Modern day Supercars can cost a lot of money to insure, and where traders are concerned, there seems to be some confusion about whether a regular motor traders policy will cover the use of a sports car, as well as other questions on the subject.
Most traders imagine that adding cover for Supercars will hike up the price of their policy, but in actual fact (depending on the insurer), you can get the cover you require and begin selling Supercars, usually for a reasonable addition to your premium, or sometimes, even at no extra cost.
In terms of using Supercars as your private cars, the answer is similar; subject to finding a suitable insurer, you can drive your sparkling Porsche or Lotus wherever you please for an additional charge on your policy. The most common makes of Supercar, as classified by insurers are;
A C Cobra
Aston Martin
Bentley
Bugatti
Ferrari
Lamborghini
Lotus
Maserati
Porsche
Rolls Royce
TVR
Zonda
This is by no means an exhaustive list, and you should always check with your insurance company about the specific make and model of your vehicle if you are unsure about which insurance bracket it will get categorised in.
As with all insurance policies, the extent of cover varies dramatically on your circumstances and therefore what your policy will cover you for will be different from one insurer to another.
The bottom line here is that all insurance companies are different. Some will allow only the sale and repair of Supercars, whilst others will cover against the driving, mending, storing and selling of these Supercars. Others will take your individual merits into account (such as any relevant driving experience), and offer your policy based on this, and certain insurers contain restrictions on letting your potential buyers drive the cars themselves.
Whilst you might find a fantastically priced quote from an insurer, be aware that cheaper quotes might not cover you so comprehensively, and might well include restrictions on the policy. Our advice to you is to check your quote thoroughly to find out exactly what you are getting cover for.
The important thing to remember here, is that if you want a motor trade insurance policy for sports cars, you shouldn’t have too many problems finding an insurer willing to offer you one, but just be aware of what exactly this policy will cover you for, and more importantly, what it doesn’t.