Grantcos

I'm thinking about taking out a policy, as I sell the odd car now and again...

I got a quote threw insurance factory that i'm thinking of taking but want to run it past you lads first.
I'm 26, 7 years no claims, want to trade alongside my normal job, £5000 value, demo cover, unlimited mileage, £500 excess - £790 fully comp or £740 without demo cover. This any good?

They said, i'm only covered to drive cosworths, yank and kit cars 3rd party? - Bit annoying about the cosworth part!

Imports, imprezas, evos, bmws etc are all fine and fully comp.
But if they have any performance enhancing parts then i'm back to 3rd party, but suspension and wheels are ok.

Q This is annoying that I cant have a tuned car - is there any companys that do this.

Q. I said what happens if I get a boxster like I was going to buy the other night, he siad its fine to own for 6 months buy after that they will put 2.5 percent of the value of the car onto the policy and add £750 EXCESS, is there companys that dont do this, I dont want to get a car and like it, want to keep it for myself and then end up not being able to.

Q. I asked about driving my dads car or gilfriends, he said no can only be a car that I had bought, can anything be done here?

Any other tips would be great before I start giving card details

rallycross

Its a good price just be aware that if you have to make a claim they will (most likely) ask for proof of trading, things like vat number, accounts, or any trading accounts you have set up (eg with local mot centre or motor factors). Even if you are just a part time trader they will still ask for this.

Also road risks policies (ie motor trade without premises) are not much use for covering your own car, there are lots of exclusions as you have listed above plus others such as cars have to be parked at your policy address (eg home or within 500m of home) but if you have it parked out else where - eg over night on the road beside a a garage where work is being done - then its not covered.

Also if you do need to claim you will only get trade value.

They are really only good to legally cover you for driving on the road in different cars when I have had high value stuff like evo's I have always been worried about potential loss.

They all have similar T&C's excluding modified, cosworth, imports etc but you have to check out all the hidden T&C's as well - its only when you come to make a claim you realise what you have bought might not be all you thought it was.

vaughant

iTrader: (1)

^^^^ some good points there,they are getting a lot more fussy now regarding modified etc.

I had to claim in 2009 and I had no problems,they paid out book value on my transit which was scrap tbh and I got £900 for it,more than I paid for it 2 years beforehand!!

You maybe better off asking to pay more and just get near enough unlimited cover,although modified is always a problem with trade policies.

I'd also guess that boxster to be very close to the £5 k limit for trade payouts so maybe worth bearing in mind.

I always had a £10k limit with mine and in the early days I was sailing close to the limit.

Have you tried Buckingham?I've always found them very upfront and honest?a lot will tell you what you want to hear but their quite specific on your personal policy.

Grantcos

Thank you for that point, I asked the next company and you could almost here the oh sh*t he knows information we now need to devulge (sp) So I asked what I would need, he said a record of all sales and addresses to whom I sold to.


The boxster was just under 5k the only reason it appealed to me, but I supose book for it would be 4k??
I will give them a try now thank you!!

Thanks guys really appreciate it

josh RS

im 21 and have a no limitations trade policy!! Any car, any engine size, anything up to the value of 750,000, and comes with a 5 million pound public liability policy too! I own my own garage so had to have it, costs 3.5k per year though.

D16PJM

The trouble with trade policies is

A) if you do not run a bussiness connected to the motortrade and have a smash you have to provide receipts, bank statements (bussiness account), etc as proof of trading.

B) Obviously you only get trade value back, when my 3dr got stolen i ended up with £4750 for a 10k car.

Your better off paying as much as you can to get the best policy as these cheap trade policies are not really worth the paper they are written on.

Pete

Mr Brannen

Tradex paid out straight away on mine, even sorted my whiplash claim as well sound