Your Guide to Cheap Van Insurance 2021
If you are looking for the best cheap insurance options for your van, you have come to the right place. It’s important to recognise cheap van insurance isn’t just about finding the best quote, it’s also about what you can do to reduce the cost of the insurance. This guide was made to help you on your journey to find the best option for you.
What is Van Insurance?
First, it’s important to understand what van insurance is. Similar to car insurance, it’s essentially insurance that will cover you against various risks with relation to your van. A common misconception consumers tend to have is car insurance policies will cover van insurance. This however is untrue. This is mainly the case when the van is primarily used for commercial reasons.
Depending on the policies you take out, van insurance may pay out if you fill up the wrong fuel or if you lose your keys.
Levels of Van Insurance
There are three levels of cover. To determine which you need, you will have to determine the type of van you need, the use of your van and what you need from your policy.
1. Comprehensive cover
This insurance covers all accidental damage. This coverage also covers third parties and their vehicle or property in the case of an accident. Fire damage is included as well as partial or full cover if your van is stolen.
2. Third Party, Fire and Theft (TPFT) cover
TPFT covers the cost of any damage to another person, their vehicle or property that is caused by you driving your van as well as loss or damage to your own van if damage is caused by fire, lightning, self-ignition, explosion, theft or attempted theft. This policy does not cover any accidental damage to your own van that is not caused by fire or theft.
3. Third Party Only Cover
This insurance covers the cost of any damage to another person, their vehicle or their property that is caused by you driving your van. This policy does not cover any damage to your own vehicle.
Next, you will need to determine the type of insurance you will need.
1. Standard Cover
This insurance covers the basic cover for your van. It can also include coverage on the contents/belongings kept in your van.
2. Pick-Up Cover
This insurance is for pick-up trucks which fall under van insurance.
3. Goods Cover
This policy covers the cargo transported by you. You will be required to let your insurer know about the cargo, especially if they are highly valuable or dangerous. You can only transport such items once you have received approval from your insurer.
4. Courier Cover
This cover is used to cover vans used to carry and deliver peoples’ items. It reflects the extended time the van is on the road, but does not usually cover the goods themselves. You will need to check with your insurance provider.
5. Temporary Cover
This cover is for drivers looking to drive for a short period of time. This acts as an alternative to the annual cover and allows you to cover on a daily or monthly basis.
6. Young Driver Van Insurance
Similar to cars, young driver van insurance can be significantly higher. This is because under 25 drivers are statistically at a higher risk of being involved in an accident.
7. Convicted Driver Cover
This cover is for people convicted of a criminal offence, both on the road and not.
Reducing Van Insurance Cost
There are a couple of things you could do in order to reduce the cost of taking out a van insurance policy.
Limiting Van Usage
Depending on the insurer, some may reduce the quote if you offer to limit the time used driving the van. The less time you spend, reduces the risk of you being involved in an accident. Thus, insurers will be more inclined to reduce your cost.
Securing Your Vehicle
By installing anti-theft devices such as a pedal lock or a motion sensor alarm, you are showing initiative to secure your vehicle. If you can prove this security by installing one of the mentioned devices or even proving you will park your van in a safe spot such as a garage, you may be entitled to a reduced premium on your van insurance.
Explore Your Options
The most successful way to get the best deal is to analyse and compare your options. It is said that insurers often offer the best prices to new customers. If you auto-renew with the same provider, there is a chance you may be charged more for the renewed deal. Therefore, explore your option and don’t settle for the same provider if you find better.
This can be used by those under 25 and convicted drivers. Similar to a car telematics policy, a telematics insurance allows you to be insured based on your driving habits. The better you drive, the lower the premium you are charged.
Additional Driving Courses
Driving covers allow you to show additional driving skills. By doing so, you may be entitled to a lower premium. Check with your insurance provider if they consider additional driving courses when calculating the premium.
Adding extras to your policy can be useful, however it costs more money. By cutting down on any unnecessary extras, you will be able to cut your premiums.
If you are looking to get a cheaper quote for van insurance, you can compare deals available on MoneySuperMarket, right here.
I hope you find this guide useful! In the meantime, remember to start taking control of your personal finances. Save money now, and money will save you later. Download Nova today to start your journey to financial freedom.