Anyone have garage insurance?

MrMiata

I’m 22, I’ve an 04 1.4 Golf and a 1997 1.6 Mx-5 (both petrol).

I’m looking to go in my own name for insurance, I’ve been a named driver for a year and I passed my test in December.
I’m getting quoted stupid money on the golf so I wouldn’t like to think what the mx5 would be.

I heard lads on about garage insurance under the premise of buying and selling cars, the mx5 I have hasn’t been on the road in over 2 years and I’m currently fixing it up.
I’m not a mechanic, no business, no car etc.
My father has a small business set up for fixing phones, that’s about it.
Could I get garage insurance?

I don’t know the legality for all of it, I imagine it’s a lot harder than the lads are letting on.

Any ideas?

millington

You won't get it without proof of involvement in the motor trade. You also won't get a part-time trade policy at 22, never mind after having just passed your test with 0 no claims bonus. On top of that, if there is a claim, they will investigate your involvement in the motor trade and can invalidate your policy.

MrMiata

millington wrote: »

You won't get it without proof of involvement in the motor trade. You also won't get a part-time trade policy at 22, never mind after having just passed your test with 0 no claims bonus. On top of that, if there is a claim, they will investigate your involvement in the motor trade and can invalidate your policy.

Yeah that sounds about right, from the way I was hearing it sounded like ‘insure anything, if you can buy a 1000bhp Supra they’ll insure you’
I’m at work so I couldn’t really check it out for myself.
Probably a redundant post but thanks for setting it straight

zilog_jones

Can you get classic insurance on the MX-5? Or are you (or the car) too young for that?

millington

millington wrote: »

You won't get it without proof of involvement in the motor trade. You also won't get a part-time trade policy at 22, never mind after having just passed your test with 0 no claims bonus. On top of that, if there is a claim, they will investigate your involvement in the motor trade and can invalidate your policy.

Not at 22 but if a little older and more no claims etc it’s fairly easy to get a part time trade policy and easy enough to meet the requirements. Selling 2 or 3 cars a year and keeping copies of the log book is all that’s needed and easily enough done really just buy and sell a few cheap cars over the course of the year.

It’s not that cheap though I was quoted about 1800 euro when I enquired compared to the 600 I’m paying to insure the car and mirrored bonus giving me about 500 cost to insure a commercial so even with two cars it would have been more expensive so you would really want to have more than two cars or be using hard/expensive to insure cars. If your second car isn’t commercial you can’t mirror the bonus either I suppose which is another issue though.

millington

Aya Embarrassed Searcher wrote: »

Not at 22 but if a little older and more no claims etc it’s fairly easy to get a part time trade policy and easy enough to meet the requirements. Selling 2 or 3 cars a year and keeping copies of the log book is all that’s needed and easily enough done really just buy and sell a few cheap cars over the course of the year.

It’s not that cheap though I was quoted about 1800 euro when I enquired compared to the 600 I’m paying to insure the car and mirrored bonus giving me about 500 cost to insure a commercial so even with two cars it would have been more expensive so you would really want to have more than two cars or be using hard/expensive to insure cars. If your second car isn’t commercial you can’t mirror the bonus either I suppose which is another issue though.

Was this recently? You would have to be at least 28 to get that price on a part time trade policy with no classic/modified/performance limitations. I'm 25 and mine is €2500.

millington

millington wrote: »

Was this recently? You would have to be at least 28 to get that price on a part time trade policy with no classic/modified/performance limitations. I'm 25 and mine is €2500.

Sorry I wasn’t clear, I’m in my 30’s and quote was about a year or so ago.

I was doing it purely for being able to have a few cars I’m not a trader in anyway so was just going to start to buy/sell a few cars to meet the terms. If I had upfront proof of having bought sold a few cars I could have gotten a slightly cheaper policy around 1500 for the year I think with a different company.

I didn’t go for it in the end as for the cost I wouldn’t really get the use out of it at the time and have the bit of work in buying/selling a few cars.

millington

Aya Embarrassed Searcher wrote: »

Sorry I wasn’t clear, I’m in my 30’s and quote was about a year or so ago.

I was doing it purely for being able to have a few cars I’m not a trader in anyway so was just going to start to buy/sell a few cars to meet the terms. If I had upfront proof of having bought sold a few cars I could have gotten a slightly cheaper policy around 1500 for the year I think with a different company.

I didn’t go for it in the end as for the cost I wouldn’t really get the use out of it at the time and have the bit of work in buying/selling a few cars.

Ah yea thats probably about right so. It's very difficult to get below 25 and still expensive until 30 or so.

Eggs For Dinner

It was a regular practice years ago to misrepresent your circumstances to get a Trade policy. As a result, acceptance criteria has tightened up and investigations are more thorough in the event of a claim

9935452

Eggs For Dinner wrote: »

It was a regular practice years ago to misrepresent your circumstances to get a Trade policy. As a result, acceptance criteria has tightened up and investigations are more thorough in the event of a claim

One of the lads at work was looking into getting a trade policy there lately.
Supposedly they are starting to look for vat numbers too.
Another lad at work had a trade policy for years working as a mechanic. Now working in a factory. He kept the trade policy going. He doesnt have a vat number .
He reckons he is a bit stuck now. Price of policy is goung up and when he tries to shop around they ask for vat number.
Then he has no no claims because of the trade policy

Eggs For Dinner

9935452 wrote: »

One of the lads at work was looking into getting a trade policy there lately.
Supposedly they are starting to look for vat numbers too.
Another lad at work had a trade policy for years working as a mechanic. Now working in a factory. He kept the trade policy going. He doesnt have a vat number .
He reckons he is a bit stuck now. Price of policy is goung up and when he tries to shop around they ask for vat number.
Then he has no no claims because of the trade policy

In the event of a claim, he can expect to be asked for evidence of trade activity. If he can't produce any, that's when his troubles sill start.