Trade insurance

[M.C]

Was talking to someone today who said he paid £1500 for his trade/trader (whatever the correct term's) insurance, and that covered up to 5 bikes. I thought that sounded a lot but then I know someone paying the same for a cbr600f & R1.

So does anyone else have trade insurance, and is it a cheap(er) way of insuring multiple bikes, or a good way of changing bikes often?

[herulach]

Assuming you're not in the trade you might find yourself getting bum raped if you have to make a claim -
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YBR 125>FZS600

[69.9mph]

I can have up to 5 bikes on my multi-bike policy and it is just under £300 (currently 2xlitre bikes a 600 and a 250).

[MarJay]

[G]

If that covers cars too and you've got a good few vehicles, it can be worth it. Note that depending on the location, they may not cover your bikes for theft at all.

It is useful for the ease - adding another vehicle you own is often just a website where you type the reg in.

Insurance generally is getting a lot stricter these days.

If you can get it and you're happy it meets the criteria, it can be very nice.

[M.C]

TBH I was thinking it would be more beneficial for cars, although I have been quoted more than £1500 for a single bike before.

[arry]

Upsides:
You get to ride / drive anything (assuming you get a motor trade policy which covers cars and bikes, not just one or other) fully comprehensively (assuming you pick that level of cover) up to a value of £XX,XXX (depending on how much you're willing to spend.
It can be a cost effective way of covering multiple vehicles / drivers / riders.

Downsides:
It's trade insurance - if you're 'trading from home' and have a claim you can expect them to ask for evidence of your trade activities including accounts.
Motor trade policies are / can be made up of Road Risks, Public Liability, Employers Liability, Material Damage and Business Interruption. The PL/EL/MD/BI are referred to as 'internal risks' and if you don't cover 'stock of motor vehicles' under the internal risks then you'll end up with a coverage exclusion within the vicinity of 'the premises'. That means in reality no theft cover.
If you're trading from home and have a 'from home' trade policy, the coverage exclusion mentioned above still applies from time to time, so be careful.
You have to update the MID yourself with your own vehicles and they do get to see what you're using it for these days (didn't in the days before the MID). This can lead to interesting discussions come renewal time and / or claim time when you're apparently trading in vehicles but the only things on the list are those you have owned from the outset.
If you have to claim then because you're in the trade, you'll be expected to be able to replace the vehicle you've damaged / lost at trade prices, therefore you will get a lower payout.
If you transfer private car / bike bonus to Motor Trade bonus they'll effectively use it as an 'intro' bonus in year one and then you'll accrue one year's motor trade NCD coming off your first renewal. Your NCD is then worthless, in fact it'll probably be detrimental, if you want to transfer back to private car / motorcycle insurance - if you disclose anything motor trade as your occupation when getting a quote it almost invariable goes up significantly.
You can't (or at least never used to be able to) protect your NCD on a trade policy.
If for cars the windscreen cover (at least used to be) different and would affect NCD / be subject to a normal excess rather than a reduced excess.

[Matt B]

In the past most trade policies would not cover vehicles that you own/are in your name. Has that changed?
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stinkwheel: He had an animated .gif of a cat performing fellatio. It's not socially acceptable. It can have real life adverse effects on other people.

[arry]

[Matt B]

No, maybe I'm just confused.
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stinkwheel: He had an animated .gif of a cat performing fellatio. It's not socially acceptable. It can have real life adverse effects on other people.

[davebike]

If you a trader it used to be cheap not these days
ours covers 4 drivers about 10 owned bikes /cars + any other in CCC loan bike etc etc

about 4k
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Dave
NC750Xdct + others at work !
davebike1@gmail.com

[arry]

[Alpineandy]

I looked into it many years back and they wanted proof that I was in the trader.
I'm not much of a mechanic so I said I was buying and selling, so they wanted to know how many I had bought/sold over the last 12 months etc etc.
It wouldn't have worked for me as I don't change cars/bikes 10 times a year.

Maybe it's changed now.
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The above comment isn't necessarily the truth and anyone that says it is, is only correct if it's the truth or they're bigger than me.