17 replies to this topic

[Piglet]

as my turbo project is getting nearer completion iv started to look into insurance and as im 19 with 3 points the cheapest is 3200!!! so i was wondering wether it would be cheaper to set up my own small car selling buisness and get insurance to drive it through that.

so my initial question is, is it legal and and secondly has anyone on here done similar or at least got an actual buisness with trade insurance.

piglet

[redhotmini]

i know people who have got trade insurance, it is legal and there are companies that will do a traders policy without you setting up a company, essentially its a basic multicar policy. really its only useful if you have more than 1 car, and you wont get agreed value either.

[Piglet]

well im gonna be running my my mini as a toy but more than just weekends then iv got a mk2 golf gti for my long trips and im looking into early 911's for the hell of it. so multicar would be what im after, as for the agreed value id like to see anyone try to steel the car from the garage its in, its got 4 locks and iv got alarmed electric gates at the top of the drive way. lol (i live in a shady area by the way) and im sure that if something happened to it(i.e i crashed it then im sure i could get parts from it make a bit of my money back on it, it doesnt ow me alot as it stands.

piglet

[Piglet]

o, forgot to ask

do you no any such companys that will insure me with out a buisness>>?

piglet

[redhotmini]

i dunno about what company to go for, just google it. although you will probably be looking at a lot of money, and the sad fact that a lot of traders policies dont cover under 21's. the policy they have where i work is on 3 vans, and when they put me on (20 year old, no points) they had to pay up another £900 odd.

[minidaves]

most trade policys now are over 21 or over 25 and arnt cheap

dave

[Jordie]

25 is the minimum most places. I looked into this recently, now having 3 cars and selling/buying them regularly.

[pinch]

I'm 24 and run a small used car business, my trade insurance is just over £1200, and that covers me fully comp on cars, and gives me public liability insurance, cover for storing customers cars, stock cover, and i can have private cars, vans on the policy. i don't insure my mini with this because i don't want to lose my no claims on my private policy, they won't give me an agreed value, and i don't want to risk my work insurance if i do something silly in the mini. i am with Tradex, through TradePlan insurance services.

[Guess-Works.com]

I looked into it, and most were wanting details of cars bought/sold etc numbers per month, and then were only interested if you were a ltd company... As I exist in more a mechanical sole trader rather than a ltd business, none were really interested... but I can get trade plates without issue...

[Dan]

This would be insurance fraud on a grand scale. If they caught you they would not be lenient. Having three points at nineteen, harsh though this sounds is your own fault.

[Piglet]

This would be insurance fraud on a grand scale. If they caught you they would not be lenient. Having three points at nineteen, harsh though this sounds is your own fault.

your right mate , yes the points are my fault but if you have ever done a search for insurance when you have 3 points the price barely changes, it came down by 3.26 when i searched without the points on!!

Can you explain to me what is fraudulant about having a company that sells cars but isnt very good at what they do(i.e sells only 2 cars a year)

piglet

[Jammy]

It'll probably come down to things like tax returns, company accounts, primary source of income, etc?

[Jordie]

your right mate , yes the points are my fault but if you have ever done a search for insurance when you have 3 points the price barely changes, it came down by 3.26 when i searched without the points on!!

Can you explain to me what is fraudulant about having a company that sells cars but isnt very good at what they do(i.e sells only 2 cars a year)

piglet

Piglet, What do you do for a living? If you are employed by a company, Then take out motor trade cover saying you are a self employed salesman, you are telling lies about the cover, which invalidates it.

If i remember rightly, when My dad run his own motor trade business, he had to have detailed accounts of what was bought and sold.

[mkw]

well im gonna be running my my mini as a toy but more than just weekends then iv got a mk2 golf gti for my long trips and im looking into early 911's for the hell of it. so multicar would be what im after, as for the agreed value id like to see anyone try to steel the car from the garage its in, its got 4 locks and iv got alarmed electric gates at the top of the drive way. lol (i live in a shady area by the way) and im sure that if something happened to it(i.e i crashed it then im sure i could get parts from it make a bit of my money back on it, it doesnt ow me alot as it stands.

piglet

your 19 with 3 points and have two fast cars already but want a Porsche?.....the insurance companies will just shaft you when they have done laughing

[Piglet]

im a full time student and im a chef aswell doing 45 hours a week so i couldnt really say i was a salesman, ri think the easies thing would just to ring up a company and ask what i need to get cover (vat number etc)

cheers for the input guys

pete

Edited by Piglet, 17 October 2007 - 10:22 AM.