Trade Insurance

[MintyFresh]

How does this work?

Im wondering wether this will be worth me getting. Im setting up a car audio installation business, which may require me to drive other peeps vehicles.

thanks

[Gerry M]

Check out www.tradexinsurance.com for details, I've just taken out a traders policy with them, & it worked out £50 cheaper for it that a qoute on the RX & now I've saved money by cancelling the 6 other polices I have. This covers me up to a 10k public liability & I can drive any car fully comp cant remember what I put the excess to thou. I'm 28, 3 points, 3 claims & only one yr ncb & normal insurers wouldnt touch me with a modded RX

[Tintin]

You got another link for that company that one's dead

So whats the deal with trade insurance do you need proof that you run a qualifing business ?

If I could get it then it would save me a fair bit on other policies

[scooby_si]

<a href='http://www.smileycentral.com/?partner=ZSzeb008' target='_blank'><img src='http://smileys.smileycentral.com/cat/7/7_1_116.gif' border=0></a>http://www.tradexinsurance.co.uk/
Si

[Gerry M]

you can get an enthaustist policy from them

[scooby_si]

i'd be intreged to see how it compares with 2 policys on a standard car & meaty RX7..........<a href='http://www.smileycentral.com/?partner=ZSzeb008' target='_blank'><img src='http://smileys.smileycentral.com/cat/23/23_29_110.gif' border=0></a>
Si

[MikeLMR]

hmmmm might give them a ring and see how much it is ... I have 3 insurance policies at the mo (although one allows me to be covered on road sections of rallies up to Nat A.)

[power_king]

I was searching through old threads for insurance advice and came up with this one.
Can anyone tell me if it would be better to get a traders policy if I have a modded RX and do you know the restrictions?
I'm a 28 year old freelance consultant so have my own limited company, will I be able to insure my cars through a company on a traders policy?
I've noticed that Tradex have a section for "Enthusiast", does anyone know what restrictions this would have?
Sorry to bring up "old stock" but I kinda need some advice from some experts, you guys.
I had a stupid quote yeterday for more than £6k with 1 years NCB living in London.

Thanks

Ty

[Tintin]

I've got one of there enthusiast policies , basically its a trade policy under a different name , you can tailor the policy to you requirements , as far as I can see it doesn't have any restrictions , you can cover any car thats in you possesion or custody ( I take that as any car that you have permission to drive , they told me any car thats in my name )

You are insured for an indemnity not a vehicle , you set your limit at the value of the most expensive car , only down side I can see is your only allowed to claim that amount in a single year , however you can buy more at a prorata rate

Best bet is fill in the quote form on line , they'll call you back to discuss it and finalise any details , they'll be able to answer any questions

Good Luck , 6k is a touch on the pricey side

[power_king]

Thanks Tintin, I'll give it a try.
Can I ask how much you pay with them, age, NCB etc?

[Tintin]

I'm 29 , 4 years NCB and this years renewal was £1600 for a 10k indemnity

thats with 3 points and an old drink drive conviction

[power_king]

I've just had a quote from Tradex for 2 cars for £2500 which isn't too bad considering the mods I've got. I haven't taken it out yet so haven't told them about all the goodies, do you know if it makes a difference even though it's a trade policy?
I also wanted to put my girlfriend on the policy (not to drive my Rex!) so she could drive the other car but they said you need to have 3 cars for 2 drivers. Is there anything stopping me buying a car that I'm gonna keep off the road (no tax and MOT) and using it that way??

[Tintin]

If I remember correctly they don't need to know about mods as your being insured on an indemnity not a car , when you get the forms to fill in on the list of types of vehicles covered theres a box for modified , my rule of thumb is if they don't ask don't tell them

Don't see why you can't cover a car thats kept off road , you'll have three cars and they don't need to know your not using it , price won't go up for extra car but you will have to pay a bit extra for extra driver

What indemnity limit you set ??? , My first year was £2200 at £10K

[power_king]

£2200 is pretty cheap, I've only got 1 years NCB now (my Rex was my first years insurance for a long time, ouch!).
The woman said I was insured for a value up to £7500 but I'm not sure how the indemnity works.
I declared the value of the Rex as £7500 and the Audi as £2500.
I'm wondering if I could have my motorbike as the 3rd vehicle as that's £900 a year TPFT with 3 years NCB....outrageous isn't it!

[Tintin]

your indemnity is 7.5k ( value of most exspensive vehicle ) , ask about your bike a mate of mine is considering using them and he's got a bike

That is pretty cheap , I'd take it especially if you can stick the bike on aswell

[power_king]

I'm still not quite sure I follow the indemnity??
So if in the event I crash my car the maximum I can get for it is £7500....how about if something worse happens to someone else, what is my liabilty?
Sorry for sounding so stupid but I just want to make sure I'm properly covered for every event.

Cheers

Ty

[power_king]

I've just spoken to them an all has now been figured out. If I add my bike they want to hike the premium to £4000 so I won't be doing that.
There's nothing stopping you from buying another car and keeping it off the road, just seen one in autotrader for £80.
When you took out your premium did they ask you if your Rex had been modified?
She said as long as the value of the car wasn't over £7.5k and wasn't a performance car like an Impreza or RS Cosworth (It was painful not putting her straight) they weren't too bothered. I haven't been down the route of taking out out yet so am not sure if they ask any other questions, being an import a likely one I would have thought?