If you drive a van, then you’re legally obliged to have van insurance. If you don’t, you’re liable for a driving ban or weighty fine.
Van insurance may be compulsory, but it doesn’t mean that you have to pay through the nose for it. There are loads of companies competing for your business. However, this also means that sometimes there are so many options it can be hard to know where to begin.
There are three levels of insurance available to van drivers. These are as follows:
This means that the liability for injuries to others, including your passengers, is covered. It’s the cheapest level of insurance. However, any damage to you and your property is your own responsibility, even in the event of fire and theft.
Third party, fire and theft
This gives you the coverage that standard third party insurance would give you, with the added benefit of coverage should there by damage to your car caused by fire or theft (attempted or otherwise).
This is the most expensive type of insurance option. It offers all the coverage of the latter, and typically loss and damage cover to your own vehicle.
These are rough guidelines, and every insurer has their own different approaches. As such, you should always check what exclusions (circumstances which will invalidate your insurance) are stated in your policy.
How can I save on van insurance?
Your premium will be calculated by insurers on several factors of risk. These usually include things about you, like your history on the road, where you live, how many miles you drive every year, and the van you drive.
The key to getting your premium down is reducing the risk of you making a claim. There are a number of different ways you can do this, as follows:
1. Choose Wisely
Make sure you choose a van which is fit for purpose. If you’re not going to be lugging large, heavy goods and equipment then it makes sense to stick to a smaller van. They usually cost less to insure.
2. What do you need?
Consider what you want from your policy. There’s no need to take all the optional extras that are offered. If you stick to the essentials, you’ll save money.
3. Boost your security
Minimise the likelihood of your van being broken into or stolen by investing in upgraded security equipment. Remove everything from the van at night and make sure would-be thieves know you do this by putting graphics on bodywork stating so. And if possible, fit a tracker, which allows your van to be located should a thief make off with it.
4. Increase your excess
If you agree to a higher voluntary excess, you can usually get a lower premium. However, keep it to a figure that you can pay without too much trouble should you have to call upon your policy.
5. Cap your mileage
It might not always be practical to do so, but agreeing to drive to a fixed mileage can make your insurance cheaper.
6. Make an annual payment
Paying for your insurance in a one-off annual payment can prevent you avoid monthly interest charges on your premium. So if you can, go for it.
7. Hunt for the best deal
Thanks to comparison websites, it’s really easy to check the prices lots of insurers are offering for van insurance. But make sure you compare features of the policy as well as the price so that you are adequately covered in the event of having to call on your insurance.