traders insurance?

keys_2

I dont know much about about it but my friend who does the same has a traders policy even thow they only go to auction every few months . But they also buy and sell cars off ebay .

staggy

dacouch wrote: »

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

I'd take some issue with that view of MMA (though of course you are entitled to your own opinion).

My experience of MMA is that they do explain their terms and conditions very well but "Motor Traders" (as discussed above) often believe that they have cover for everything, no matter how much you tell them that they don't. Obviously it's only at claims stage that any issues become apparent and MMA are very firm (but usually fair) in their claims stance. Inexperienced claims handlers can be somewhat over zealous (hence the amusing letters you have seen) but that's nothing that a decent broker couldn't argue against is it (after all that's the role of a broker).

Unfortunately, society's perception of the "dodgy car salesman" is not always far from the truth and these are the people who
1. Make the most noise when their claim is not paid for whatver reason
2. Spoli it for the hardworking majority of "Traders" who are genuine and have genuine claims

Now Tradex, Tradewise - Couldn't agree with you more :whistle:

dacouch

As you say it is a matter of opinion, I have seen MMA decline claims for ridiculous reasons across all classes of business eg Home, Motor, Business, Liability and Traders. It is not just inexperienced claims handlers causing the issues as I have discussed the claims with Area Managers and made official complaints. MMA are generally overturned when it gets to the Ombudsman.

bouncydog1

dacouch wrote: »

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

Why are you suggesting that individuals avoid Tradex and Tradewise?

We have a private car policy with Tradex and when I was involved in an accident they dealt with the third party claim very promptly and efficiently. Are you just suggesting avoid for motor trade?

dacouch

Tradex are known for being arguably the worst motor insurer in the country, they have lots of small print, poor cover and try their best to avoid paying claims.

I would avoid Tradex for any type of cover but especially motortrade

"Worst, though – as Britain’s brokers experienced it – was Tradex. Tradex’s scores,
based on 535 ratings from 114 brokers, were 42% for access, 49% for underwriting, 35% for cover, 35% for documentation and 30% on claims handling, for an overall service score of 38%. The commentary confirmed those scores. Not one of the 101 remarks on Tradex’s performance was positive. Brokers complained of being kept on hold and of Tradex staff’s “couldn’t-care-less” attitude. “Tradex staff appear to have very little understanding of the most basic concepts of insurance and are often unable to answer simple queries,” reported one account executive of his experience. “If you can get a decision-maker there,” said another, “they invariably don’t understand the decision they make.” A third said: “They don’t really listen – they prefer to get rid of the enquiry.” Thirty-six brokers said Tradex’s cover was restrictive, vague, ambiguous, “a minefield of exclusions and exceptions”.Feedback on its documentation and claims handling was no better: another 28 opinions, all negative. “Just no idea on customer service,” said another account executive"

http://www.insurancetimes.co.uk/images/ITW_041208_16.pdf

Tradex have traditionally relied on either offering cover to people most Insurers don't like covering and / or offering very cheap policies. Either way they are littered with small print and are able to offer cheap cover by virtue of their claims "service"

bouncydog1

Thanks - interesting article - it relates to Summer 2008 - has there been any update that you are aware of?

What about Tradewise?

Quote

Things must have changed since I underwrote Motor Trade insurance. I wouldn't touch this with a bargepole. Buying and selling one car a week does not a bona fide motor trader make.

JPS29

Quote wrote: »

Things must have changed since I underwrote Motor Trade insurance. I wouldn't touch this with a bargepole. Buying and selling one car a week does not a bona fide motor trader make.

Can I ask why?

Say each car is at the £5 mark or there about... Roughly 50 cars a year, turnover of £250 k. Paying relevant taxes and registered with HMRC, what else would this be described as?

I have used £5k as a ball park figure but I have sold many cars closer to the 10k mark... meaning hypothetical 400 to 500k T/o

dacouch

JPS29 wrote: »

Can I ask why?

Say each car is at the £5 mark or there about... Roughly 50 cars a year, turnover of £250 k. Paying relevant taxes and registered with HMRC, what else would this be described as?

I have used £5k as a ball park figure but I have sold many cars closer to the 10k mark... meaning hypothetical 400 to 500k T/o

You would be classed as a motor trader providing it is a genuine business eg you are doing it for profit. This could mean one car a week / two weeks or 5 a week etc. A lot of the Insurers will ask for approximate guidelines of how many cars you sell / handle a year and / or your approx turnover

When you put a claim in, motortrade Insurers (The ones who offer Road Risk only type policies) generally ask for proof you are a trader. For a car sales trader this could be adverts, receipts etc etc. It is important to be truthful with the Insurers at all stages as these types of companies go out of their way to look for reasons not to pay you.

JPS29

Exactly the point I was making Dacouch. Was hoping Quote could let us know his/her definition of a trader if it differs