Van Insurance

 

 

If you own a van, whether it is for personal or commercial purposes, you should be aware of the basic principles governing insurance in this area before you buy your insurance. One of the first things you should know about van insurance is that, just like other forms of car or vehicle insurance, it is compulsory under law that you have insurance. This applies to all vehicles that will be used on public roads.

 

The degree of insurance that you are required to purchase is limited to third party van insurance. This does not protect you so much as it protects other road users. If you seek a higher level of van insurance, your options are to go for third party, fire and theft, or fully comprehensive van insurance. Third party, fire and theft will additionally cover your van if it is destroyed or damaged in fire, or if it is stolen. Fully comprehensive van insurance will protect your van from all damage caused to it. This is the highest level of insurance. The degree of van insurance you opt for will depend on your needs and the costs involved.

Premiums for van insurance are calculated according to risk. For cars, this usually depends on two factors, the type of car, and your own driving profile. With van insurance, the additional factor to be taken into account will be the use made of the vehicle. The type of vehicle will affect your insurance premium as more valuable vehicles, and vehicles with larger engine sizes usually result in higher insurance premiums. Your driving record will affect the premium as the safer you are deemed to be, the lower the van insurance should cost. If you are a mature driver with a clean licence and a lot of driving experience, you will have a lower premium than younger drivers or drivers with penalties against their licence. Finally, the use made of the vehicle will affect the price of van insurance as insurance companies generally charge differently depending on whether the van will be used for personal or commercial purposes.

 

Another thing that insurance companies take into account when assessing the price of van insurance policies is the number of drivers. If you are using the van for a business, it may be that you would like all of your employees, or a number of them, to drive it at different times, and if this is so, then this will be taken into account.

If you want to find ways of reducing your van insurance costs, you may be able to do so by reducing the risks for the insurance company. If the van is a business vehicle, think about how many people actually use it, if only one or two people use the van, then you can make your insurance cheaper by removing the names of drivers who don’t make use of it. Also, if you insure the van for making deliveries but in fact only use it to make collections for instance, talk to your insurance company and see if this can be used to reduce your insurance prices.

 

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