Traders policy at 23

[tony5haw1988]

I'm 23 years old and have no no claims discount, I'm always getting different cars most of them are just small 1.1s n stuff but I also have the vts, I was thinking about getting a traders policy so I don't have to keep swaping insurance policy, is this a good idea? And what kinda price do traders pay with sd&p at the age of 23, if its any help I'm 24 next month

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[KrisB]

You'll be lucky, especially with no no-claims and modified cars. Not to mention under 25.

[saxo-parts]

are you actually a trader or just another who wants to get a trade policy as you think it'll be cheaper and cover you on anything??

[f13sta]

sounds like just another chap who isn't in the trade that wants a policy.

if your not a trader you will be shafted without lube. insurers are cracking down on this now.

i've even hear in some cases you have to send proper documentd proof of being a trader. as most people who take out trade policys are business owners something to proove that, before they'll insure you.

[tony5haw1988]

I'm sure you can get traders policy for trading cars at home and don't need to be a business, in this case i wouldn't be lying as I do buy and sell cars often hence me trying to find insurance, I wouldn't get a traders policy just to get cheaper insurance as I know its gonna be more expensive than just insuring the vts. Just something I wanted to look into as I'm sick of swapping my policy to whatever car I'm using at the time, would be a hell of a lot easier getting a 1 size fits all policy and I'm not going to be driving anything bigger than a 1.6-1.8 so obviosly I'm not doin this for the cheap insurance.

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[sam_16v]

i also have looked into this tradex do it for 21 year olds :y:

[tony5haw1988]

i also have looked into this tradex do it for 21 year olds :y:

Did you get any quotes? If so what was the outcome?


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[sam_16v]

I didnt get a quote but i will soon

[rob_s]

You wont get one!

9.5k for me!( Basic 3rd party with s/d cover,and restrictions (no cars over certain value or engine size,nothing modified/performance until 25)

I am 22 but do have a claim against me, just got 1ncb again

I am a genuine trader from a Commercial unit

Not ideal at all think I'm going to buy a transit or simmerler recovery truck and have to manage that way untill I'm 25! Or keep trying for quotes and hope I get lucky around 3-4k Mark

Bloke from the brokers I was going through said the prices have shot up because so many people had/have them that were not traders as it was a cheaper way of driving fast/bigger cars younger

Also if you do need to make a claim they now will check you out they said some companies may even spot check books/accounts etc to see you are actively trading (unsure how true that is?)

[xsi16v]

I'm sure you can get traders policy for trading cars at home and don't need to be a business, in this case i wouldn't be lying as I do buy and sell cars often hence me trying to find insurance, I wouldn't get a traders policy just to get cheaper insurance as I know its gonna be more expensive than just insuring the vts. Just something I wanted to look into as I'm sick of swapping my policy to whatever car I'm using at the time, would be a hell of a lot easier getting a 1 size fits all policy and I'm not going to be driving anything bigger than a 1.6-1.8 so obviosly I'm not doin this for the cheap insurance.

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You want to be careful buying and selling cars from home anyway if your not a legal business, paying tax and with planning permission..

[tony5haw1988]

God I'm not using my house as a showroom just go through a lot of cars that's all, its not my full time job I just tend to buy and sell a lot more than others, so far iv. Had 1 useful post the rest are people more or less trying to tell me off lol I'm not anti christ just want a decent insurance policy people lol

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[greyjasper51]

Ok here goes.. My dad has this every year with his motor traders policy, hes 59 now, never had a claim or points (touch wood) and its just under 4k a year... He does declare all the top end jags he does and is 100% straight with them, tbh hes invited the insurance people down a few times to they can judge the premesis themselves and at the time he had an all matching number e type sat in there and his xjrs on the drive... The policy covers road risk, personal liability, part defect cover, and tools in the workshop... When you list it like that its cheap, but in my opinion unless your using it to earn money properly day in and day out it aint worth it... Plus apparently you cant get just road risk cover anymore... Well with a company thats worth the paper its written on, hope helps a bit

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[tony5haw1988]

Ok here goes.. My dad has this every year with his motor traders policy, hes 59 now, never had a claim or points (touch wood) and its just under 4k a year... He does declare all the top end jags he does and is 100% straight with them, tbh hes invited the insurance people down a few times to they can judge the premesis themselves and at the time he had an all matching number e type sat in there and his xjrs on the drive... The policy covers road risk, personal liability, part defect cover, and tools in the workshop... When you list it like that its cheap, but in my opinion unless your using it to earn money properly day in and day out it aint worth it... Plus apparently you cant get just road risk cover anymore... Well with a company thats worth the paper its written on, hope helps a bit

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Cheers mate

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[blackie_2k5]

Got to know what your looking for, I can get one or about 2k

Limits me to certain things, far too many factors influence it though, you'd need to ring up, they normally tailor it to your needs

[Tontsy]

as much as i like being on a trade policy, i also have a personal policy which works out 100x better in the long run as i wont have trade for ever.

