Motor trade insurance or what else?

jdvhsully

Hi all
I’m after some advice about the insurance I have and if it’s the best for what I do. To explain; I retired after 25 years as a Police Officer and started my own business in December 2015 transporting cars around the country. I have a Ford Transit vehicle transporter which has proved to be reliable and well suited to the role. I spoke to an insurance broker who stated that motor trade insurance is what I need to cart cars around so that is what I got. It was expensive at £1200 for the year. I have since heard some worrying stories about the lack of help from trade insurance companies in the event of a claim and an unwillingness to pay out. Also, some transport companies run with goods in transit insurance but I don’t know if that includes road use or that is an addition to van insurance etc. I also have my private car, a Jaguar on the trade policy. This car is my pride and joy and it does worry me that there is a lack of cover in the event of a claim.
My question is, is the trade insurance best for me or is there another way to run my business in a cost effective way but still maintain a reasonable level of cover. Any suggestions are gratefully received and I apologise in advance for the slightly confusing story above.
Thanks
Dave

forgotmyname

Contact a couple of brokers or specialist insurers and ask them.

Depends what your current insurance covers?

What engine do you have in the Jag? My old trade policy had a 3L engine limit, which was no good for my private car at the time.

dacouch

How are you transporting the vehicles eg on a trailer, towed or on a beaver tail

EdGasket

Re. "lack of help from trade insurance companies in the event of a claim and an unwillingness to pay out."

I think that goes for many insurance companies and policies. At the end of the day if you are covered you are covered so you will get paid in the end; it just might require more effort to get there if the company is 'unwilling'. If you look at reviews of most car insurance on ReviewCentre, they get less than 2 out of 5 because of problems claiming.

dacouch

EdGasket wrote: »

Re. "lack of help from trade insurance companies in the event of a claim and an unwillingness to pay out."

I think that goes for many insurance companies and policies. At the end of the day if you are covered you are covered so you will get paid in the end; it just might require more effort to get there if the company is 'unwilling'. If you look at reviews of most car insurance on ReviewCentre, they get less than 2 out of 5 because of problems claiming.

The type of Insurers involved in this end of Motor Trade Insurance are much much worse than private car Insurers. It's a combination of bad Insurers, the cover having a lot of restrictions and the Insurers requiring their clients to be able to prove their genuine traders.

If you also throw in, many of the motor traders are also dodgy it can make claims difficult.

It's a really messy end of the market, I had the miss fortune to deal with it for a while

jdvhsully

dacouch wrote: »

The type of Insurers involved in this end of Motor Trade Insurance are much much worse than private car Insurers. It's a combination of bad Insurers, the cover having a lot of restrictions and the Insurers requiring their clients to be able to prove their genuine traders.

If you also throw in, many of the motor traders are also dodgy it can make claims difficult.

It's a really messy end of the market, I had the miss fortune to deal with it for a while

which is the reason for this post!.
For info, I load the cars onto my transporter and deliver them.
The policy I have enables me to use any vehicle for SDP use if I update the MID. There are no restrictions on engine size or use for any vehicle.


Cheers
Dave

dacouch

Which Insurer are you covered by?

Does it include Goods In Transit?

Which broker is it?

forgotmyname

Are you sure there are no engine or price restrictions? You may need to read your terms in full.

Are cars your moving fully insured for damage whilst in your care?