Insurance

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Pug_XUD_KeenAmateur
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Re: Insurance

Post by Pug_XUD_KeenAmateur »

I was with Co-Op for three years but they took the p*** this year so I'm with Halifax, but my non-Classic 12k a year policy on my 405 1.9D with permission to drive others' cars & the missus as a named driver has cost me £125 to £130 for the past 4 years.

I always use one of the comparison websites, usually money supermarket.

I guess where you live has an effect, but £375 seems crazy!

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van ordinaire
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Re: Insurance

Post by van ordinaire »

Big downside with a trader policy, as I see it, is - no recovery &/or foreign use.

Last I read, NCB is dead in the water BUT there's too much wriggle room for the company to get out of paying for my liking.

Then again, the C15 costs me £375, about the same as one Caddy + one Cherokee, so maybe (in anticipation of having 2 running Cherokees) I'll have word with someone I know who has a trader policy.
Last edited by van ordinaire on 06 Aug 2017, 23:14, edited 1 time in total.

jgra1
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Re: Insurance

Post by jgra1 »

It does seem good..

I pay about
£150 for the MG - NCB not recognised
£250 for the camper - NCB not recognised
£400 for the X7 - now with some business use - has NCB
£120 for the bike(s) - have NCB

£920 - ouch!

I wonder if a trade policy like Dave's would covers bikes.. would it include (non motor) business use.. and the NCB issue would still be a problem..

On paper, I think the answer is less vehicles, especially as paying the rent is now an issue :evil: :twisted: on the other hand, if I did decide to get into vehicle restoration, trade insurance would be ideal

I wish we could be the risk, not the vehicle! - well you know what I mean .. i guess the risk is us and the vehicle, as a pair, i wish it was just us

Eddie Nuff
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Post by Eddie Nuff »

It's not that I want to be a trader, considering the state of company law at present I never want to run my own business again, it's more about the flexibility that I don't have at present. This past month four cars have passed through my hands, two now fixed and sold on, one half way through its rehabilitation process and the other one stripped, but none of them insured. Not a problem when they are delivered but it is when selling.

When you consider the best price I have so far for two old cars that won't do 5k between them, one of which is off the road for six months of the year, a plan like Davie's would not only leave those two cars insured but allow me to swap and change at will.

The foreign travel part doesn't come into it as we use swmbo's car for any outings and the breakdown is in her name and covers us both for any car we are driving. Now whether that applies to any cars on a trade policy I don't know but it's not a deal breaker.

Certainly something to think about.

Gibbo2286
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Re: Insurance

Post by Gibbo2286 »

Just out of curiosity I've emailed a company that claims to be the best in the motor trade insurance business to see how they would deal with me, an 82 year old ex motor trader still dabbling. :)

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daviemck2006
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Re: Insurance

Post by daviemck2006 »

I will never have any car abroad so that doesnt bother me, and for breakdown cover I have AA cover with full uk recovery for any vehicle I am in, driving or passenger. I certainly have had the use of it, they took the activa from here to Jims, no questions asked, a 500 mile recovery would have cost quite a few years premiums!

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Zelandeth
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Re: Insurance

Post by Zelandeth »

Definitely need to look into that Davie!

My fleet of four is costing me north of £1200 a year just now...if I could get a trade policy, that's something that could be very handy.

...plus I *do* quite often collect, service, repair an redeliver friends cars to them...I just don't charge for it. Well... save for the odd pizza anyway.

red_dwarfers
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Re: Insurance

Post by red_dwarfers »

I've found that NCB after the first year doesn't really make any difference. 5 years NCB would have knocked an extra fiver off, oh and I could have protected it for £30!

The Xantia costs me a smidge over £300 for a 20k/year business use policy with legal cover but not breakdown (some people call me brave for using the Xantia for business but out of my 5 colleagues who do similar mileage it's been off the road the least amount of time!)
XM, 605 and GSA costs £280 on a classic multicar policy with agreed valuation and legal cover but not breakdown. This policy is limited to 5k (you need to submit proof of mileage)

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van ordinaire
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Re: Insurance

Post by van ordinaire »

I need breakdown cover for everything as I no longer run anything that can be fixed by the side of the road. Apart from the AA (which I wouldn't touch with a bargepole) who else offers "whatever you're driving" cover? I do, ostensibly, have that, courtesy of my bank, but only the Cherokees have been dependant on it - & that'll change when the insurance comes up for renewal because I just can't stand the delay & the grilling if I have cause to call them (& it doesn't include foreign use)

Limited mileage is no good to me, when I only had one car, it did 20,000+ miles a year, just weekends & holidays. Now I reckon the C15 & (in a good year) the Cadddy do about 10,000, even the red Cherokee, which seldom leaves Devon, will rack up about 3,000 miles just going out to Princetown for breakfast on Saturdays.

Also foreign use is, for the moment, only imprtant for international recovery, as it's actually quite difficult to drive out out of the EU now. (The opportunities to get beyond, say, Poland or Croatia being fairly limited.)

