Your Guide to Buying Van Insurance
Vehicle insurance must be purchased in the UK for cars, motorcycles, trucks and other types of road vehicles as well. The reason this insurance is mandatory is to provide financial protection in the event that there is a traffic collision and physical damage or bodily injury occurs.
Many people wonder whether to purchase commercial van insurance or private van insurance. There are also differences in the types of coverage you can purchase.
There are also ways to save money on your insurance payments each month.
Private vs. Commercial Van Insurance
Commercial van insurance covers you in your commercial van against risks such as damage to the van, personal injury, van theft and medical expenses. It is usually cheaper to buy commercial van insurance because with private van insurance, the premium depends on the brand and model of the van. Insurance packages start very low with commercial van insurance and grow in specification and price depending on an individual's business needs. Private van insurance usually offers some type of comprehensive cover whereas commercial van insurance can be more tailored to suit your specific needs.
What does it take to Get Covered?
Third-party is the minimum level of cover required by law in the UK. Thousands of light goods vehicles are stolen in the UK every year. When seeking commercial van insurance there are many types of policies you can select ranging from third-party, theft, fire, replacement vehicle, breakdown, goods in transit and legal expenses. Although optional, cover for fire and theft can be added on to third-party insurance. If you suffer from the loss of your van through fire or theft and it is not your fault, you will get back the market share value of your vehicle.
Replacement vehicle cover is something business owners look for when they rely on a van to continuously run at all times. This is helpful in the event the van being covered needs repair or replacement. Goods in transit cover protect goods being transported in a van from theft. Legal expenses help ease stress from the cost of legal fees in the event that your company is involved in a legal battle. Breakdown cover is important to save on high towing bills in the event that your van breaks down on the highway.
How to Save on Commercial Van Insurance
When you purchase insurance, there are ways to save and lower your insurance costs. Here are some tips to pay less every month on your premium:
- Prove company driving experience
- Declare your No Claims Bonus
- Use your voluntary excess
- Use bumper stickers
- Renew your policy
- Consider van size
- Shop for different rates from insurance companies
Additional insurance policies to consider when buying van insurance
- Breakdown cover if not included in your insurance policy - it's not a legal requirement but will help you continue with your business without big surges.
- Public liability insurance - against claims from people who've been injured in result of your work
- Employers' liability insurance - this will cover you against any claims made from your employees towards you.
- Tool insurance - covers any tools left in the van and used for your business.
- Goods in transit insurance - any goods that you deliver from A to B will be covered by this policy.