Trade insurance cost ?

[SK Motors 4]

What are you guys paying for your trade insurance ? 

I've had a road risk policy with Tradewise for 6 years with £15,000 indemnity which also covered sports/performance and prestige and also allowed personal use of any of my cars. 

This cost me pretty much £1000 per year but unfortunately I have 2 SP30'S on my licence now. This has pushed my trade insurance to £1400 ! They will not budge on that even though I've told them I'm a named driver on my partners business insurance and my points only increased her policy by £70 which they then dropped back off to keep her custom.

I've decided not to renew my policy and have insured my own car privately for £400. 

This decision has forced me to potentially stop trading as of now. I just can't justify the cost of the insurance when I'm a part time trader only selling 1 or 2 cars a month at best.

Out of interest, those of you who are part time traders trading from home, how much are you paying for similar insurance cover ? If I can find another company that will cover me at a reasonable cost then I may carry on, otherwise I'm sorry to say this will be the end for me.

[XFS 70]

I used a broker called Think Insurance, they are cheap, but not without issue. £50k of cover, personal vehicle, partner named, all in for around £1000. I have no points and full NCD.

There are a lot of vehicles excluded, but not necessarily the ones you might think. Almost any BMW, Merc, Jag, Audi is fine, apart from M, RS, AMG. But they won't allow any Porsche, not even a diesel Cayenne or a basic Boxter, a lot of performance hatches excluded to, but nearly all performance saloons fine.

All in all, pretty good for the level of cover.

[betginge 73]

It sounds like your all on about part time trader polices, I wish my trade insurance was £1400. I have always had combined policy to cover garage, stock, road risk, employers liable, public, business interrupt etc etc 

I am currently having to set up another trade policy for a new pitch as its a different company name, Its becoming very expensive. Mind you nothing compares to when I had my policy for a car auction, that was eye watering , only 2 firms in the UK ran such policy's so not much competition. 

Broker was telling me the other day he cannot get a trade policy for less than £850 for part time road risk, and even then it needed to be full NCB, Right area of the country, no points and be lets say an older gentleman.

[metcars 394]

1 hour ago, betginge said:

Broker was telling me the other day he cannot get a trade policy for less than £850 for part time road risk, and even then it needed to be full NCB, Right area of the country, no points and be lets say an older gentleman.

Interesting, my broker told me my insurance would be going up now because of my ahem 'age'?

Insurance man speak with forked tongue

Edited March 26, 2017 by metcars

[Mikey 19]

Sk try Bollington Insurance who are owned by Ageas on 01625 854458  . They've been great for me over the years, so deffo worth a phone call. There's also two other brokers who specialise in road risk that were recommended to me on here when I was last shopping around, but their names escape me at the minute... Ones Nantwich way and the other Blackpool I think? I'll dig out my quotes when I get a second and pass on their details to you.

Right here goes...

Network Trade Insurance on 0800 121 6965 ask for Lee

-  or Premiere Insurance Winsford ask for John on 01606 863400

 

 

[metcars 394]

2 hours ago, tradex said:

Our's isn't part time trader, but we found things cheaper to break up the cover over different companies...which seems counter intuitive.

I didn't know you could get part time trader cover..if business ends up being more like Feb and March we could classed as part time though

I was under the impression that P/T was intended for someone who was for example working as a 'GP' for 5 days a week and a car dealer for two, hence part time?

Seriously, I wouldn't be surprised if P/T insurance actually worked out more expensive

[Mikey 19]

On ‎3‎/‎25‎/‎2017 at 5:20 PM, tradex said:

Trade policies have been very much on the up the last few years. We were with Tradewise  for 10 years until this year. 1400 slices sounds about right to me but there are mentions of an independent broker on here getting better deals...someone will be along to shout that out.

We are now with Covea and saved 300 quid. Still have personal use cover (have 3 on at the moment) accompanied demonstration and they still cover some oddball stuff on approval....like an old London Taxi for instance we took in chop!

Their MID database portal is good and they record trade plates which is something I don't recall Tradewise asking for.

 

If you are doing 1 or 2 a month it would be hard to justify a trade insurance....maybe easier to just insure privately and pay the administration costs to change insurance over each....not knowing if that is practical as you wouldn't have proper demo' cover etc.

