Trade insurance

[overrun]

The policy on my modern is up for renewal, and since I have started flipping and repairing "Yow!!" a few motors the past year, and will continue to do so, trade insurance could be my friend.

 

I am employed full time, elsewhere, Will this be an issue?

What should I state for occupation (assuming it lets you state part time work), valeter?

In the past, I have been told this is the way to go.

 

Say I do set up a policy, am I then eligible to purchase trade plates from the government?

 

Help 

[srad34]

Do you not have to be VAT registered business to apply for it? (Insurance and trade plates)

[twosmoke300]

Nope but they don't like part time traders and lots of companies won't quote or will be silly money

[Dave_Q]

I have done this although it was a few years ago.

 

I was down as full time elsewhere and part time trader, no premises or VAT number.

 

I was later told the only full time occupations they wouldn't accept were student and fast food delivery driver.

 

I paid in the region of 750 a year for third party only cover on any vehicle up to a value of £5000 including 4 owned cars and unlimited 'stock' cars, with an online MID update thing.

 

It may not be as easy as it used to be, best advice is to be honest and keep records of cars sold etc - in the event of a claim they will likely want proof of trading as yet another reason to try not to pay out.

[srad34]

Do you not have to be VAT registered business to apply for it? (Insurance and trade plates)

 I did mean more for the trade plates rather than insurance...

[overrun]

Nope but they don't like part time traders and lots of companies won't quote or will be silly money

 

No surprise to hear that!

 

I suppose it depends what silly money is.

I was thinking around a grand would be acceptable, given that I currently pay ITRO £450 for my own two cars, and if I have to add a temporary car, it can work out expensive (Cooper D for a month, £90).

 

The convenience factor is worth a few hundred quid on its own, as it opens a lot of doors for me.

 

Ordinarily, I would start getting quotes in, but I am reluctant to, if I can get away with stating that I am a part time valeter, or similar, if me buying shampoo and compound etc a few times per year will satisfy that one.

 

I know it's a potential mine field, but I am sure there are ways of making it a little less painful.

 

Cheers.

[overrun]

 I did mean more for the trade plates rather than insurance...

 

I don't think you do,

I was talking to a mate about this a few months back. They are only a few hundred quid, too.

 

Admittedly, I never looked too far into it, at the time.

[twosmoke300]

165 quid a year for trade plates that cover bikes and cars . Don't need to be vat registered . They don't even ask for proof of insurance but you do need to put trade plate number on mid

[Jim Bell]

Cavcraft is likely the man to speak to here.

 

I'll likely be in a similar situation in Feb.

[purplebargeken]

Thought trade plates need VAT shizzle and a premises inspect?

[overrun]

165 quid a year for trade plates that cover bikes and cars . Don't need to be vat registered . They don't even ask for proof of insurance but you do need to put trade plate number on mid

 

Cool. I thought it was about £250, so I rounded up.

[overrun]

Cavcraft is likely the man to speak to here.

 

I'll likely be in a similar situation in Feb.

 

A dinnit (usually) by voxarls marra

[twosmoke300]

Thought trade plates need VAT shizzle and a premises inspect?

Nope

[omegod]

I had trade a few years back, it was about £1500 for a year as a part time home trader, I sacked it off when the renewal came in at 2K

[overrun]

I had trade a few years back, it was about £1500 for a year as a part time home trader, I sacked it off when the renewal came in at 2K

 

overrun dislikes this

[omegod]

As did Omegod !

 

interested to hear how Cavcraft's works 

[Jimmycrackcorn]

Are these purely for vehicles you are trading or can they include your personal vehicles?

I'm looking into breaking Mercs etc and I have a Van as well as a car currently and would like another run around/toy.

[sporty-shite]

My last renewal was about a grand iirc. Third party fire and theft as a dull time student nurse and part time trader from home. The only extra stipulation when I changed occupation to student nurse was that they would not pay out a theft claim if it occurred within 800 metres of university premises. This is ok because I park on the street about 801 metres from uni.

