Claiming on trade insurance

[Station]

I'm looking at going through my traders policy over my car which recently had a bump.

I've got nigh on 9 years no claims and I'm currently paying 900 per year which is really manageable, and being traders policy is great.

The car has side impact, door took the brunt of the lamp post, but also pushed the b pillar in a good 2 inches.

'Superficial' damage is door and wing, and a dent on the bonnet, bumper scratched and bent, side light cracked. I can get all this, I've already got a door.

 

I'm picking up a complete rear quarter - I was quoted by a mates body shop who only does high end stuff (big professional place) at one grand for everything if I get the panels.

The work scares me and I would never touch it, a) it's beyond my skills b ) I want it to look flawless after its done.

 

Has anyone done this in the past? What should I do?

Not mentioning name of car or photos, as I haven't had it assessed yet.

[Pete-M]

The golden rule with trade policies is "don't claim".

[Richard]

That used to be the rule with all insurance.

[Station]

Is that true? What am I likely to lose on?

Will they shaft me on 'trade price' saying it's worth 50£. The cheapest one on eBay is 8 grand.

[cort16]

The first thing they'll ask is for you to prove you're trading .

 

Does 1000 quid include paint? If so doesn't sound too bad . Your excess plus lost ncd has got to be close to that .

[colnerov]

 Hi, Firstly they wouldn't expect you to pay retail price for a car so your car is valued at trade price. With your trade connections you could get it done cheaper than an insurance claim price so they may think they're being turned over and view it with suspicion. As said they could then start asking questions. In other words you're sticking your head above the parapet.

[Station]

OK everyone - I am a trader in every sense of the word (sell/repair cars/premises/etc) - I've got to send my receipts and log books off every six months to the insurer and have done for the past five years. That's why I have trade insurance.

Having a multi-car policy would be cheaper and less hassle. I paid 'retail price' for the car and have receipt (from an actual dealer/importer).

Sorry, but I just wanted to know what the process is and possible outcome - not how to find a loophole for my supposed illegal activities.

 

£1000 is cheap - they will be cutting the old panel out, then welding the new one in. It needs pulling in areas.

[warren t claim]

The problem is that they may refuse to cover you again next year and you'll have to shop around at renewal time with zero no claims.

[Mr Lobster]

The golden rule with trade policies is "don't claim".

 

This.

 

When I was actually working in the motor trade our broker had the mantra of 'this years claims, next years premiums' and lo and behold the more you claim, the more the renewal price goes up.

 

So claim by all means but bear in mind that next year will be painful.

[cort16]

I only said that as I had trade cover, only had 6-7cars a year and worried they'd baulk if i ever claimed.

 

It might be worth a chat with your agent to discuss the implications of claiming

[michael1703]

A grand out of your own pocket or claim?

 

I'd stump up a bag.

 

What's the excess on the policy?

 

 

I've got protected claims on my traders policy, if I have a claim I go down to 4years ncb, cost me £80 this year

[BavarianRetro]

Most trade policies, in my experience except the specialist "classic trader" policies, only pay out on trade value. It'll be detailed in your policy schedule.