Hi, Is it possible to insure a driver for any vehicle rather than insure the vehicle. I currently have a Subaru WRX STI, a Triumph Sprint 1050 motorcycle and would dearly love a Jaguar XKR to add to the list, but insurance for the STI and XKR independently is a fortune, also no claims bonus for the 2nd car may be an issue. I currently have full no claims bonus on the Subaru. I can only drive 1 vehicle at a time so was wondering is it possible to insure a driver to drive any vehicle rather than the car/bike individually. Also how does this work with fire and theft? Thanks Vince.

 

I have a traders policy as I own many cars. I'm not a trader but found it was the cheapest option.
I can drive any car that is under my control.

 

How do you get this policy and does it have restrictions for what cars you can drive? What sort of excess? How does it work for fire/theft? How does it work with the new sorn ruleing that if a car is taxed it must be insured? Do you have to be a registered business? Cheers Vince

 

I'm with 'tradewise'.
You don't need to be a registered trader as car collectors also use this kind of policy. I did not need to prove I was a trader.
You can choose which cover you want as you can with normal insurance, TP, TPFT or FC.
No restrictions as to what cars I can drive, my 400 bhp Impreza is on there for instance.
I also had the option to register 10 cars onto the data base so if I was seen by a police ANPR system it wouldn't come up as 'not insured'.

 

Don't the insurers ask on the proposal whether you are in fact a "motor trader"?

 

Nope..
I openly admitted I was not a motor trader but needed the cover as (at the time) I owned more than ten cars.
I also have a friend who is infact a car collector and he also uses traders policy insurance.

 

lots of little details when it comes to trade insurance.

 

prob quite easy to get a trade insurance quote, when it comes to a claim id imagine it will be alot harder to get paid should you really not be a trader otherwise every1 would do it, fair play if yourve found someone who isnt quite as strict

 

be careful with trade policies. i know a lot of young lads in Northern Ireland use trade policies to drive their modified imprezas. insurance companies have caught onto this and are now stating in the small print that they will not cover cars that are modified or they give a list of cars that the policy will not cover or they restrict the age of the driver on some models.

Good trader policies cost money. yes you can get policy that will cover you for SDP and demonstration purposes for any car in your possession but you will need to read the small print on the policy. Trust me i have been there with my traders policy.

 

MattyB1983 - I'd be double checking that as it sounds to me that you are driving with potentially void cover.

 

Agreed

 

I need to know this aswell

So if your not allowed to have a traders policy unless you trade how are you meant to insure many cars ?

and whats classed as 'trading' ?

I have a good few so need to keep chopping and changing insurance but obviously only one can be driven at a time ?

 

whats the cover value matty ?..eg its not so good driving a £15,000 jag with £5,000 cover

 

More than one can be stolen at a time though

Do it the same way that most do it.... find a company who'll mirror your NCB onto each vehicle, which is exactly what i do with my Impreza and Corsa.

 

Another instance where people are taking the p!ss with insurance companies. Trade policies exist to provide cover for people who buy and sell cars as an occupation. It's not a cheap way of insuring Joe Bloggs fleet of cars although this is what is happening. I think the insurance company would be well within their rights to withold payment if you had a trader's policy and you weren't a trader.

 

Define a trader though ?

Do I need to have a registered company ?

I've sold about 6-7 cars so far this year so I guess I could be classed as a trader ? It doesnt need to be a full time occupation its more of a hobby for me

 

Why would my policy be void then ???

When I took out the policy I owned more than 10 cars. I intended to sell a few of these cars over the course of the year and made that clear to the insurance company. I also made it very clear that I WAS NOT a motor trader.

 

I think they are referring to a modified car not being covered....

 

Also,
If you guys are correct and my trade policy is void your saying I would need to take out 10+ separate insurance policies ??? Leave it out,

 

When I took the cover out the broker told me that many trade policies will not cover modified cars or even things like cosworth, EVO, Impreza etc etc.
I obviously explained that this type of policy would not suit my requirements. My policy clearly states 'any vehicle'.

 

Out of interest, how much does a policy like this roughly cost you matty, if you dont mind saying ?

 

In the event of a claim expect to have a request for VAT reciepts for the last 4 vehicle sales.

As above, lots of trade polices exclude high performance cars, and even more will exclude modified ones.

Matty - you have 10+ cars?

 

Did do Moley, cut numbers slightly now. Down to 7.

 

From memory they quoted me £550 for third party only, £1000ish for third party fire and theft and then fully comp was crazy money, £2500+ I think.
They also offered to set a limit on car value to keep the price down. This means that in the event of a claim they will only pay out a maximum of that set limit.
I'll dig my policy out tonight and have a really good look over it and see how much I paid. It was nearly a year ago now and I paid in one lump.

 

I'm referring to the fact that if there is a claim, it is very likely the insurer will ask for proof of trading.. no proof = potential void claim. In the event of a high value claim, this could financially cripple anyone.

 

I also own 7 cars, I insure 3 at a time on seperate policies. TBH I could look at a traders policy as I do buy and sell enough but they are expensive if you want cover for highly modified cars and imports. I'll stick with my seperate polices which offer an excellent level of cover. Ollie

 

[QUOTE=MattyB1983;10163891]From memory they quoted me £550 for third party only, £1000ish for third party fire and theft and then fully comp was crazy money, £2500+ I think.
QUOTE]

I have 6 vechiles and if i can get them all insured for £2500+ fully comp I "jump" at it before they can finnish the sentence yr covered

I pay £1895 just for my E90 M3 alone !!!

 

Why do you have so many cars ?

 

Why not? If I had the money I would have more
And Moley would be a rich man

 

PMSL

I have to agree with the insurance guys on this one, "Loopholes" can work both ways, I'll stick with Moley

R