 

I used Think Insurance in Walsall. They broker a Tradewise policy with online MID. They're also approachable for enquiries and seem to know what they're talking about.

[cort16]

Mine was about 600 quid . They'll want proof you're a trader. Things like reciepts for parts, business cards and headed note paper . I've a feeling if you couldn't produce this stuff it's get tricky if you needed to claim . Also beware it's easy to transfer your ncd to your trade policy but not easy to transfer it back off. This massively fucked me up when I came off it.

It is incredibly handy though

[sierraman]

I toyed with the idea of buying and selling cars at one point until I'd sobered up the next day and realised I couldn't keep my patience with the 'will you take (50% of the price) merchant or the 'brought my mate whose an expert along to chip the price of this £500 Vectra down to nothing' brigade

[garbaldy]

Three years I've had trade policy quotes and not one single one has come under fifteen hunna and that's with full no claims discount,

I've read plenty of people getting sub grand policy's and even called their recommended companys and still three times what all four of my insurances already cost.

Fook knows what you have to say to them to get a reasonable quote.

[michael1703]

I've been with roadrunner for 6 years,now Ashton scott

 

http://www.roadrunnerinsurance.co.uk

 

My first policy was about £750 but as the business grew and more tools accrued and higher value cars on premises it's about £2k at the minute.

 

Mine also went up when I put cover on for a recovery truck so I reckon you could get one for under a grand

 

I've never been asked for paperwork or proof,I'm not vat registered either

[dollywobbler]

I got quoted about two grand recently. I'll keep paying admin fees every change instead! Lack of experience was my main problem, though I doubt it gets much cheaper.

[NorfolkNWeigh]

I pay £1200 a year on Tradewise. I have fully comp up to £10,000 for me and Mrs N.it includes business use as a Social Worker for Mrs. I've got 3 cars on as personal , 2 of which have been on for 3 renewals.

I'm down as part time trader with full time occupation as a self employed chauffeur, they ve put a little note on the policy that I am not covered for hire and reward and when I first took out the policy I had to fax a copy of my private hire policy, although they haven't bothered for years with that.

Annoyingly my policy has gained more restrictions over the years- no bikes, no kit cars, no lhd .

[pompei]

If you make no pretence to be a trader, is it possible to run more than one car as personal transport?  I assume NCB will attach to one only. I've been lucky in the past as I have been able to insure non-dailies under classics policies but obviously that wouldn't work for some of the things I'd like to try. There are loads of cars I would like to buy and then move on when I'm sick of them but I imagine the insurance costs of having 3 or 4 at once will be horrific?  

[egg]

If you make no pretence to be a trader, is it possible to run more than one car as personal transport?  I assume NCB will attach to one only. I've been lucky in the past as I have been able to insure non-dailies under classics policies but obviously that wouldn't work for some of the things I'd like to try. There are loads of cars I would like to buy and then move on when I'm sick of them but I imagine the insurance costs of having 3 or 4 at once will be horrific?  

 

NCB can only attach to one car, so would make sense to keep it on your daily. 

 

I think if you get quotes for a low mileage and also ensure it is for social use only, a 2nd car might be manageable.

 

However....I'd need a 2nd car to do its share of work related duties (business use) and herein lies the problem. I looked up the diesel BX for sale on here £144 for a social use only policy, but £400+ for a business use one (in context I pay £250 for business use on my 1.6 Fusion). 

[matty879]

Thought trade plates need VAT shizzle and a premises inspect?

I know when I looked into trade plates vat wasn't an issue,but they did want to visit my unit as evidence,it seems harder to get a trader policy nowadays,appropriate business evidence needs to be provided to most insurers,a friend in the industry tells me its to stop chavs racing round in imprezzas and the like for fiesta premiums.when in fact theyre dole dossing drug dealers.my last policy was £600 a year up to £20.000 car value,truck was covered too up to 10 cars on cover at same time.