Sorry to hear the cost is prohibitive when you are trying to things correctly.

As an aside our public liability insurance took a hike this year too...just waiting for the trade plate costs to get silly.

Not sure whether you saw this or not as the forum merged my posts...

Try:

Network Trade Insurance on 0800 121 6965 ask for Lee

-  or Premiere Insurance Winsford ask for John on 01606 863400

[It's me 609]

my broker got me onto lv 2 years ago,my insurance went up £40 this year,im real happy with them as we made a claim last year on the wifes policy (private) and it was dealt with promptly and efficiently

thing is a few years back i tried going the cheaper route but it was a highway to hell and a nightmare to get cars on the mid

also a lot of quotes i was getting did not cover sdp and also didnt cover me going to a trade business and putting articles like wheel trims in my car and going to work with them as this was classed as business not motor trade,barmy i know but these things need checking before you move because when the reams of small print come its usually too late

[anxiousmonkey 0]

If your looking to get a number of quotes yourself with minimal time and effort, id recommend trying Utility Saving Expert. 

Got a number of quotes from them and they give 10% of their profits to charity which is a nice feel-good-factor. 

There website is >> Utility Saving Expert

[Mikey 19]

23 minutes ago, anxiousmonkey said:

If your looking to get a number of quotes yourself with minimal time and effort, id recommend trying Utility Saving Expert. 

Got a number of quotes from them and they give 10% of their profits to charity which is a nice feel-good-factor. 

There website is >> Utility Saving Expert

Compare sights are totally useless for trade insurance... but I guess you work for them as this is your first post!

[betginge 73]

42 minutes ago, anxiousmonkey said:

If your looking to get a number of quotes yourself with minimal time and effort, id recommend trying Utility Saving Expert. 

Got a number of quotes from them and they give 10% of their profits to charity which is a nice feel-good-factor. 

There website is >> Utility Saving Expert

If it was that easy to sort out motor trade insurance using a compare site I would be the first to use you. Am still waiting 3 weeks down the line for brokers to get back to me as some are quoting stupid money 

[anxiousmonkey 0]

1 minute ago, betginge said:

If it was that easy to sort out motor trade insurance using a compare site I would be the first to use you. Am still waiting 3 weeks down the line for brokers to get back to me as some are quoting stupid money 

It's not so much of a comparison site in terms of trade insurance, more a tool for getting quotes from many insurers. Program in your details in terms of what your looking for and the insurers will call you - they are usually pretty quick. 

In terms of Mikey's comments - I don't work for them but I do know the owner - its a new firm trying to do some good by providing energy switching and insurance quotes whilst giving 10% of profits to charity.  I'm just trying to help them raise awareness of the service. 

 

[MrC 142]

Im with Bollington and have been for a couple of years. Hate to piss you off but £600 fully comp, £10k indemnity, wife as a named driver plus she has addition business miles. Im 43 she is 41 We have 0 points and many years NCB so thats a big help

I must live in a low risk postcode cause my bike insurance is £150 fully comp on a Ducati 1199s 

 

 

[betginge 73]

Am sure there are few who can get it for less than £850 but this is what my local broker was saying, TBH its a lot to do with the margin the broker is charging, My local broker will want more for small policies with not much in it for them unlike Bollingtons who will have thousands of small trader polcies at a modest mark up. The old small margins big numbers game.

I remember when i was 20 I got a Part time trade policy full comp with choice quote and it was £780, Most 20 years olds now would give one of their kidneys away for a policy that cheap to drive pretty much any car they like

I am loosing my rag with the brokers at the moment, I am trying to sort out a stock cover for another site but they are all trying to sell me another combined policy at £3k, They don't understand that I have a road risk policy and  just need a add on for another site but they are not interested, not enough innit for them to quote.

I have come across a firm who deals in just stock cover add on so will give them a call tomorrow and get this mess sorted.

RENT, RATES,& INSURANCE , My Big Burdens

[Toomanyclouds 1]

Yes i`m with Bollington too for the last 2 years just renewed, but the insurance factory and Autonet were major players regarding good prices which forced Bollington to requote on the renewal price for me.

