Trustworthy Motor Trade insurance

[Basie 0]

Hi everyone. Just joined "Car Dealer". In progress of setting up a sole-trader Car dealership. Got a great quote for Motor Trade insurance from "Covea". Just a bit concerned as their review comes up with a score of 2.6!! Should I rather avoid them? 

[trade vet 704]

8 minutes ago, Basie said:

Hi everyone. Just joined "Car Dealer". In progress of setting up a sole-trader Car dealership. Got a great quote for Motor Trade insurance from "Covea". Just a bit concerned as their review comes up with a score of 2.6!! Should I rather avoid them? 

New trader policy for road risks and retail premises cover that tick all their boxes,I doubt any well known insurers annual premium would be less than £3k.

[It's me 615]

if doing quotes via internet clear your cookies between quotes

be aware some insurers dont cover your personal car

no idea whats reasonable these days

sorry

[steve01 2]

Try Tradewise

sole trader working from home 

5K max trade value, 1 year NCB, as many cars as i like, includes personal car fully comp, accompanied test drives (cant see how you can sell cars without this)

£1500ish for me but i am ancient 

[grant8064 219]

Ours is with Covea so hopefully they're sensible...only gonna find out when a claim is made really but they came fairly high up the list from our broker.

[Arfur Dealy 823]

Tradewise for me, £900 a year comp, includes demontration, roadrisk etc and 20k limit. Been with them for years, I have never claimed.

[EPV 631]

+1 for tradewise

the online portal is great, get a car on the MID in seconds. 

[metcars 397]

Tradewise here too

[NoMargin 11]

I'm with Covea only because they were £450 cheaper than anywhere else. 

Someone put in a claim against me, side swiped my car when I was stationary, reason why I didn't want to claim, because the damage to my stock car was so minimal I polished it out by hand. Covea tried to pressure me with a letter to admit liability, I told them to jog on. They have set a reserve of  £14000, because the 4 people in the other car are all claiming soft tissue injuries. Happened in April and It's still ongoing now. 

Claim management guy came round for 2 hours to take a statement, check drivers licence with DVLA and take copies of V5, purchase invoices, sales receipts, advertising,  etc then after all that I get emails/letters from Covea asking for proof that I'm a car dealer. 

Dash cam is key, wish I had it at the time would have put this to bed ages ago, insurance gone up £400, no claims gone down by 2 years. 

 

[Rory RSC 596]

Speak to John France at Premier Insurance Brokers Winsford 
01606 863400
 

Don't mess around with insurance make sure you are fully covered and legit its one area not to skimp. 

[Grantlfc81 88]

Tradewise are underwritten by covea - 

Being a new trader it’saways expensive, mine was £2k but now I have a forecourt I should imagine it will jump next year

[Rory RSC 596]

Jem Emirali at Aston Lark is also fantastic and knowledgeable and well worth askking.

[Nick M.K. 574]

On 06/09/2018 at 7:02 PM, EPV said:

the online portal is great, get a car on the MID in seconds. 

DO NOT get your cars on the MID unless they are your personal cars or taxed cars. 

[EPV 631]

Why?

[Nick M.K. 574]

Because there is no requirement for you to but if you add them and sell a car and it has an accident without having valid insurance they will check MID and go to YOUR insurer with the claim as you will be the last party to have "insured interest" in that vehicle. 

This advice comes directly from my broker Jem from Aston Lark and he knows his stuff. 

[It's me 615]

2 minutes ago, Nick M.K. said:

Because there is no requirement for you to but if you add them and sell a car and it has an accident without having valid insurance they will check MID and go to YOUR insurer with the claim as you will be the last party to have "insured interest" in that vehicle. 

This advice comes directly from my broker Jem from Aston Lark and he knows his stuff. 

to fill in a few more details

you put car on mid on motortrade policy

you sell it and dont take off the mid

customer doesnt insure for many reasons and they have an accident i know a trader this happened to

ive just been on a drive and been road raged by a young woman with a young kid on the front seat jumping up and down,ive just done a dvla check and the car doesnt exist another 66 plate second in 2 months i know about now

[justina3 518]

my insurance broker says complete opposite the second i pay for a car, they advise i put it on cover then the second the customer drives off i remove it, that was there advise.

 

funny old game insurance, we pay £1800 a year but that does cover us to work on customers vehicles as well as the usual road risk blah blah blah 

Tool cover i find going up more than any other section our cover is £15k 

[EPV 631]

So the reason is that if you don’t take the car off the MID (I always do) and the punter doesn’t insure their car (they always do, I make sure they are 100% road legal at handover) and they have an accident (seems plausible but quite low risk)

i can see why that’s an issue if that all happened. 

But the reality is, I like being on the MID to save any plod entanglement and I take all my vehicles off the MID as part of my handover process. I have to say I prefer my way in this instance so I appreciate the advice as ever but will stick to my way in this case, thanks Nick. 

1 hour ago, boring dave said:

to fill in a few more details

you put car on mid on motortrade policy

you sell it and dont take off the mid

customer doesnt insure for many reasons and they have an accident i know a trader this happened to

ive just been on a drive and been road raged by a young woman with a young kid on the front seat jumping up and down,ive just done a dvla check and the car doesnt exist another 66 plate second in 2 months i know about now

“You sell it and dont take off the mid”

As above mate, that doesn’t happen as I have a checklist and removing the vehicle from my policy is on that checklist. Again, I do appreciate the point you’re making. 

[Mark101 536]

Tradewise for me too and we've had the MID debate before.

I do and will continue to add all my stock to MID and I delete them the minute a deal is concluded.

[Nick M.K. 574]

3 hours ago, EPV said:

So the reason is that if you don’t take the car off the MID

NO. 

Even if you sell AND take your car off the MID you are still exposed as you will be the last party to carry an insured interest. Even in the past. 

2 hours ago, Mark101 said:

I do and will continue to add all my stock to MID and I delete them the minute a deal is concluded.

You are free to do that but this is not best practice.

[EPV 631]

If I can prove by a timed ownership transfer done online that I wasn’t the registered keeper, i’d suggest i’d be covered surely? 

[Nick M.K. 574]

4 minutes ago, EPV said:

If I can prove by a timed ownership transfer done online that I wasn’t the registered keeper, i’d suggest i’d be covered surely? 

Your insurer will get the claim, not you. 

I've been through all these questions with my broker. Don't add was his advice. It was news to me as well at the time. 

[NOACROSS 414]

My my broker, insurance company (three or four companies over the years) state the same as Nick is saying. I’ve never added stock cars to it. 

Have had various claims etc and it’s never been an issue with police or insurance co -as this is what they advise. 

[EPV 631]

Ok. 

What about when the law pull you over cos your plate is coming up as not insured? 

[pmpants 14]

I take it the customer can still tax cars online if the cars not on the mid? We've always added them once the cars here, but am considering stopping this due to the above advise.