experience anyway.

If you want any more info, please ask.

 

[AmberSite]

Yea,if you could provide a bit more info that would be great as i am new with these things, so don't want to mess things up.

 

[S-Marketing]

Yea,if you could provide a bit more info that would be great as i am new with these things, so don't want to mess things up.

What kind of stuff do you want to know?

 

[AmberSite]

Why you advice to have two insurances personal and trade, not only trade?

 

[clairewhite]

Hi there,

I would advise not to bother with two policies - what Private vehicle have you got?

 

[TheGuru2010]

I am with claire on this one to be honest, you can insure your own vehicles under your traders policy. You can get windowscreen cover but not the courtesy car, but would you really want to pay for a whole new private car policy just for a few perks?? (again this would depend on premiums). If you are just looking for a box standard policy they usually start from the £500 mark (details dependent).

Again it would be difficult to transfer the motor trade NCB to private car if the motor trade side of things didnt work out, so all in all depends on your circumstances & what you acctually want the policy to cover. Ask away with any more info. will do my best

 

[clairewhite]

if you want to get a quote to check prices visit http://www.constructaquote.com
they can advise you on the best type of policy to get but to insure a private car as part of your motor trade policy you could actually save money. You just need a Motor Trader policy and you are away to go.

 

[TheGuru2010]

Claire, Who do you have on your panel ?

 

[clairewhite]

Hi there,

We have Aviva, Zuirch, Fortis, Axa, Groupama to name a few.

Hope this helps. I am currently waiting on a reply from one of our underwriters on any other tips they can give you Amber.

Thanks Guys

 

[TheGuru2010]

Hi claire, are the above insurers what you have on the Motor Trade Panel then?

Thanks

 

[PhilWarman]

I suppose the more relevant question is, are you a bona fide Motor Trader? gone are the days when anyone can have a motor trade policy.

If you are then give us a call, we're Motor Trade specialists: 0845 603 8489

 

[TheGuru2010]

Very fair point there Phil, In the event of a claim most insurers will want to see proof of trading (Sales invoice's etc).

 

[Astaroth]

You can get windowscreen cover but not the courtesy car

But can generally get a courtesy car by selecting to use your own garage rather than the insurer approved network garage. Never had a courtesy car cover on a policy, never not had a courtesy car during a claim (inc fault claims)

 

[AmberSite]

Thanks for replies.

Regarding proof of trading,that won't be a problem, of course at first it probably would be only few cars or something, but i would be definetely trading, not just having this insurance for nothing.
Just forgot to ask how trade insurance affects ncb in case i am using it to insure my private vehicle as well?

 

[PhilWarman]

Most trade insurers will accept your private car NCB as some form of intro discount.

Unless you have some OTT cars then I would put them on the trade policy (by that I mean if you need agreed value or the cars are serously high performance - if they are, insure them seperately)

 

[AmberSite]

So, if my private car and the ones i will be selling are not classed as luxury or something more high performance it should be ok to insure those under motor trade insurance?
Also, people who would like to test drive the car i am selling, would they be covered by this insurance or they would need to have their own (lets say one day) insurance to do that?

 

[S-Marketing]

So, if my private car and the ones i will be selling are not classed as luxury or something more high performance it should be ok to insure those under motor trade insurance?
Also, people who would like to test drive the car i am selling, would they be covered by this insurance or they would need to have their own (lets say one day) insurance to do that?

Its not getting bonuses to start with that concerned me, it was not having any I could use when went pack to private insurance. Add up the pro's on con's and see whats best for you.

Trade insurance covers anyone to drive your cars for demonstration purposes, although sometimes they need to be accompanied.

 

[PhilWarman]

So, if my private car and the ones i will be selling are not classed as luxury or something more high performance it should be ok to insure those under motor trade insurance?
Also, people who would like to test drive the car i am selling, would they be covered by this insurance or they would need to have their own (lets say one day) insurance to do that?

You can add in demonstration cover, but they would need to be accompanied by you.

 

[AmberSite]

Thats not a problem to be accompanied.
What about private car part as browsed some insurance companies and they are mentioning using personal car for leisure,etc, but not mentioning travelling to work. Are there insurances that cover this ( i mean trade ones)?
And what about ncb, are standard ones usable for getting a motor trade insurance?
Thanks for being patient with my silly questions

 

[S-Marketing]

Thats not a problem to be accompanied.
What about private car part as browsed some insurance companies and they are mentioning using personal car for leisure,etc, but not mentioning travelling to work. Are there insurances that cover this ( i mean trade ones)?
And what about ncb, are standard ones usable for getting a motor trade insurance?
Thanks for being patient with my silly questions

You can travel to work on trade insurance. You can usually use your ncb to decrease your premium for trade insurance.

 

[PhilWarman]

You'd need to include SD&P as well as Business (Motor Trade) Use to be able to drive cars for pleasure - but this is completey normal for the proprietor or directors of a motor trade business.

Most insurers will allow some form of discount based on private car No Claims Bonus.

Hope that helps.

 

[AmberSite]

Thanks.
Any recomendations what companies i should use for that?

 

[PhilWarman]

Give our guys a call 0845 603 8489

 

[AmberSite]

What are your opening hours?

 

[PhilWarman]

Sorry for late reply - have been away from the office! 9 -5.30 Monday to Friday.

 

[SEIB]

Hi,
I just read through the responses and see there is a wealth of knowledge already here but thought I would add some points too!

Motor trade is a very wide ranging description for a business area and there are many different aspects to businesses under this heading.

I would suggest speaking to a broker who specialises in motor trade to make sure the insurance cover is suitable for your requirements.

Most policies seem to encompass some form of Road Risks but if you have property associated with your business, its worth getting these insured under 1 policy as well.

If you are more than a sole trader it is likely you will need employers liability insurance a well.

Another good reason to have a chat with a motor trade insurance specialist.

If you want any more info on Motor Trade Insurance and what you may need, have a look at our web site. We pop up in Google!

Alternatively, feel free to give one of our team a call for some no obligation advice on 01708 850011

I hope that helps and I hope you managed to get the answers you were looking for on Motor Trade Insurance!