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[joshwyatt]

Hello All,
I've been struggling to find a job so thought I would find work for myself. I've decided to sell my Omega and use that money to buy cars at auction to sell on for profit. However, insurance is coming up as an issue. I'm 19, and on my Omega I'm paying £192 per month. I can just about accept that. However, if I want a motor trade policy, which I would need if I'm buying and selling cars, the price is just criminal. Tradex want £4365.90 for just third party. That's with no engine size restrictions. It's either no engine size restriction or restricted to 1.4, which is no good. I would buy cars on if I think I can make profit, not what there engine size is. I really don't know what to, can anyone help, advise...ideas? I've had £600 investment from a family member to help me get going and the insurance knocks me down. The government insists on mandatory insurance whic ofcurse is fair enough. Although as far as I can tell they don't regulate the industry. I want to work, I can do this and make it work...but the insurance issue is killing the idea. Doesn't seem fair to me.

[tunnie]

if you just buying the odd car, just use dailey car insurance.

http://www.dayinsure.com/

I have used them before, works out like £10-14 to insure any car for 24 hours.

[Lazydocker]

Try a broker called Footman James (I think, definitely Footman something) as they were very competitive when I had my trade policy

[joshwyatt]

Cheers tunnie and Lazydocker, followed up both your suggestions. And one wouldn't offer me a quote, and the other quoted me £4500. I'm at a loss of what to do. I appreciate the fact young drivers are seen as high risk, but what gives them the right to deny me the ability to start my own business by offering me cover for stupid prices?

[JamesV6CDX]

With dayinsure, you now have to be 21 (or 25?) - they increased the age, so that's no use to Josh. Although you could search for other day insurers...

TBH Josh there's not a lot of money in Omegas....

[joshwyatt]

With dayinsure, you now have to be 21 (or 25?) - they increased the age, so that's no use to Josh. Although you could search for other day insurers...

TBH Josh there's not a lot of money in Omegas....

You're right James...I've tried many of the day insurers and they just pick an outrageous number and quote that, it seems. And I wasn't looking at focusing on Omega's. Going to auction, and buy anything I can think I can make profit on. But if an Omega pops up I'd probably have a go with it 
Anything from a Corsa, to an ex police V70. Just whatever's around really.

[tunnie]

With dayinsure, you now have to be 21 (or 25?) - they increased the age, so that's no use to Josh. Although you could search for other day insurers...

TBH Josh there's not a lot of money in Omegas....

Damn, did not know that. Apologies!

Also as mentioned there is sod all value in Omega's these days, more money in breaking than selling.

Tell you where there is money, taking motorbikes to Europe, due to the strong euro rate, second hand bikes in the UK are bargins compared to Europe. Last time driving to Holland i saw a lot of NL/DE vans hauling 4 or more UK bikes back.

[barclay03]

try roadrunner insurance, sure they cater for younger people better, going to be looking at trade insurance myself soon

[KillerWatt]

It's your age that is going against you, there aren't many out there that will even contemplate anyone under 25.

If you were middle aged with a missus, couple of kids, cat, dog & budgie....you'd be giving Tradex £402.72 per year and have the ability to specify up to 3 personal cars for full time cover.

[Ian_D]

Who were you with for insurance before? Do they offer temp insurance?

I’m 21, and pay £600 Fully Comp with Direct Line - and that’s for my 3.0 Elite, which I don’t thinks is that bad really. Had licence 3 years, with 2 years NCB and 1 accident (my fault).

Whenever I wanted to use my 2.5TD Elite, I phoned them up and asked them for temp insurance. I thought it was quite reasonable at less than £20 for a week, or 12 quid for 4 days. If you’re only buying the odd few it maybe your only realistic option mate, and quite possibly work out a lot cheaper too!

[KillerWatt]

It is sometimes rumoured that people in your position buy themselves a little Fiesta and get fully comp insurance on it.
The reason for fully comp is that the policyholder gets to drive any other vehicle not belonging to him or her, but will only be covered for the minimal 3rd party risks as required by law.

Now strictly speaking I would have to advise you not to do this as it is illegal because you are running a business and that type of insurance is for private use only.

However, I'll also add that I've never known anyone to get caught.

[Entwood]

It is sometimes rumoured that people in your position buy themselves a little Fiesta and get fully comp insurance on it.
The reason for fully comp is that the policyholder gets to drive any other vehicle not belonging to him or her, but will only be covered for the minimal 3rd party risks as required by law.

Now strictly speaking I would have to advise you not to do this as it is illegal because you are running a business and that type of insurance is for private use only.

However, I'll also add that I've never known anyone to get caught.

As soon as the vehicle is purchased at auction, it then "belongs" to him ... so he would NOT be covered under those terms. It is also a requirement under those terms that the vehicle is insured by its true owner.

In the event of an accident or a police check he would be in serious trouble if he went that route IMHO.

The only legal solution I can see that might help, is if someone older set up a limited company, arranged all the insurance details and employed the OP. He could then be covered as the employed driver.

I have no idea if this would be cheaper or not. 

[hotel21]

It is sometimes rumoured that people in your position buy themselves a little Fiesta and get fully comp insurance on it.
The reason for fully comp is that the policyholder gets to drive any other vehicle not belonging to him or her, but will only be covered for the minimal 3rd party risks as required by law.

Now strictly speaking I would have to advise you not to do this as it is illegal because you are running a business and that type of insurance is for private use only.

However, I'll also add that I've never known anyone to get caught.

Been covered previously with differing arguments either way.

legal concensus is that the DOC (driving other cars) extension only works (legally) if the other car hasinsurance in its own right.  as soon as you (the potential trader0 gets out the drivers seat then the car is uninsured.  as you, the trader, is now the owner then you get nicked for no insurance.

Trader policy is the only way but there are substantial excesses involved as well as notification and age requirements, as I recall....   

[joshwyatt]

Many thanks all for your input and suggestions. I am definitely not going down the dangerous road of trying to get around getting proper insurance. If I get stopped by the police, I need to be in a position to produce an insurance policy that fully covers me to drive the vehicle I am drving with no iffs or buts. I think I'm just going to keep shopping around for a traders policy, try and play one off against the other. Once again, you've all provided invaluable help...thanks 

[Elite Pete]

Get a relative to take the traders policy out with you as an employee