Im thinking of taking out a traders policy for a couple of my motors, and im always changing cars etc, but was wondering what the deal is with it all?

What does it cover you for?
What cars can you use?
Any restrictions/drawbacks at all?


Cheers!

 

They only pay out trade prices....

 

various levels of cover, up to various amounts per car, ie cover for cars up to 10k for example.

Some trade policys allow you to trade in certain cars (ie evos/scoobys) but dont allow you to run them as you own personal vehicles

and yes, they only pay out trade values.

Lots of small print as well.

 

Fine for third party but most of the cheap trade policies are fairly useless for the fully comp side of things.

And on the one I have you cant protect no claims bonus.

For example, if I had a M3 worth 5K retail and it got nicked, I reckon i'd get:
3500 quid trade price
minus 1000 quid excess
so 2500 quid.

That would lose me my no claims discount which is about 1K a year at the moment and would take a few years to build back up again.

So essentially it wouldnt be worth me claiming.

So IMHO on my policy a car would need to be worth more than 5K book price before it was worth even considering putting a claim in.

 

yeah, im thinking for daily runners really. Not my 3dr or mk1's. They are on their own policies.

 

Not worth it on a daily runner or two...

 

This is something I have been looking into aswell since I operate a part time business from home - makes more sence than having 2 or 3 different policies when I can have just one instead

 

Surely then you would just be better with Multicar and a more domestic policy? Most insurers are flexible when it comes to changing the insurance from car to car.

I changed mine 3 times during one year and I was charged a measly £10 to do so.

Tim