How To Find the Most Affordable Van Insurance
When driving in the UK, you need to keep in mind that it is an offence to ‘drive’ an uninsured vehicle – be it a motorbike, car, truck, motor home, or van. However, the problem is that buying a car insurance of any type is quite an expensive proposition; it is exactly the same for van insurance. The premiums for van insurance are quite high – it is not only due to escalating fuel costs but it’s also because of uninsured drivers who cost the insurance industry £500 million every year, which is an amount the insurance companies like AXA Business recover from law abiding motorists.
Know Your Budget and Options
Keeping all these things in mind, it seems like an impossible task to find an affordable van insurance plan. It’s not that tricky, especially if you know what your total budget is. Once you know how much you can invest on your van insurance, it will become easier to find and compare different insurance products. Still, you need to have information about different types of van insurance policies available in the market, as this will help you find the one that suits your needs and your wallet. For instance:
• Third Party Van Insurance Cover: This is the minimum amount of cover you can buy in the UK. Though it is the cheapest option, it does not offer anything to cover the repair costs.
• Third Party Fire and Theft: It is another affordable choice for those who do not want to stick with the minimum cover. It covers your van if it is damaged due to a fire, but do keep in mind that it will not cover the cost of repairs resulting from an accident.
• Comprehensive Van Insurance: It is probably the most expensive option, and you should see if it falls within your budget or not. The good thing is that it covers your van for any damage along with covering you and other drivers involved in an accident.
You can opt for one of these three van insurance plans, but it is also important to point out that how you are going to use your van will also have a huge impact on what you pay for your insurance policy. Again, there are three different categories for you to pick from.
• You may want to use your van to carry your own goods, such as cleaning supplies, construction equipment, etc. The premiums will be high in this case.
• Haulage is another category designed for those who want to use their vans to carry goods or materials for a third party in exchange of money. This type of protection is quite effective for courier vans, but you will have to pay some additional money to enjoy it.
• Social domestic and pleasure only is another category designed for those who do not use their van for business; therefore, it is the cheapest type of insurance available in the market.
You need to determine your van usage and then determine the one that suits your budget. However, you should also bear in mind that you can go for some optional extras to make these plans a lot more suitable for your business needs. Cover for legal expenses, van breakdown, etc., are some add-ons, but do not forget that these add-ons will increase the price of your premiums.
Some Tips to Save Money on Van Insurance
It is true that you have to take your time, conduct some research, and select an insurance plan as per your needs and budget, but you can also take some other steps to keep your premiums on the lower side. For instance:
• Do not go for automatic renewals: Instead of sticking with the same insurance company year after year, it is better to conduct some research and compare new van insurance quotes. You will be surprised to find how inexpensive the new van insurance deals are.
• Make Your Car Safe: A simple way of cutting the cost of van insurance is to install anti-theft, security devices. Just by adding locks, immobilizers, alarms and other security devices, you will send a good signal to your insurance company, and they will offer a good deal in return.
• Park Your Van Securely: Let your insurer know that you do not park your van on the road, but secure it in a locked garage, driveway or a private space, especially at night.
• Increase the Excess: It is the amount you have to pay from your own pocket at the time of making a claim. By increasing the excess, you will be able to reduce your premiums. Do not go overboard with the idea of increasing your excess to reduce your premiums, and always make a decision after weighing up the risks.
