Cheap Van Insurance

Vans are insured for exactly the same reason as cars, to provide cover in case they are involved in an accident or cause injury to third parties or property. But van insurance differs significantly from cars because it your motor vehicle is used for commercial purposes. For example, you could be a courier business delivering parcels around the city or builder transporting equipment and tools from job to job.

Because there are so many possible uses of commercial vehicles, insurers tend to offer multiple levels of cover. Similar to car insurance, van insurers will consider many rating factors before it will offer you a price. Vehicle weight is a key rating factor. For example, small vans are easier to control and less likely to be involved in an accident than a transit van, so premiums are cheaper.

Also like car insurance, van insurers will take into account your location. Statistics show that people living in cities are far more likely to have an accident than those living in the countryside, so insurers will charge you less if you live in a rural location.

Age will also influence the van insurance quote; a young person is considered a bigger risk because they tend to have less driving experience. The age of your van will also have bearing on the rating factor, the older it is the more expensive your premiums.

It is a legal requirement in Britain to insure your legal liability for injury to others and damage to their property arising from the use of vehicles on the road (known as third party insurance). Typically van insurance policies include fire and theft cover in addition to third party.

Fully comprehensive policies cover your against damage to your vehicle. Typically, cover is unlimited in respect of your liability for injury to other people but may have a limit for damage to their property, so always check your policy wording carefully for conditions, limits and excesses.

If your van is for personal use but you want to insure it for commercial use you must notify your insurer. They will ask you questions, such as which goods you wish to transport, the drivers you wish to be covered and the duration of use. Some insurers will allow you to extend your existing policy to cover occasional business use.

However, if your van is strictly for commercial use, for transporting goods or is actually owned by the business you will need to take out specific commercial vehicle insurance. As a rule of thumb, most businesses opt for fully comprehensive cover and insure for any driver over the age of 25 years.

If you own more than five vans, however, a fleet policy could be your best bet. The claims experience of your fleet will provide the main rating factor in assessing the cost of the policy. In order to get the best deal from van insurers you should provide as many details as possible.

It pays to shop around, as the basis for underwriting varies greatly between insurers and brokers, with each using slightly different questions and offering very different prices.

As a result of this when you’re comparing the prices of van insurance quotes, you will not always be comparing like for like. The key is to keep the details you provide as similar as possible every time you get a quote.

You can either choose to buy van insurance on the telephone, where trained operators will assist you in finding the right cover helping you to achieve the best price for the details provided. This can be time consuming as you will be forced to go through lengthy phone calls to different providers before you can start to put together a true price comparison.

Searching for van insurance and comparing quotes online can also be a drain on your time if you go to each van insurance site individually. Another alternative is to log onto an insurance comparison websites, who will search the market on your behalf and provide you with quotes from different insurers.

Questions to ask before taking out van insurance:

Is this the first time you’ve taken out Van Insurance?
You may not have any No claims bonus, so shop around for special introductory offers.

How much excess charge can you afford to pay?
By agreeing to pay the first £100 or £150 instead of the first £50 you can reduce your premiums. This shows to the insurer you are unlikely to make smaller claims and will only need assistance from your insurance company in the event of a big claim.

Can you restrict your cover to named drivers?
If you insure your vehicle for anyone to ride premiums will be significantly higher. On the other hand, if your fleet of drivers are young and inexperienced, it may be more cost-effective to insure for all drivers.

Is it worth skipping those additional bells and whistles that insurance companies offer?
Think long and hard over if you really need them. While they may seem attractive, they can sometimes mean higher premiums.

Have you built up more than 4 years no claims bonus?
If so, you should always opt to protect it.

Garages
If your location is considered high risk, think about using or hiring a garage. If your van is garaged your premiums will be significantly reduced.

Do you have the correct level of cover for your vehicle?
If the trade value is not high then consider opting for Third Party Fire and Theft cover or just third party damage as opposed to Fully Comprehensive.

TOP TIPS TO GETTING CHEAPER VAN INSURANCE
Choose the smallest weight vehicle possible for you, as small van insurance can be cheap van insurance!
Ensure your vehicle is fitted with alarms and immobilisers as this should help to reduce your van insurance premium.
Usually the older you are the cheaper van insurance quotes you will receive – so grow old!
Prove you have gained experience, some van insurance companies will apply discounts if you can show proof of driving other company vehicles.
Declare your cars No Claims Bonus, some van insurance companies will mirror your No Claims Bonus from your car onto your van, however please note that you cannot transfer this bonus!

JARGON BUSTER
Finding suitable van insurance can be a tricky enough business at the best of time. Below is a jargon buster to guide you through the van insurance maze.

Annual Mileage
Some insurers will want to know how much you will drive your van around for, as the more miles covered the greater the risk.

Business Mileage
You will need to tell an insurer how many miles you use your vehicle for business purposes, in the same way as annual mileage - the greater amount you do the more of a risk you are.

Certificate of Insurance
Once you have received van insurance quote on the telephone or over the Internet and you have paid for the policy you will receive a certificate of insurance. This proves you have an insurance policy.

Cover Types
There are three different types of cover available depending on your needs.

Third Party Only (TPO): This van insurance will cover any claim by third parties but does not include damage to your own vehicle

Third Party Fire & Theft (TPFT): In addition to the TPO cover above this van insurance policy also covers fire and theft of your own vehicle

Comprehensive (Comp): This covers all the above plus accidental damage to your own vehicle.

Excess
This is the amount of money you will pay should you make a claim; excess varies across different van insurance companies. Typically the higher the excess you go for the cheaper the van insurance quote will become.

Fault and Non-Fault Claim
A non-fault claim is where the van insurance company can recover all the costs from a third party. If these costs cannot be recovered then this would be classed as a fault claim.

Hazard
Hazards are what are likely to affect any loss, damage or injury. For example, engine capacity can be considered hazardous; a bigger engine capacity such as a 2 litre would be a greater hazard than a 1.2 litre engine and would result in higher premiums.

Immobilizer
This is an electronic device that prevents a motor vehicle from being started unless it is deactivated. While it won’t stop your van from being broken into it should prevent it being driven away. The majority of new vehicles are fitted with these, which will help to lower premiums.

Indemnity
Van insurance cover is designed to replace something that has been damaged or lost; an indemnity will ensure that the insured person is compensated to the same financial position as before the loss or damage.

Insurance Broker
Many van insurance providers sell their van insurance policies via insurance brokers. Brokers are a good way of seeking out a competitive price as they have access to more than one van insurance company and are therefore able to seek out cheaper premiums. Brokers can also often negotiate a better van insurance premium for you.

Main Driver
This is the person who is the main driver of the van. Always be honest with an insurer, if not they may decide not to pay out when you try to claim.

Modification
These are the changes that have been made to you van since it was manufactured, such as alloy wheels, engine modifications or sports packs.

No Claims Bonus
This is a discount you can receive if you have not claimed on your van insurance before . Each vehicle will earn different No Claims Bonuses. Some van insurers will give some discount to new policies, if you have got a No Claims Bonus on another vehicle or your company can vouch that you have had no history of claims whilst driving their vehicle.

Points
These are added to your driving licence if you are convicted of an offence, such as speeding. These will increase the van insurance premium, as the driver will be seen to be a bigger risk

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