Insurance for the person not the car
12 July 2006, 07:47 AM
#1
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Insurance for the person not the car
Anyone know of any firms that insure the person and not the car? I change my car several times a year and it's always a pain messing around with insurance. I've tried and failed to find firms that insure me for up to £10,000 fully comp annually for any car.
I suppose traders insurance is an option, but I'm not sure wether I want to go down that road. Any suggestions apart from changing the car less often?
I suppose traders insurance is an option, but I'm not sure wether I want to go down that road. Any suggestions apart from changing the car less often?
12 July 2006, 01:22 PM
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Hi Scoobynutta,
As you correctly identify, traders policies are the only type of policy that cover the person & not the car.
To obtain these you would need to be involved within the motor trade and some motor trade insurance companies request proof of stock & active trading within the policy year.
They also only pay out "trade" value in event of a claim being made and due to the Motor Insurers Database legal requirement (Originating from EU Law) you would have to declare all vehicles that were held to the trade Insurer.
Things are becoming more bureaucratic due to the EU directive that resulted in our government making the database a legal requirement. Insurers have a legal requirement to place all details upon the database within 14 days of policy inception, which is changing to within 7 days shortly.
Whilst the primary purpose of the database is to combat uninsured drivers, a further positive note is that it also saves the queue in the post office by allowing the online purchase of road tax.
There is a further directive that will become law shortly, which resulted from the Motor Insurers Bureau (the body that indemnifies victims of uninsured drivers) successfully lobbying the government to introduce a law that requires all vehicles (including those kept "off road") to have valid Insurance in place.
I'll post more details once further info becomes available in this regard.
Kind regards
Tony
Ps. From memory I think we either still, or previously covered you here at Greenlight. We have 2 additional underwriters added recently and also our existing panel have relaxed some of the area requirements within some of the LU postcodes.. so if we dont currently, we could potentially help you in the future
As you correctly identify, traders policies are the only type of policy that cover the person & not the car.
To obtain these you would need to be involved within the motor trade and some motor trade insurance companies request proof of stock & active trading within the policy year.
They also only pay out "trade" value in event of a claim being made and due to the Motor Insurers Database legal requirement (Originating from EU Law) you would have to declare all vehicles that were held to the trade Insurer.
Things are becoming more bureaucratic due to the EU directive that resulted in our government making the database a legal requirement. Insurers have a legal requirement to place all details upon the database within 14 days of policy inception, which is changing to within 7 days shortly.
Whilst the primary purpose of the database is to combat uninsured drivers, a further positive note is that it also saves the queue in the post office by allowing the online purchase of road tax.
There is a further directive that will become law shortly, which resulted from the Motor Insurers Bureau (the body that indemnifies victims of uninsured drivers) successfully lobbying the government to introduce a law that requires all vehicles (including those kept "off road") to have valid Insurance in place.
I'll post more details once further info becomes available in this regard.
Kind regards
Tony
Ps. From memory I think we either still, or previously covered you here at Greenlight. We have 2 additional underwriters added recently and also our existing panel have relaxed some of the area requirements within some of the LU postcodes.. so if we dont currently, we could potentially help you in the future
14 July 2006, 11:29 PM
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Originally Posted by Tony@Greenlight
...There is a further directive that will become law shortly, which resulted from the Motor Insurers Bureau (the body that indemnifies victims of uninsured drivers) successfully lobbying the government to introduce a law that requires all vehicles (including those kept "off road") to have valid Insurance in place...
16 July 2006, 09:10 AM
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Hi Kenny,
The latest position (ie. two weeks ago) was that the MIB were sucessful in lobbying the government to ensure that ALL vehicles (on or off the road) will require Insurance.
It seems that in a similar way to how the new road tax system operates, they will be using the data contained within the Motor Insurers Database to inform the authorites that in individual's motor Insurance has expired.
Two links in this regard are as follows:
http://www.mib.org.uk/MIB/en/News/La...+June+2006.htm
http://www.mib.org.uk/MIB/en/News/Vi...aids+fight.htm
Hope this helps..
Kind regards
Tony
The latest position (ie. two weeks ago) was that the MIB were sucessful in lobbying the government to ensure that ALL vehicles (on or off the road) will require Insurance.
It seems that in a similar way to how the new road tax system operates, they will be using the data contained within the Motor Insurers Database to inform the authorites that in individual's motor Insurance has expired.
Two links in this regard are as follows:
http://www.mib.org.uk/MIB/en/News/La...+June+2006.htm
http://www.mib.org.uk/MIB/en/News/Vi...aids+fight.htm
Hope this helps..
Kind regards
Tony
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