Hi guys, just a quick question, I have a trade policy as I buy, sell and repair a few cars here and there, it's been all good until I added the wrx! The insurance company want a copy of the v5, and pictures of the car? Is this to check that it's not modified and a uk car? I have nothing to worry about but it's all new to me??

 

They asked me to do the same with a starlet as it was a import and didn't say GTTurbo on the v5 so the wanted the same info they asked you for ,,,, I just had to make sure I was covered for imports and modified and all was good , they do ask silly questions every now and again lol

 

If it's a WRX then it's not a UK car.

 

So what is the deal with trade insurance? How does it work?

Can i drive any car with trade plates etc?

How do they prove i am in the trade?

I drive numerous cars and work on cars etc occasionally so rather than having 12 policies it would be a good idea!

 

I looked into it a few years ago and at the time it just looked a mine field.

 

It maybe a uk wrx if its a newage car

 

This might be helpful: http://www.insurancechoice.co.uk/mot...rade-insurance

Part way down the page there's an informative FAQ section.

 

I used to have a trade policy with tradwise. Reason being, when my father passed away he left me a great number of vehicles and rather than insure each one individually I covered them all with one policy. I had my modified impreza on there for a while until I eventually got rid of most of the vehicles and then started a policy with moley.

 

I'm not in the trade as such , I buy and sell as a part time hobby so I have a personal trade policy but needed extra cover to cover for heavily modded and imported as I needed to cover both my scoobs and all the other ones I drive ,,,, all they ask is that I Keep a record of what cars iv brought and sold

 

be very careful as most trade policies wont cover you for SD&p uses only work related and also have very poor valuations (as they work on the basis of auction cost, etc.)

 

Mmm...

The link I put up at #7 has FAQs that say it is covered. However, I presume that like all policies you can add additional cover etc.

It's a good point though.

I for one would (if I needed it) have simply got Trade Ins, not realising.
(A bit like track days I suppose ).

 

i do motor trade insurance

a word of advice for anyone thinking of going down this route DO NOT take one of these policies if YOU CANNOT PROVE MOTOR TRADE ACTIVITY as 9 out of 10 insurers will ask for this and if you cannot provide this written confirmation your insurance will be cancelled and you may lose a good chunk of your premium

furthermore should you have a policy cancelled by an insurer its your duty to disclose this to any insurer you may want to use in the future and its very unlikely you will get insurance again as your kind of black listed after this so to speak

Tradewise insurance are the insurers who ask for pictures and they are not idiots and can spot mods easily, in most cases they restrict cover to TPO for modified vehicles

if you need any further advice give me a shout if you wish

regards

Rich

 

My policy was with tradewise, was never asked for any pictures of cars and they were well aware I was not in the motor trade. I made it clear that I had been left the cars and just needed them covering until I sold them.
All I had to do was give the reg details of every car I wanted on the policy. I was still covered to drive any car regardless of price or performance but only cars on the policy were fully comp covered

 

the policy you have is toilet paper im afraid you cannot have a motor trade policy just to insure a load of cars you have in your custody the policy you need is a multi-car

the whole purpose of a motor trade policy is if you sell vehicles you will operate for a profit, if you repair vehicles as a job again its for a profit whereas you have freely admitted you operate this policy on the basis of not making any profit

i can only assume your brokers has mis-advised you bigtime


see number 8 on the below link (should you wish to make a claim of anykind)

http://www.tradewiseinsurance.com/claimsfaq.php

 

also Matty any modifed vehicles are TPO

if you want a policy booklet emailed to you i can provide that

Rich

 

Matty

my mistake it says you 'used to have a policy'


lol ignore the above then

 

I no longer have the policy chap.

Policy all seemed legit when I had it. Everything I explained was detailed on the paperwork and they were aware my impreza was modded to over 400 ponies. Was stopped by the police and everything checked out fine.
I didn't make any claims so can't comment on that.

Would a multi car policy cover 15 cars ???

 

15 lol doubtful that would be a fleet policy (limited company etc)

twi definately never insured modified cars so i guess you got lucky as someone has told you lies for sure

 

This is the best bit of advice you'll get. Far too many people set themselves up for a fall by trying to find a cheaper way to insure their personal cars.

Motor Trade insurance is for Motor Traders.

 

Do you do traders insurance? Settimg up on my own fixing and selling cars
22 years old 1years ncb
having to use my mate friend whos a trader to pick up and drive the cars for me.. know its a slim chance but is it possible?

 

Hi,

yes we do a lot of Motor Trader cover but we'd need you to be aged 23+ I'm afraid.

Thanks

 

thanks anyway.. was worth a mention