Fleet Insurance
Discussion
Traders policies are not the answer if you have expensive vehicles as I am sure they only cover you for third party risks. They are available for people that are as it states, in the trade and therefore have to have cover for transferring, testing after repairs and demonstrating to potential customers.
They will not cover for personal private use and be careful about what cover they offer when the vehicles are not in use.
You can get a fleet policy but it is not worthwhile unless you have a substantial fleet to cover. For three vehicles, you would be better explaining to one insurance company that you would like them to cover all three and ask them for a discount for doing so.
They will not cover for personal private use and be careful about what cover they offer when the vehicles are not in use.
You can get a fleet policy but it is not worthwhile unless you have a substantial fleet to cover. For three vehicles, you would be better explaining to one insurance company that you would like them to cover all three and ask them for a discount for doing so.
Ask your broker about a 'Portfolio Policy'. Some insurance companies will let you do all your insurance in one payment structure so cars, bikes, house, contents, life etc etc for a reduced premium.
The downside is that if you have a small bang in one of the cars, you lose the NCB for all of them.
Matt.
The downside is that if you have a small bang in one of the cars, you lose the NCB for all of them.
Matt.
I think its a bit hit and miss which underwriters offer it. I havent had chance to look into it but the underwriters here (I work for an insurer albeit a specialist one) assure me that it can be done.
Whether this is on the basis of a broker kickback or similar though I dont know.
Matt.
Whether this is on the basis of a broker kickback or similar though I dont know.
Matt.
quote:
Also you can get traders policies that are fully comp on everything
I had a look into these a couple of years ago as all the little scrotes that were invovled in vehicle theft at the time were driving teir legitmate sierra Cosworths and Golf VR6s on traders policies. They could do this as they would not even be considered as a personal risk (19 year old Nova boys)
You will have to look at the conditions of the policy where traders are concerned and it doesn't cover you for private use, unless you specifically ask for it to be included. They then load the policy considerably.
I think you may also be asked to provide the evidence that you are in fact 'a trader' by the insurance company
Unfortunately MadCop, you're slightly out on this.
Motor Trade policies do cover you for personal use and for when vehicles are not in use, either at trade premises or away. In fact - try and get a business policy that *excludes* personal use - it's nigh on impossible. This is because the line between what is business and what is personal use is so fuzzy that it would create a grey area when determining liability.
Where Motor Trade policies differ from std personal policies is in the level of payout. As a Motor Trade policy is taken out by someone in the trade then it is assumed by the insurer that if it gets stolen/damaged that they would be able to replace/repair it at less than retail. So a 20k GBP TVR may actually only be insured for 12k GBP on the assumption that a Motor Trader would be able to source a replacement at that value.
Motor Trade policies are also not cheap. And an insurer may want to see proof of actual trading to determine your suitability for this type of policy.
Motor Trade policies do cover you for personal use and for when vehicles are not in use, either at trade premises or away. In fact - try and get a business policy that *excludes* personal use - it's nigh on impossible. This is because the line between what is business and what is personal use is so fuzzy that it would create a grey area when determining liability.
Where Motor Trade policies differ from std personal policies is in the level of payout. As a Motor Trade policy is taken out by someone in the trade then it is assumed by the insurer that if it gets stolen/damaged that they would be able to replace/repair it at less than retail. So a 20k GBP TVR may actually only be insured for 12k GBP on the assumption that a Motor Trader would be able to source a replacement at that value.
Motor Trade policies are also not cheap. And an insurer may want to see proof of actual trading to determine your suitability for this type of policy.
quote:
Unfortunately MadCop, you're slightly out on this.
Motor Trade policies are also not cheap. And an insurer may want to see proof of actual trading to determine your suitability for this type of policy.
I am always eager to learn I stand corrected.
I was right about evidence of being in the trade though.
Madcop,
Don't worry; it was only one of the very rare times that your info hasn't been spot on
Folks in the Motor Trade business are useful to know. A good friend is in the accident repair business and we both run BMW M5's in the Kumho Championship. If I need to run my car to his workshop I use his trade plates (no need for tax/MOT) and drive it on the road. So if you see a bright yellow, fully roll-caged race car with 6 point harnesses, mega loud exhaust and the number 16 on the doors/bonnet - that'll be me, and all legal of course!
Don't worry; it was only one of the very rare times that your info hasn't been spot on
Folks in the Motor Trade business are useful to know. A good friend is in the accident repair business and we both run BMW M5's in the Kumho Championship. If I need to run my car to his workshop I use his trade plates (no need for tax/MOT) and drive it on the road. So if you see a bright yellow, fully roll-caged race car with 6 point harnesses, mega loud exhaust and the number 16 on the doors/bonnet - that'll be me, and all legal of course!
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