Fiesta Engine.

[oscar]

Re: Fiesta Engine.

Just out of curiosity, to those in the know on here. Is it possible to get a "private" traders policy?

Reason bing I tend (not too much now) to change my car quite often (previously known to change twice / three times in a year!) Obviously, the admin fees etc are quite a big expense!

So, is it possible to get policy that covers all / most vehicles in one go, that you dont have to worry about changing it all over? And if so, cost?

I know a couple of people that have them, but they do work at garages - I dont!

[Handyman]

Re: Fiesta Engine.

Hi Oscar, I have known a few folk who had traders insurance but I think it is more difficult to get these days. If I remember correctly it is only 3rd party and the excess is quite high.

I know what you mean about the charges for change of policy. In day's gone by it only took a trip to your broker and the difference in cost if it were a higher group.

Now even with all the automation they screw you over just for doing a change of motor.

Regards, Handy

[alland]

Re: Fiesta Engine.

To qualify for Motor Traders insurance these days means meeting a very strict criteria.
And the old days of just driving any car in your possession is no longer acceptable, if you have a vehicle for a period of more than 15 days you have to log it with the MID (Motor Insurance Database) otherwise the cameras they have in police cars or on motorway bridges will flag the car up as not being insured.
The penalty for not registering the car on the database is a fine of £5,000 ! and if you dispose of a vehicle you also have to remove it from the database within 14 days or there is a fine for that as well !

Lots of other things to do now to get a trade policy, they don't like motor traders who work from a home address, they want to see business premises.
Want to know the full nature of the business, survey your premises,want red star monitored intruder alarms fitted. A safe for car keys to be locked away, cages for hand tools to be locked away at night. the list of requirements goes on and on. All sorts of hoops to jump through now just to get them to cover you.

We are just in the process of renewing our trade policy, last year our premium was around £3,500 up to now the best quote our broker has come up with is £5,200.

Ok we have quite a complex type of policy,besides the normal road traffic act requirements it also includes business disruption based on our turnover ad profits in the event of fire or whatever,or death of a key member of staff ect.

But the ever increasing cost these days does make it difficult to absorb into the daily overheads of the business and eats into the profit margins. But we can't function without it, so the insurance companies have us over a barrel and they know it.