8 replies to this topic

[Guess-Works.com]

Well I've just been through the rigmarole of sorting out trade insurance which covers me to drive other peoples cars in respect to the motor trade and I'd just like to share some of my experiences...

First... Ring around... don't rely on looking for online quotes, it's just a waste of time and 90% of the ones which give you an online quote don't go into the details necessary especially when dealing with classic vehicles ( ie older than 1980 )

I thought I had this sorted on Monday with a local company ( which advertise nationally ) Peacocks Insurance in Coventry... I had a quote of £915 off them on Monday which after the limited number of calls I made seemed to be about the ball park figure.. Only problem is that on Tuesday they rang me back saying there's a problem and they would have to cancel the policy, the underwriter they had used for the quote would not cover vehicles pre 1980, fact lot of good that is, especially after I had explicitly gone through the need to have cover for classic vehicles which could age from 1959...

So Today, starting @ 9am, I googled Classic Motor Trade Insurance, and started at the top....

Numerous phone calls later, I went through a quote with a company called TradePlan, and nearly fell off my chair when he gave me a quote of £595..

Some more phone calls, and when going through the specific details of the policy I have settled for the following with a company called Broadsure Direct.

In summary...

I have a split indemnity fully comp insurance, £5k for my own vehicles, and £12.5k for customer vehicles ( including classic/vintage vehicles but not steam )
Demo' cover
Legal cover
Commercial Vehicles upto 3.5t
American/Canadian ( 3rd party only )
Kit cars ( 3rd party only )
Trailer Cover
Public Liability £1m

A £250 excess, and two fault claims in the last 5 years ( but have 7+ years NCB protected )

Obviously my own vehicles are on the policy, so no need to separate insurance, and because of the underwriter used ( TRADEX ) if I buy a car, I just need to text them the details, and it's immediately covered... bonus.

Less than £570

From a traders perspective I wholly recommend this broker, prepared to go through the finest detail of the policy on the phone, and will call you back.

Broadsure Direct
0845 658 6587

I don't get anything by referring people to this company, it's just after my experience on Monday with Peacocks', Broadsure seem to have a better handle on the business needs of their clients...

Edited by GuessWorks.co.uk, 02 December 2009 - 11:20 AM.

[1275 SPRITE]

That sounds cheap!
How do you qualify for traders insurance? Must you own a company or something like that?

Thanks

James

[Guess-Works.com]

Being in "The Trade" is a pretty cast iron requirement..

[buffalox]

That sounds cheap!
How do you qualify for traders insurance? Must you own a company or something like that?

Thanks

James

You need to be in some sort of "trade" related activity, though it need not be full time. On the one hand some people have premises, other staff that need to be insured, and all sorts of other extra bits of cover, whilst someone else might just buy and sell cars part time from his home - no extra staff, no business premises (but you should keep receipts for sales/purchases).

Hence the need to call up and get a personalised quote!

Oh, and need to have had your licence for more than a year...

Edited by buffalox, 02 December 2009 - 06:11 PM.

[Shifty]

I used to deal direct with tradex for my trade insurance.

I now have a fleet policy with them, good value if you have more than one car.

[Rented]

Reccomended this company to afriend after reading your post , just saved them £300 a year compared to their old policy .

Sorting my own out with them next i think when renewals come up !!!

[Yoda]

I had excellent service direct from Tradex too. the only downside was possibly due to the fact that we dealt with "race cars" as a part of our business and our Address was "brands hatch park" our premium was a tad overpriced.

[starletman]

I would fully reccomend Tradeplan.Mines through them with a company called tradewise,very reasonable price and easy to update with text messages.

Edited by starletman, 11 March 2011 - 08:02 PM.

[danwilson]

I would fully reccomend Tradeplan.Mines through them with a company called tradewise,very reasonable price and easy to update with text messages.

just got mine with MotorTradesInsurance.com £750 fully comp. £10000 cover own cars £20000 cover customers cars, not a bad price

Edited by danwilson, 01 November 2012 - 11:42 AM.