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Thread: Trader's Insurance...

  
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    Trader's Insurance...

    ok before i get slated about breaking rule's with insurance etc etc...i'm only curious!! thats all ...

    used to work with a guy who was 19 and driving a 1.8T A3, he's now 20 and driving a civic type-R...i asked him how he managed to get insured on the cars...so he says...trader's insurance, which allows him to drive any car at any time...

    now i've heard about trader's from several people and heard several stories! a few i've heard have a long distance relative or something that owns a scrap yard/car lot...they pay their releative part of the policy and therefore they get traders...

    i'm guessing this is illegal UNLESS they actually work for the scrapyard or something like that?

    so my question is...who can use trader's insurance? is it the employees or the owner's? does the business have to be VAT registered in the motortrade? what about a private car trader? what are the legistics?

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    Anybody can have a traders policy, you don't have to own or work at a garage. You could quite simply sell cars in your spare time from your home if you wished it makes no difference. You can get them to cover all sorts of things, just the policyholder on any vehicle, any driver on test drives etc. Different options obviously cost different amounts and you'll probably find that there are restrictions on the cars or value that younger drivers can be covered on. Unless you are wanting to insure a couple of cars or actually trade in them it might not work out cheaper. It cost me less to insure my bmw and r6 seperately than to have one traders policy.

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    i thought it would be something like that...thanks for clearing it up though

    ...am just quite bermuased as to how under 21s have managed to get named driver on a trader's insurance policy!

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    They are usually limited to the value of the cars, ie. any car upto a value £20,000.
    I have a mate who has a traders policy but he has had it for years and buys and sells cars on a regular basis. I think to take 1 out these days you need to have bought and sold at least 8 cars in the last year.

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    Quote Originally Posted by Dam
    They are usually limited to the value of the cars, ie. any car upto a value £20,000.
    I have a mate who has a traders policy but he has had it for years and buys and sells cars on a regular basis. I think to take 1 out these days you need to have bought and sold at least 8 cars in the last year.
    I guess each policy will specify different rules and charge u different ammounts...

    so what about people like valeters? or maybe scrappies? they dont buy/sell cars

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    I think that your right. The higher the premium the higher cost of the car. Traders policy work much the same as normal insurance. You can have named drivers etc.
    What I was trying to say is that you would probabally need to prove that you were in the motor trade in some shape or form. Joe bloggs off the street can't go and a traders policy. You have to be affiliated with the motor trade wether it be valeting, car dismantling etc,etc.

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    You don't have to prove anything at all. Like I said you could simply be selling cars as a hobby from your home if you want to. You don't need a company name or premises.

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    Quote Originally Posted by sjj84
    You don't have to prove anything at all. Like I said you could simply be selling cars as a hobby from your home if you want to. You don't need a company name or premises.
    ...i'm sure they'd ask u the details/reg of the main car that you usually drive though

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    Quote Originally Posted by sjj84
    You don't have to prove anything at all. Like I said you could simply be selling cars as a hobby from your home if you want to. You don't need a company name or premises.
    I know you don't need a name or premises but a lot of comapnies require that you have had at least 8 cars the last year or something like that.

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    A traders policy is VERY expensive (for a reason).
    Previous Astras: 1994 Cesaro 1.8 16v | 2002 SXi 1.6 16v | 2001 Coupé 2.0 Turbo | 1999 LS 1.6 16v
    Other Vauxhalls: 2001 Vectra 1.8 16v| 2003 Vectra GSi 3.2 V6 | 2005 Signum CDTi 150

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