# trade policys



## Steve (Mar 18, 2014)

Who what where when how..?

Where do I start?

Move a few cars on here and there nothing to serious. Just like to be covered to driving anything within reason yadda yadda.


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## wrxsti (Feb 3, 2013)

Talk to coversure on here.


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## Steve (Mar 18, 2014)

PM'd him


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## Shiny (Apr 23, 2007)

Replied :thumb:


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## paulc751 (Aug 24, 2014)

coversure are great got my traders policy with them.and public liability


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## Steve (Mar 18, 2014)

So it seems trade insurance buying and selling a few without a proper name is difficult.


I buy and seller a few runners. so really need cover to drive those and my own daily.

Where do i go from here?


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## Bero (Mar 9, 2008)

If you don't have a business....and therefore a name and registered for tax purposes I dont think you will manage to get a trader policy.


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## Shiny (Apr 23, 2007)

Unfortunately Steve, Motor Trade insurance is commercial insurance, so you have to be operating formally to be eligible. 

The only way round this is perhaps to look for a multi-vehicle type policy whereby you specify and pay a premium for each vehicle you have on cover. You will be at the mercy of an Insurer's admin charge in addition to any adjustment premium for each change/adjustment you make thiough. Taxed vehicles now have to have insurance in place and appear on the MID, so there is no there way round it.

There are no personal policies that offer open vehicle cover whereby you just update the MID with your own vehicles as you do with a motor trade policy.


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## Steve (Mar 18, 2014)

Need to just registered a ltd company then me thinks


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## Shiny (Apr 23, 2007)

Self employed might me a better option if it is small venture, a limited company has to file accounts with companies house, so you could be looking at a grand in accountant fees for this whereas you can file your own online if self employed.

Would be a good move to consult a business advisor/accountant to find out the best way forward.


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## Gavla (Apr 10, 2014)

I think you will only need to be a sole trader...so technically as above, register as self employed with HMRC and fill in a tax return every year...


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## griffin1907 (Mar 4, 2006)

aren't there greater issues if sue'd etc if sole trader / self emp over Ltd company? I thought as a Ltd they only come after the company where as sole / self they come after you & all you own if something goes awry?

I could be completely wrong & to save going completely off topic happy to accept PM to shoot me down / correct me


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## 20vKarlos (Aug 8, 2009)

Steve, go self employed as well as employed (if you have a primary job) 

Create a name "steves cars" (choose something more authentic :lol: ) 
You can now trade... But this will mean that all of your purchases made under that name are tax deductible ie fuel cost to travel to auction etc 

It's better in the long run, but it's certainly not in the short term as its so expensive for a trade policy


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