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  • Traders Policy

    Does anyone on here hold a traders policy for their cars / business?

    Does the business have to be trading to get a traders policy or could you just set up a holding company and run the insurance through that?

    How much do people pay for their policy?

  • #2
    not the same but my mate runs a car hire/accident business and has a mini fleet policy covers any vehicle in his custody,care or control any person/any age (with his permission), he pays £22k a year.

    i also am part of this policy as i work for him too but i get to drive any car for free

    oh there is the catch the car cant be of a value of more than £1,000,000
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    • #3
      on the other hand most of my other mates who have traders policies have them as their business requires them to drive customer vehicles or business vehicles, you can get them pretty cheap depending on age, ncb etc

      but you can specify a value of cars that you will drive eg no more than 10k worth of cars etc etc.......


      on a sperate note you can also apply for trade plates which allow you to drive the car with no tax BUT the rules have changed for that and is more strict to get that and more money
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      • #4
        Ahh. My thinking was possibly getting a policy for the family as I want to pick up a 2nd car (original T8 Coupe) and insurance for my brother is stupid money even for a 1.0 Corsa. Add my parents on there for their cars I thought could of possibly saved a little money. However 22K is a bit steap

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        • #5
          Fleet policy would relate to someone that has many vehicles and its cheaper to get a fleet policy then insure them individually.

          A traders policy is for people in the auto trade for example that have cars coming in and off the forecourt all the time.

          The fleet policy you will have to state drivers on the policy and what vehicles will be driven.

          On a trader policy you state the drivers but not the vehicles, but the engine size of the vehicle is normally resticted unless you pay more and more depending on hat size engines you will be driving. Or this can be based on the value of the vehicle.

          If you own two vehicles and they are both registered to you make sure that you have an insureance policy for both vehicles if you dont go for the fleet option. You cannot have two vehicles registered in your name and have a fully comp policy for one and then drive the second 3rd party on that policy - many people fall foul of this.
          Last edited by Jay; 20 November 2008, 08:28 PM.

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          • #6
            Originally posted by Jay 1983 View Post
            Fleet policy would relate to someone that has many vehicles and its cheaper to get a fleet policy then insure them individually.

            A traders policy is for people in the auto trade for example that have cars coming in and off the forecourt all the time.

            The fleet policy you will have to state drivers on the policy and what vehicles will be driven.

            On a trader policy you state the drivers but not the vehicles, but the engine size of the vehicle is normally resticted unless you pay more and more depending on hat size engines you will be driving. Or this can be based on the value of the vehicle.

            If you own two vehicles and they are both registered to you make sure that you have an insureance policy for both vehicles if you dont go for the fleet option. You cannot have two vehicles registered in your name and have a fully comp policy for one and then drive the second 3rd party on that policy - many people fall foul of this.
            I don't know how people fall for that. I know someone who did too. What if the car gets nicked, do they expect a payout for it?

            That's why I was thinking of a traders policy as having to pay for two premiums could work out expensive

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            • #7
              ive got a trade policy,i buy and sell cars so is really spot on for me.ive got the burg on it aswell as our fabia vrs plus about 10 cars which we have for sale,the policy is upto £35k per car ,fully comp for me and vic to drive anythink,even has demo test drive on it and costs us £600 per year

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              • #8
                Originally posted by skot View Post
                I don't know how people fall for that. I know someone who did too. What if the car gets nicked, do they expect a payout for it?

                That's why I was thinking of a traders policy as having to pay for two premiums could work out expensive
                Unless you in the car trade you'd actually be going for a fleet policy really, if you havent got alot of cars though think it would work out expensive. If you and partner have a vehicle it, register one in each of your names. Each take a policy out for one of the vehicles, hers will no doubt be cheaper than yours! and if you both go fully comp and over 25 you should be able to drive each others cars on your own policy 3rd party fire and theft but check with the insurance company as they normally limit the engine size and not sure if t 2 litre turbo would fall into this?

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                • #9
                  Originally posted by hoggy a View Post
                  ive got a trade policy,i buy and sell cars so is really spot on for me.ive got the burg on it aswell as our fabia vrs plus about 10 cars which we have for sale,the policy is upto £35k per car ,fully comp for me and vic to drive anythink,even has demo test drive on it and costs us £600 per year
                  See that's what I'm on about. I could be in the "trade" but have problems selling the cars that I have on the policy. Ie it may take three years + to sell if you see where I'm going...

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                  • #10
                    Originally posted by skot View Post
                    See that's what I'm on about. I could be in the "trade" but have problems selling the cars that I have on the policy. Ie it may take three years + to sell if you see where I'm going...
                    go and get some trade insureance as a part time trader

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                    • #11
                      My brother has a trade policy and although it covers any car up to a certain value it is 3rd party only as he cannot even get fire and theft. £900 a year
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                      • #12
                        One drawback for insurance under trade policy is that cars are covered to "Trade" value in the event of a claim though I heard?

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                        • #13
                          Originally posted by zletsgo View Post
                          One drawback for insurance under trade policy is that cars are covered to "Trade" value in the event of a claim though I heard?
                          thats is true
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                          • #14
                            yeah i agree with hoggy, i have traders policy providing me up to £100.000 worth of protection, so 10x 10 grand cars, as long as i tell them which one im driving , and i have 7 days to inform whats come in, there sound
                            im paying £1200 a year


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