Can I sell insurance.... legally?

cormie

I got an insurance quote on a Ford Transit including use for carriage of goods for hire and reward for €5,000:eek: It would be about €800 for me without the carriage of goods included. Obviously unhappy I explored different possibilities, nobody else would quote me so I tried to get a quote under a different policy. Fleet Insurance.

I just got a quote from Quinn Direct for my car and 4 vans, which can all be used for carriage of goods for hire and reward with the vans being comprehensively insured and the car (1.1 fiesta) being TPFT. What more, I can allow anybody with a full license between the age of 26 and 55 years old drive them. The price for this was only 50% extra than the one above, €7,500 with an excess of under €700.

Unfortunately, I don't have 3 extra vans and I don't have 7.5K.

What's to stop me approaching 3 26 year olds who are paying say, 3K now on insurance due to penalty points, big engine or whatever it may be and offering them insurance for 2K if they replace my 3 non existent vans with their Skylines and Integras and drive under my open policy leaving me with only 1.5K to pay myself? Ok it may bump up the premium with powerful cars, but say reformed boy racers who have racked up some points and now keep to the 50KM limit at 3am incase they get banned.

Or how about buying 3 bangers and renting them for €60 a week with insurance included to anyone between 26+55. 3 x €60 a week would more than cover the premium and 3 extra bangers.

Thoughts?

ninty9er

That sounds more like leasing vans than selling insurance to me.

You'd have to be licenced by the central bank to sell insurance and have a reserve to cover claims

cormie

Yeah, I wouldn't be selling the insurance as such, but charging people to be on my policy!

layke

Then you'd have to speak to the insurance company themselves to clear it. Sadly, I don't think they'd bite.

cormie

But I'm covered to have anyone on it anyway, so it's just a case of money into my pocket, no?

Stephen

I'd check the small print, i'd put money on it that they cover themselves against tricks like this.

Enygma

You'll probably find that anybody with a full license between the age of 26 and 55 years old and their own insurance policyis allowed to drive your vans.

People are better off building up their own no claims bonus instead of building up yours. Or conversely, you're better off not having to lose out on your NCB becuase of one of your "drivers" has a claim against them (which is in effect against your policy).

I'd say forget about it

Gary ITR

Enygma wrote:

You'll probably find that anybody with a full license between the age of 26 and 55 years old and their own insurance policyis allowed to drive your vans.

Not so with fleet policy, just full license is needed.

@Cormie, I would imagine you would have to own any vehicle covered on this policy.

SoBe

i would say onkle is right on that one,the vans would all need to be registered in your name cormie

cormie

I'm not sure to be honest, on the quote form it asked am I the registered owner of the vehicles, I just said yes so I don't know what would have been the outcome if I said no. I'm sure there wouldn't be a no option if it wasn't possible though

Bazzy

The vehicle doesn't need to be registered in ur name.

A lot of companies lease vehicles or take a long term rental agreement eg norflex or enterprise rent a van

A friend of mine has a similar policy added a 4 wheel drive vehcle (Leased) so registered in the lease companies name and the driver is 40 odd with full licence full ncb and didnt need to inform the insurance company he just drove away


So it doesnt need to be register in the policy holders name, But i'd say swindle direct would pull your policy before you finished giving the details of the nissan skyline , I'd say it would have to be a commerical vehicle and the driver be a employee or contractor working on behalf of you


You can bet they thought of that if you did x amount of years later!

natnif

when you are insuring a multi-vehicle policy you have to give reg and details of every vehicle. it was a commercial policy they quoted you on so basically you would have to falsify the details of the cars. the other appoach might be to find a few contractors n your area with vans...that would probably work but to be honest it generally isn't worth it. If there is any sort of large scale claim they wll investigate the claim and you could be left with a big bill....

3ps

you've been talking about vans for ages. please don't tell me you went to all this trouble without checking out insurance?

Keith C

Fleet insurance is normally only given in a company name & all vehicles must be registered in the company name & are usually all vans with maybe the addition of the company direcots private car. 5 vehicles is usually the minimum amount but I highly doubt any insurance company will offer a fleet quote for 5 high performance cars, it would be declined as it would be obvious what is going on.
Its a great idea in theory though.