Trade Insurance

[Rob Turbo 3]

A few years ago I had trade insurance as a part time trader, for buying and selling, service/repair and scrap/salvage, IIRC it was fully comp, I had my car and recovery truck listed, all I was actually doing was service and repair with recovery, but had the others on to cover myself should I want/need to, the annual premium was around £750. That plan went out of the window so after the first year I cancelled the trade insurance, sold the recovery truck and insured the car on a normal policy.

 

I'm thinking about giving it a go again, this time I don't want the scrap/salvage because I don't intend on getting another recovery truck, but the cheapest quote I've had so far, from the same company as last time, is £1056.54 TPF&T, for fully comp it's £1330.20 Has trade insurance gone up that much or is that just a bad quote? The other online quote forms I've filled in just say they will ring me.

 

I'm 28 with about 8/9 years NCB, no claims or convictions ever, my normal insurance (2001 306 HDi) is about £300, I'd happily pay the £750 that I was before, even better if it covers bikes as well but not a must, doesn't have to cover high insurance groups or imports, I only really do pug/citroen for the time being anyway!

 

Is this possible, or should I give up on the idea now? (Can't afford/justify that sort of money on insurance just yet)

[Andy_C 50]

Rates are on the increase generally at the moment. The motor sector isn't in great shape currently (injury claims and hire car charges primarily to blame) and rate increases are likely for the next couple of years at least. Insurers are also clamping down on providing trade policies to people who aren't "proper" traders - no disrespect to the OP intended - so if you already have one as a part-time trader then hang onto it but be prepared for your insurer to investigate in the event of a claim.

[Rob Turbo 3]

I don't have the trade policy anymore, that was a couple of years ago, the plan was to be a "proper" trader, business account, all legit, but keep my full time job at least for the time being, I'm not in a great position to go completely self employed, having recently bought my first house I have to keep up the mortgage payments!

[harryskid 193]

I think you wiil find all types of insurance are going up!