Chris

[betginge 73]

On 4/17/2017 at 4:41 PM, betginge said:

Am sure there are few who can get it for less than £850 but this is what my local broker was saying, TBH its a lot to do with the margin the broker is charging, My local broker will want more for small policies with not much in it for them unlike Bollingtons who will have thousands of small trader polcies at a modest mark up. The old small margins big numbers game.

I remember when i was 20 I got a Part time trade policy full comp with choice quote and it was £780, Most 20 years olds now would give one of their kidneys away for a policy that cheap to drive pretty much any car they like

I am loosing my rag with the brokers at the moment, I am trying to sort out a stock cover for another site but they are all trying to sell me another combined policy at £3k, They don't understand that I have a road risk policy and  just need a add on for another site but they are not interested, not enough innit for them to quote.

I have come across a firm who deals in just stock cover add on so will give them a call tomorrow and get this mess sorted.

RENT, RATES,& INSURANCE , My Big Burdens

Finally sorted stand alone stock cover for new site, £480 for 100k cover  (Nice One) 

[Johno 1]

Ive been quoted £495 , trading as a full time dealer working from home , trade value per car upto £7500 , told them it would be with around 10 cars , Ive not taken it out as I now intend getting a pitch.

[durashopping 0]

On 4/23/2017 at 8:05 PM, Johno said:

Ive been quoted £495 , trading as a full time dealer working from home , trade value per car upto £7500 , told them it would be with around 10 cars , Ive not taken it out as I now intend getting a pitch.

This would be perfect for me too, since I am starting out and would work from home too! Can you please tell me who quated you this figuer?? 

[Ashley@UKGlobal 6]

On 27 March 2017 at 9:29 AM, metcars said:

I was under the impression that P/T was intended for someone who was for example working as a 'GP' for 5 days a week and a car dealer for two, hence part time?

Seriously, I wouldn't be surprised if P/T insurance actually worked out more expensive

Part-Time trade insurance is generally cheaper as you have a secondary occupation meaning less time spent on the cars, less stock around you so less risk to insurers

[metcars 394]

On 2/9/2020 at 10:02 AM, Ashley@UKGlobal said:

Part-Time trade insurance is generally cheaper as you have a secondary occupation meaning less time spent on the cars, less stock around you so less risk to insurers

I don’t get the ‘part time’ thing.  It’s not a job that you start and finish at fixed times like working a lathe? Your stock is insured 24/7, you’re advertising 24/7, the only real difference is that you have less opportunities to make yourself available to customers. But to be fair many of us one man bands are chasing the clock all the time too!

[Ashley@UKGlobal 6]

5 minutes ago, metcars said:

I don’t get the ‘part time’ thing.  It’s not a job that you start and finish at fixed times like working a lathe? Your stock is insured 24/7, you’re advertising 24/7, the only real difference is that you have less opportunities to make yourself available to customers. But to be fair many of us one man bands are chasing the clock all the time too!

Hi Metcars, yes that is a fair point and I would tend to agree with your reasoning. However insurers work In mysterious ways and therefore if you have another occupation you are classed as 'part-time' meaning you get a discount on your trade insurance.

Thanks,

Ashley

UK Global Insurance

07590635644

[metcars 394]

1 hour ago, Ashley@UKGlobal said:

Hi Metcars, yes that is a fair point and I would tend to agree with your reasoning. However insurers work In mysterious ways and therefore if you have another occupation you are classed as 'part-time' meaning you get a discount on your trade insurance.

Thanks,

Ashley

UK Global Insurance

07590635644

So if I start a paper round will I get part time insurance?

[Kes 7]

Part time equals low volume in my book. Last part time insurance I had was about 2.5k then went to up to 3.5k - no claims no convictions no penaltiess. And it was end of part time trade for me.

[alexcool2020 0]

I had full insurance, which included full coverage of any expenses. After I calculated all the expenses, I thought it would be much more profitable to take full coverage of expenses from the insurance company. In addition, I had a choice between 3 companies and, thanks to a friend’s advice, I chose https://generalliabilityinsure.com/ and I really hope that I will not encounter any problems ...

[k2 autos 1]

Thankyou Ashley from ukglobal insurance you got me the right policy with a top insurer glad you pulled me out of tradex!!! And I'm glad I came across your number on here!!

Addy.

K2autos.