RobSheffield Posted December 26, 2010 Share Posted December 26, 2010 Im looking very seriously at starting up on my own, buying and selling cars on a low volume basis. Im looking at trade insurance, but i cant seem to get anyone to give me a quote, they just want to pass me to their trading partners and after a 1 hour call and 6 transfers, thats getting boring! Can anyone give me an idea how much im looking at (PM if you prefer) I would really appreciate any advice you can give, especially startup type advice Rob Quote Link to comment Share on other sites More sharing options...
Awisto Posted December 27, 2010 Share Posted December 27, 2010 I'm with TradePlan http://www.tradeplaninsurance.co.uk/ they were the cheapest for me this year, at around £650 with £20k indemnity, I they gave me a quote there and then when I rang them in July. I'm 35 and added the Mrs for an extra £250, although she only has business use as we weren't living together at the time. You'll pay slightly more than a normal mechanic due to you buying and selling. Advice? The car market is dead, unless you're going to specialise and know you're going to be able to sell, I'd really consider your options, especially if it's going to be your main source of income. Although it does vary by region. Quote Link to comment Share on other sites More sharing options...
Jurgen-Jm-Imports Posted December 27, 2010 Share Posted December 27, 2010 try peacocks mate the sorted my traders out for years, mine is expensive at £6500 a year so not all trade insurance is cheap... but i do have 3 people on my policy including me,. Quote Link to comment Share on other sites More sharing options...
monsween Posted December 27, 2010 Share Posted December 27, 2010 do you need a registered business to get trade insurance etc. As in between me and my mrs we have 5-6cars and it would be a hell of alot easier to get one insurance policy that covers them all. Sorry rob as this is a wee bit off topic lol Quote Link to comment Share on other sites More sharing options...
tomgeer Posted December 27, 2010 Share Posted December 27, 2010 Rob, I've a mate who has a traders policy, he does the same thing you are thinking of (only as a sideline but he makes a few grand profit each year), he pays around the £650 mark a year too. There is a couple of restrictions on the policy though, for some reason he is not covered to drive an Impreza turbo or a Yamaha R1? i've no idea why, neither does he. Quote Link to comment Share on other sites More sharing options...
Jurgen-Jm-Imports Posted December 27, 2010 Share Posted December 27, 2010 do you need a registered business to get trade insurance etc. As in between me and my mrs we have 5-6cars and it would be a hell of alot easier to get one insurance policy that covers them all. Sorry rob as this is a wee bit off topic lol am not sure but when i started my business they said if there ever was a claim they would need to see sales etc etc .. so best to find out for sure but you could potentially save money.. Quote Link to comment Share on other sites More sharing options...
Awisto Posted December 27, 2010 Share Posted December 27, 2010 do you need a registered business to get trade insurance etc. As in between me and my mrs we have 5-6cars and it would be a hell of alot easier to get one insurance policy that covers them all. Sorry rob as this is a wee bit off topic lol You'll need to show proof of trading if you ever have a claim. Also remember, you don't get all the bells and whistles with a trade policy like you do with a private policy and, you'll only ever get the trade value of the car if claiming for an at fault total loss claim. Surely an Admiral multi car policy would be better for you? Trade policies aren't what a lot of people make them out to be! Quote Link to comment Share on other sites More sharing options...
monsween Posted December 27, 2010 Share Posted December 27, 2010 I'll look into the multi car policy Quote Link to comment Share on other sites More sharing options...
barneybrendan Posted December 27, 2010 Share Posted December 27, 2010 ive had my trade policy for years now and i pay £535 this year,its been around that price since i can remember.As said though you will only get trade price on a total loss,but you can state that a vehicle is your own and that is coverd on the policy.one this once and it was only and extra £40 or so.I think i stae that 20 percent is either import /high performance. Quote Link to comment Share on other sites More sharing options...
RobSheffield Posted December 27, 2010 Author Share Posted December 27, 2010 All the ones i spoke to were asking about imports, and i didnt really intend to do sports or imports so i just said 10% and then they transferred me. Again! It will be my only source of income, but i really dont fancy any other type of job, so i am going to put my all into it while im still young, have no Mortgage or kids and not married etc I intend to focus only on family diesels at first, and only decent quality ones, not much markup, get a decent reputation and work off that Quote Link to comment Share on other sites More sharing options...
Guigsy Posted December 28, 2010 Share Posted December 28, 2010 I wanted to do something similar as a sideline buy up the odd car that was interesting or different make it nice and sell it on. But got put off the idea by various people. For various reasons. I'm fed up of working in IT support for crap money and not being great at it. I want to do something that makes people happy but I'm no good at anything. Lol Fancy a partnership? hehe Quote Link to comment Share on other sites More sharing options...
RobSheffield Posted December 28, 2010 Author Share Posted December 28, 2010 Fancy a partnership? hehe As nice a chap as you are im just not ready for that level of commitment, who knows though, maybe in the future our relationship could go to the next level Quote Link to comment Share on other sites More sharing options...
Guigsy Posted December 28, 2010 Share Posted December 28, 2010 You broke my heart if off to facebook to tell all my friends how much of a slut you are :'( Quote Link to comment Share on other sites More sharing options...
CJ Posted December 28, 2010 Share Posted December 28, 2010 You broke my heart if off to facebook to tell all my friends how much of a slut you are :'( Quote Link to comment Share on other sites More sharing options...
jazz1 Posted December 28, 2010 Share Posted December 28, 2010 My dad pays over 6 for me, brother and dad are covered. It also covers social and domestic on our own cars, with cyber insure now. Last year was Nig. Quote Link to comment Share on other sites More sharing options...
supracars Posted December 28, 2010 Share Posted December 28, 2010 One thing i have discovered recently about trade insurance is that it only covers cars that belong to you or in your possession for motor trade purposes. Contrary to what most traders think you are not just allowed to jump in any car and drive it..i.e your mates car or a car that doesn't belong to you, and also when making claims they are very strict on paper work you need to show proper trade invoices to prove you are a bonafide trader. Quote Link to comment Share on other sites More sharing options...
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