[wobby82]

[QUOTE=f13sta;5924350]sounds like just another chap who isn't in the trade that wants a policy.

if your not a trader you will be shafted without lube.
clouter!!!!!

[jw1325]

My other half has one, but he IS in the trade. He's a mechanic and although he is insured through Honda for his job, he does to his own work and is constantly changing cars.

The way his works out is he can drive any car any time blah blah, but if he has a permanent car which is his - in this case his teg and his FN2 - he must declare these on his policy so they know they are HIS cars. His company is great though, he just needs to email them, keep a copy of it, and boom it's on.

And as to the case of you buying and selling on your driveway and thinking you're not doing it enough to warrant being chased for tax etc, take it from someone who works in payroll and alongside HMRC etc- you can and will be shafted for it, if they get wind of it.

Ok, so the average person who doesn't keep cars very long and sells alot, might get away with it - but someone with a TRADERS policy who deems themself a trader will get shafted.

But then you'll say 'I'm not a trader....' Then you will have the option of having void insurance, or paying HMRC a lovely fuck off bill :)

[shaneio]

ive got a trade policy, i pay £800 a yeah tpft limited to cars under 6k, can have upto 10 cars on my policy at any given time and trade from home.

most benifits are if i buy a car i can just get in and drive without having to notify my insurance.

downside is i pay more than i would on a private policy but would still rather have my traders :)

[Carl-h]

My mates 21 and has trade insurance through his dads policy. He works for his dad at his garage. Jammy bastard I think he gave his dad like £500 towards it or something and can have any car he likes lol. His dad pays like 3k a year but that includes him his son and his wife on about 6 permanent cars and a few bikes but I'm not sure if it's just road I durance or liability or garage insurance or anything.

[iDale]

I'm a named driver on my Dads policy, he's a trader and I do work for him. £120 a month with Adrian Flux

[blacksaxodevil]

i had a policy when i was 26 and am now looking at getting one back after i got shafted by tescos. had a policy put car on lay up while i had a new engine fitted rang them up after it was fixed and told them to up it to fully comp again, drove it the next day and got pulled for no insurance, went to court and tescos didnt supply any evidence but still got a ticking off from judge as it was my fault that i didnt check they had insured me. what the f**k if you ask them as a business dealing with insurance by law they have to recored all phone calls and they have to if asked supply the recorded tapes but again no such luck didnt record the call didnt have tapes etc. tt99 on my licence now topping up procedure within a 4 year period £250 fine 6 points. i had 6 originally for 2xcu80 that was in november 2009

anyway my traders policy was originally £600 fully comp all in could work on any car upto the value of £50,000 had full indemnity cover and full liability cover, tools covered for in transit etc etc etc. i am a mobile mechanic now my traders policy with the same company is now like £1500

i am 30 now and have 5 years no claims so good luck at 21 with no no claims lol

[devilsadvocate]

Im surprised traders insurance allows 'permanent' cars.

Surely the point is to allow you to trade cars, i.e pick them up and drive from the buyer to where you are keeping it, like a forecourt etc.

[saxo-parts]

Im surprised traders insurance allows 'permanent' cars.

Surely the point is to allow you to trade cars, i.e pick them up and drive from the buyer to where you are keeping it, like a forecourt etc.

but then it wouldn't cover recovery vehicles or works vans Laurie. For vehicles that are being used they have to be declared on the motor insurance database after 14 days i believe it is.

[blacksaxodevil]

Im surprised traders insurance allows 'permanent' cars.

Surely the point is to allow you to trade cars, i.e pick them up and drive from the buyer to where you are keeping it, like a forecourt etc.

it also allows for you to have a permanant vehicle or a few permanant vehicles i was allowed upto 4 at any one time, as it seems you need a van a car a motorbike and a toy, lol

[blacksaxodevil]

but then it wouldn't cover recovery vehicles or works vans Laurie. For vehicles that are being used they have to be declared on the motor insurance database after 14 days i believe it is.

correct

[blacksaxodevil]

most traders policies now if you are starting one up they will ask for loads of info like certain documentation to prove your in the trade and just working in a garage doesnt count, if you have had one before they want to see proof of this. also traders no claims bonus is not transferable to private policies afterwards

[devilsadvocate]

but then it wouldn't cover recovery vehicles or works vans Laurie. For vehicles that are being used they have to be declared on the motor insurance database after 14 days i believe it is.

Yeah I see what you mean, I guess every system will get abused by a few!