Eddie Nuff
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Post by Eddie Nuff »

red_dwarfers wrote:
04 Aug 2017, 10:01
XM, 605 and GSA costs £280 on a classic multicar policy with agreed valuation and legal cover but not breakdown. This policy is limited to 5k (you need to submit proof of mileage)

That's the kind of figures I was expecting, not £375 for two.

I had a quick look on Moneysupermarket for some ideas on quotes. The XM came out at £104 and the Xantia at £196 - £300 for the pair. And that's with no restrictions on mileage and no NCB.

At the same time I looked up swmbo's details as her insurance is due. Her renewal has been ramped up to £512 for her 58 plate C4GP but a search comes out at £305, a 15 plate C4GP came out at £315 but a 15 plate Volvo XC60 D4 came out at £286! :shock: Go figure!

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Oldpug
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Re: Insurance

Post by Oldpug »

Gibbo2286 wrote:
02 Aug 2017, 17:36
daviemck2006 wrote:
02 Aug 2017, 15:17
I am insured for any car I own, unlimited numbers of cars, and fully comp on any other car I drive, to a maximum of £7000 per car and just renewed it for £535. I told the company I have multiple cars and change them often, they said take a motor trader policy. I empathised that I am not a trader, they said thats ok we shall put you down as part time from home.


You need to be careful with that, insurers won't easily accept no claims bonuses from motor trade policies should you want to return to a private car policy.
I had forty years of no claims on my trader policy but couldn't get anyone to accept it when I retired despite it being in my own name and me the sole driver for most of that period.
I had to continue for another couple of years with the trade policy before I managed to persuade LV to give me a private one and accept the ncb.


I`m in a similar situation,(retired Garage proprietor). I still do a few jobs a month so I`ve kept my motor traders policy which covers my wife`s car and my daily driver.Its also very handy as i can jump in and out of anyone's car. A motor traders policy is NOT a good idea for classic car owners. My broker told me that if any of my personal cars were written off in an accident the insurance would only pay out the trade value of the car. I have my Mercedes SL320 covered on a separate agreed value classic car policy.

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Paul-R
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Re: Insurance

Post by Paul-R »

WRT breakdown cover I used to be with the RAC. I had been with them for decades and I changed a few years ago. I now get the breakdown cover as part of my bank account package. Reading through the small print the only major difference is that if you're abroad when you break down and have to have any parts fitted the RAC will give you some money towards the labour (but not the parts) and the new policy doesn't. I've only used the service twice so far; once when the alternator failed on the Xsara in Yorkshire and I had to be transported back and again on the Xsara when I accidentally flattened the battery in France by leaving the coolbox plugged in all night. This last one just needed a jump start to get me going. No complaints on either occasion for time taken to respond.

I'm covered for any car that I drive anywhere in the EU and EEA. The policy comes from Nationwide as part of their Flexaccount Plus current account. I pay £10 a month which is less than I paid the RAC for European cover just by itself. There are other benefits which may or may not be important to you. Interest at 3% is paid monthly on the balance up to a maximum of £2500 in the account, which pays £6+ towards the £10 for me. They give me world-wide travel insurance for the family if they accompany me. I've not had cause to call upon that yet though.

There are a few other benefits such as mobile phone cover. I don't think I'm covered on that though as my phone is S/H. The other major (for me) benefit is that when taking cash out abroad using their debit card there are no surcharges. No transaction charge and no commission charge. Instead I get the inter-bank exchange rate which is considerably higher than the tourist rate. Strangely if you use the debit card to purchase items then one of the charges is re-imposed. That doesn't bother me though as I have a credit card with similar chargeless rates (slightly better actually as it's MasterCard rather than Visa).

The account is changing in September. The charge goes up £13 per month and there are a couple of minor changes. The travel insurance is being improved if you have student age children travelling independently and they are discontinuing the lost card service. I'll be continuing though.

Hope that it doesn't sound like I'm on commission here but I can't see any negatives - at least for me.

Eddie Nuff
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Post by Eddie Nuff »

Just had a look at that account online and even at £13/mth it has advantages. That works out at £156/yr which is roughly the same as the breakdown cover with RAC. So travel insurance (£140) and phone insurance, which we don't take as it's a bleeding fortune, are for nothing. The 3% interest on the balance is the same but it's only on the first £1500 on our account, the commission free cash withdrawals abroad would be a healthy bonus and the overdraft is immaterial as we don't have one anyway.

Looks like it's going to be money week this week. :-D

doctle
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Re: Insurance

Post by doctle »

Here's how it works in Ireland. If a car is over 15 years old insurance companies don't want to know, some companies will offer you insurance at a "premium". Classic insurance is available if you have insurance on another car under 15 years old. Insurance is expensive no matter what you are insuring. Women used to get cheaper insurance in Ireland because they are "safer drivers" but Europe stepped in and played the equality card. Whether they are safer drivers or not is a moot point

Quackers
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Re: Insurance

Post by Quackers »

i really like the sound of that Trade insurance policy, but it scares me as i know i would end up with a lot more than my current 3 Citroens if i got that kind of policy, but i currently pay £1200 a year just to insure the 3 i have it may be cheaper.....