traders insurance?

omnipeta

I would like to buy a car from an auction, I may buy 1 car per week depending on how successful I am, can anyone please enlighten me to what type of insurance I require? Also is it worth taking out temporary insurance?
A friend has given me a sum of money to begin with to purchase the cars.
Any advice would be greatly appreciated. Thank you, omnipeta.


(I'm pretty well versed in assessing/judging cars and I'm reasonably knowledgable on the pitfalls that are out there)

Lil306

I'd have thought temporary 1 day insurance would be better, because you're only paying for it to be driven that day.....

I don't know the legalities if it's under the assumption the car has MOT / TAX, or it merely provides insurance for the car to be driven to the nearest garage / residence where it would be SORN'd if required....

JPS29

A motor traders policy is best for you. The one I have covers me and spouse for any car. Any car in my stock for more than 14 days should be added on the MIB. Be prepared to be pulled over though in the initial 14 days as the car will show uninsured. I keep my policy with me at all times. Once the coppers see this and know its in trade they're fine.
Hope this helps.

staggy

You definately need to contact a decent broker who can help you arrange "Motor Trade Road Risks Insurance" (google it).

Can't make recommendations as I work for one such broker and it would be against site rules

omnipeta

Thank you guys, much appreciated, omnipeta.

emmell

You may need to consider trade plates as well if you are going to be driving the cars and offering test drives.
ML.

dacouch

Avoid the following Insurers Tradex, Tradewise, MMA if you choose Chaucer make sure you read the documents carefully especially regarding what cars they cover / apply terms to

raskazz

Lil306 wrote: »

I'd have thought temporary 1 day insurance would be better, because you're only paying for it to be driven that day.....

Not a good idea because most, if not all, temporary policies will not cover motor trade use. As others have pointed out, you need to get motor trade road risks cover.

dacouch

When you pick a car up it's an idea to carry your motortrade certificate of insurance as they will not always show as being insured on the database so you will get pulled by the police a lot.

If you get pulled and don't have a certificate on you, a good trick is to give the police a registration number of a car you have declared to the database that is still on there. Some police (Not all) will check this with the database and can then view this car being covered which can satisfy them.

Contrary to popular belief most motor trade policies do not cover you to drive absolutely any vehicle on the road, the police are aware of a lot of the restrictions. So make sure you understand what you are covered for and what you are not covered for. A lot of people get caught out either by police checks or more often when they have an accident and find they are not covered for it. Pay particular attention to the restrictions for additional drivers if you have any.

stevemarsh1976

dacouch wrote: »

When you pick a car up it's an idea to carry your motortrade certificate of insurance as they will not always show as being insured on the database so you will get pulled by the police a lot.

If you get pulled and don't have a certificate on you, a good trick is to give the police a registration number of a car you have declared to the database that is still on there. Some police (Not all) will check this with the database and can then view this car being covered which can satisfy them.

Contrary to popular belief most motor trade policies do not cover you to drive absolutely any vehicle on the road, the police are aware of a lot of the restrictions. So make sure you understand what you are covered for and what you are not covered for. A lot of people get caught out either by police checks or more often when they have an accident and find they are not covered for it. Pay particular attention to the restrictions for additional drivers if you have any.

Excellent advice, a lot of motor traders policies restrict to driving vehicles in conjuction with the business not for pleasure purposes.

I also echo steering clear of tradex ive had issues on claims with them in the past.

nb. you dont like MMA dacouch ?

dacouch

Steve I don't know anyone who likes MMA, apart from one of my old colleagues who placed loads of business (Against my advice) with them because they were "Cheap". When the inevitable problems with claims happened I refused to help him so he learnt his lesson.

I have seen some highly amusing valid claims that MMA have refused

I (Currently) find all French Insurers are best avoided