I CAN HAZ... trader insurance!

[Luxobarges_Are_Us]

After yesterday's misery, I'm cheering up by the fact that the path to shite-ownership has been cleared! I just got a quote- at 930, it's barely 200 pounds extra in comparison to a single vehicle policy for the Ovlov.

 

That was the first quote I did, a company called pea-cock insurance services, part-time trading from home, and covers anything worth up to 5 grand on a comprehensive basis. Plus I got to speak with a real human who appeared to have a functioning brain. I will call a couple more people just to double-check, but they did sound pretty on-the-ball.

 

Which only serves to make "standard" insurance prices look even more ridiculous. In fact, Performance Direct had the gall to give me a quote for a CLASSIC policy on the 480, underwritten by Chancer, which was only 50 quid cheaper than the trade one!

 

I think Warren had mentioned CIS, but I don't see a number to call on their website.

 

Any other "part-time from home"-friendly recommendations?

[warren t claim]

Try Liverpool Victoria. They deal via Choice Quote in Liverpool.

[Cavcraft]

Crowthorne Insurance Services, Crowthorne. Absolutely miles cheaper than anyone else I've tried and a pretty good service.

[Luxobarges_Are_Us]

Cheers for that, guys! Crowthorne couldn't beat Peacock on comprehensive, but gave me some nice low quotes for TPFT/TPO, which I then took to Peacock who lowered them even further (they hadn't offered the option during the quote, so I was assuming they only did comp). Underwritten by a Gibraltar-based insurer for extra dodginess/shite points. I'm quite chuffed!

[michael1703]

I'm with http://www.roadrunnerinsurance.co.uk/?utm_source=RGGP

 

I had a recommend a friend card off them where me and whoever takes out a policy get £30 in their pocket, if they are any good I'll give you the reference number

[Luxobarges_Are_Us]

Thanks for that, Michael! I'll give them a call, although I think the Peacock quotes are quite hard to beat.

[CreepingJesus]

How do these sort of policies go for multiple drivers?

[Luxobarges_Are_Us]

I was asked whether I was going to be the only driver, which I will be, but I am sure that you wouldn't have issues adding a spouse or someone else to the policy. They seemed very flexible to me- I got the impression that you can do basically anything as long as you notify them and pay a little additional premium if required (e.g. I think Crowthorne wanted a few quid extra for allowing LHD cars). Having said that, I think there is an absolute lower age limit of 21- so it wouldn't be ideal if you want to tag on your 18 y.o. nephew to save him a few bob.

[andrew e]

I used to have the wife on, but after a £3500 payout they started asking for accounts...

[Luxobarges_Are_Us]

I have told them it's a strictly hobby-related thing, and that I am not even planning to make any money from it- merely wanting to improve my DIY skillsorz by buying some shite and selling it on after I fix it (selling to a scrapyard after I've buggered it up, more like), and that, since I won't be operating as a business that intends to make a profit, I won't be registering with the revenue etc, and they were fine with it on the phone...Got them to send me a pdf of the policy booklet just to be on the safe side, again it doesn't make any mention of requiring to register as a sole trader or business. If something happens [touches all wood in sight] and they ask for serious accounts (i.e. anything more than a spreadsheet of what I spent on each car), or, for that matter, the moon on a stick, I will merely be telling them to revert to their own documentation.

[wuvvum]

Underwritten by a Gibraltar-based insurer for extra dodginess/shite points.

Service Insurance Company, by any chance? They are the underwriter on my trader's policy. No idea what they're like as I've never made a claim, but they seem to consistently offer the most competitive premiums.

[Luxobarges_Are_Us]

Tradewise Insurance Company Ltd.

[Cavcraft]

One thing worth noting is that if you make a claim they will (as a rule) start asking for receipts from cars you've sold and they do get quite 'funny' with you. You supposedly get two weeks to add cars to your insurance database, I'd recommend doing it immediately and also to carry your insurance on you at all times. That way if you buy a car that's not on the MID list and get tugged by an ANPR equipped rozzer mobile you can prove you have insurance.

[warren t claim]

Did you ask them what's the minimum number of cars you have to trade in a year?

[Luxobarges_Are_Us]

They asked me how many cars I want to be trading, and I said "not a lot, perhaps about four". They seemed fine with that, and again the policy documents don't mention anything.

[warren t claim]

Even if you have fully comp traders insurance it's worth remembering that you'll only get bottom book for you car if it's written off! Not a good idea if you have a car from Carcraft on 137%APR (typical).

[Luxobarges_Are_Us]

what is "bottom book"? There's only one question to be asked when determining a payout here:

 

"How much does it WEIGH?"

[Cavcraft]

Bottom book is the bottom trade price. I set my excess at about £500 so wouldn't even bother claiming for the majority of the stuff I own.

[Luxobarges_Are_Us]

exactly. Don't forget that 4+ years of NCD are "worth" around 2-2.5 grand (because a claim will "load" your premium for the next 3-5 years), so I would never bother claiming...and even if I crashed into someone, I'd rather pay a few hundred out of my own pocket.

[warren t claim]

exactly. Don't forget that 4+ years of NCD are "worth" around 2-2.5 grand (because a claim will "load" your premium for the next 3-5 years), so I would never bother claiming...and even if I crashed into someone, I'd rather pay a few hundred out of my own pocket.

 

Tapping the bumper of a Maincrest Van Hire 13 seat minibus full of Liverpool fans on their way to an away match might cost your insurance company a tad more that 2.5k.

[Luxobarges_Are_Us]

I'm aware of that! Was obviously referring to minor stuff.

[andrew e]

Trust me you can argue the toss, as I had justed ticketed and belted my own stallion (prior to its OMG NO TACHO LHD TRUCK incident) I wanted more - and got it too.

[Rave]

I have randomly picked one of the several threads on Trade Insurance that a google search threw up to bump, rather than start a new one- apologies mods if that's not the preferred option!

 

Just wondering what the current state of play with 'enthusiast' type trader policies and if anyone can suggest some likely companies for me to ring first? The insurance on my 106 is about to expire and having the ability to add cars to the MID as and when would undoubtedly encourage me to get started on some of my other cars rather than leaving them to rot further. I also have plans to sell at least one of them so I could provide some proof of trading if I pull my finger out, though I have no plans to take it past the 'profitable hobby' stage for tax reasons at this point. I plan to hit the phonelines tomorrow morning...