Liverpool Victoria vs Equity Red Star

JPS29

Hi.

My traders policy is up for renewal and as I was dissatisfied with my last insurer (even before I got their renewal quote) I asked my broker if there were any other insurers for me.

The only other one that I could be placed with was Liverpool Victoria as I am a part time trader and also a taxi driver.

My old insurer was equity red star who managed to get a court judgement against a named driver on my policy by not paying a claim out.

Question is are Liverpool Victoria

a) any good
b) better than ers


The difference is about £200 but I dont want to jump out of the frying pan in to the fire.

Cheers

dacouch

Do you declare to the insurers you are a part time taxi driver?

JPS29

Yes, that's why I'm limited with who I can go with. The broker I use also arranged my taxi insurance. Not many companies offer part time trader policies.

I do know of another taxi driver who also buys and sells cars but didn't declare his other occupation and his insurance is £500 less with a lot more options but tbh I'd sooner be upfront and rest easy knowing I'm DEFINITELY insured.

Any comments/experience re which company is better?

Cheers

dacouch

Your friend will almost certainly have his claims declined and policy cancelled should the Insurers discover it, motor trade insurers are extremely efficient at discovering this type of information and they go out of their way to find ways to through out claims.

LV would be a better company for claims and customer service than ERS

raskazz

Who is your broker?

JPS29

Thanks Dacouch.

I have told my friend this but head in the sand syndrome prevails. Not worth saving a few hundred quid IMO at the risk of having claims denied/policies cancelled and possibly refused insurance in the past.

I'll go with Liverpool Victoria then I think, hopefully they'll be better than ERS.

Thanks again

dacouch

JPS29 wrote: »

Thanks Dacouch.

I have told my friend this but head in the sand syndrome prevails. Not worth saving a few hundred quid IMO at the risk of having claims denied/policies cancelled and possibly refused insurance in the past.

I'll go with Liverpool Victoria then I think, hopefully they'll be better than ERS.

Thanks again

It's a very expensive lesson to learn should they catch him out, apart from the claim not being paid, he could potentially be sued to recover any payments to third parties and have on his record that he has had a policy voided which will make getting any type of policy (Including home and life insurance etc etc) very difficult (Read very expensive).

Motortrade Insurers are very good at weeding these out as there are a lot of people similar to your friend who do not declare the correct information to them. I have seen a very very higher proportion of claims refused and policies cancelled for these type of motor trade policies than for any other type of policy.

Well done to you for being upfront, you will find out what I mean should you have a claim as the Insurers will ask for lots of information from you. It's good practice to keep good records and to make sure any transfers to log books from your name to the buyers name have been put through by the DVLA

JPS29

Cheers Dacouch.

Re claiming, I do have experience of this from last year when my spouse (only covered for sdp on the traders not trade use) had an at fault claim. They did go through everything but as I was upfront from the start there was no problems.

Re the docs. I actually deal in salvage to. Again fully registered as a licensed motor salvage operator and waste carrier. A condition of my license is that I MUST see ID for every car sold and keep an auditible trace and copies on file. Common sense really, and I adopt this for all cars I sell, although again I know many that dont bother. An extra 2 mins is worth saving aby hassle in future IMO.

Thanks again

dacouch

Good to see you do everything correctly, it tends to be the part time used car dealers that have the problems, when the Insurers ask for proof they are a trader they do not always keep records etc