Van drivers are in for a Manic Monday (26 October) as motoring insurance experts have pinpointed out this is predicted to be the most dangerous day of the year to hit the roads in a vehicle.
Insurantz.com, the online small business insurer, predicts that Monday will see the most bumps, scratches and accidents of 2009 based on historical statistics. Read the rest of this entry »
Are you looking for information on van insurance? This guide will tell you everything you need to know before purchasing a van insurance policy.
If you are planning on driving a van on the road then van insurance is a legal requirement under the Road Traffic Act. Any vehicle on the road must have insurance to protect other road users in the event of an accident. Van insurance also provides you with the peace of mind that you are doing your utmost to ensure that you are protecting both van and driver from any of the dangers of driving on the road.
If you use a van as part of your business then it makes perfect sense to protect any valuable assets. Your van is part of your livelihood and you need to safeguard your business assets against any losses or damages.
What will happen if I don’t have van insurance?
You are breaking the law if you don’t have the insurance for your van. You are required by law to insure against the possibility of injuring another person or their property. Failure to have the correct insurance for your van could leave you facing a fine along with having penalty points added to your licence. Along with the legal implications, you also need van insurance to protect you against any potential financial losses incurred if you are involved in an accident.
There are three main types of van insurance if you are living or working in the UK. These are:
• third party
• third party, fire and theft
• and fully comprehensive van cover
Third party van insurance is the most inexpensive van insurance available and is also the minimum insurance required by law. This type of insurance covers your liability for damage to another person’s vehicle or property. If your van is involved in an accident it will also cover any injury to another person. While this type of insurance covers the necessary level to satisfy the law it does not cover damage to your van or loss or theft of the vehicle.
Third party, fire and theft insurance covers exactly the same as third party insurance. The main difference is that this insurance covers the cost of repairing a van damaged by fire along with the loss and theft of your van.
Fully comprehensive van insurance is the most expensive policy, however, it is also the most inclusive and comprehensive policy you can purchase. The fully comprehensive policy includes third party, fire and theft and also pays for repairs to your van if it is involved in an accident.
This policy also includes extra cover for personal items left in your van, medical and legal expenses and a replacement vehicle if your van is off the road. This type of cover can prove to be invaluable if your main business activities involve you using your van.
How much you pay for your van insurance depends of a number of factors. These factors include:
• The make, model, engine size and value of your van
• Security for your van.
• The mileage on your van
• What you intend to use the van for
Your address will also be taken into account by insurance companies. Your insurance company is also likely to consider who will be driving the van, the age of the vehicle’s driver, any previous criminal convictions the driver may have had and any previous accidents the driver may have been involved in.
It might be possible to reduce the cost of your van insurance policy if you pay a higher voluntary excess in addition to the compulsory excess. Generally, the higher the excess you agree to pay the cheaper your insurance premiums will be.
You can also reduce your insurance premiums by fitting an alarm and immobiliser. You may also find that your insurance premiums are lowered if you choose a vehicle with a less powerful engine.
Depending on the insurance company, you might also find that if you can demonstrate that you have solid experience driving other company vehicles that you might get a discount. Similarly, if you have built up a no-claims bonus in a car you might also find your insurance premiums lowered.
If you are tradesman then comprehensive van insurance may cover you up to a certain amount for tools carried in your van. If you have a lower level of van cover, such as third party, or your tools are particularly valuable, you’ll need to take out additional cover.
Similarly, if you carry goods in your van, you’ll have to take out cover specifically for them.
This is again dependent on the insurance policy and company you choose. If your work or business requires you to drive on a regular basis then it is worth considering taking out a policy that provides a replacement vehicle.
When choosing van insurance you might want to look for a policy that includes:
• legal assistance to cover legal costs that could follow an accident.
• breakdown cover
• insurance for the tools of your trade or goods carried in your van
• no-claims discount protection
• European cover, if you intend to drive your van abroad
If you have been driving for a while and haven’t made a claim on your van insurance then you could be entitled to a no-claims bonus. This discount on the cost of your van insurance policy reflects the fact that your insurance company regards you as a safe driver and less of a risk than other drivers on the road.
Depending on the length of your no-claims bonus it may be possible to find an insurance company who will allow you to protect your claims by purchasing an additional premium for a much lower cost. This will allow you to make a claim within a set time period without losing any of your discount.
All van insurance policies will expect you to pay the first part of any claim. This is known as a compulsory excess. The amount this will cost is entirely dependent on the individual policy purchased from a particular insurance company.
Are you investigating van insurance / commercial vehicle insurance for your business? This video from Insurantz.com gives you a helpful and straightforward guide to finding cheaper van insurance. It covers searching for van insurance online, fleet cover, variable excess options and interest-free deals, payment plans, and tips for avoiding unnecessary claims.
Insurantz.com are specialists in tailored commercial and insurance solutions, so whatever business you are in, they can help you find the right insurance policy for your individual business needs first time.
Businesses are being warned that cost-cutting excerises of reviewing existing insurance policies is a short-sighted strategy during the recession. Read the rest of this entry »
The government scrappage scheme is proving to be popular with motorists in the UK who benefit from the £2,000 they receive. While most drivers are happy with the scheme, a new survey published indicates that small business van drivers are not taking up the offers as many had expected. Read the rest of this entry »
Not everyone needs to pay for full van insurance premiums. Many motorists only need to purchase temporary van insurance cover. Temporary van insurance allows a driver to use another vehicle that doesn’t belong to them. This insurance policy also lets you drive home a new vehicle. Read the rest of this entry »
Are you looking for the cheapest van insurance for your business? When looking for a quote online it is important to remember that the cheapest van insurance might not always be the best option for your business. Read the rest of this entry »
A leading tyre company has warned van insurance policyholders that they should ensure they buy the right tyres. Read the rest of this entry »
The company said that because of the rise of van parts being purchased online many people are ordering and fitting the wrong kind of tyres for their van.
Insurance companies are set to crackdown on fraudulent claims on van insurance because of the increase in the number of “crash for cash” accidents.
The Insurance Fraud Bureau claims that “induced accidents” are being a serious problem. Some drivers are deliberately crashing their vans to profit from fraudulent insurance claims Read the rest of this entry »
Ever since Sarah Kennedy coined the phrase on BBC Radio 2, the ‘white van man’ has been a victim of savage stereotyping; one would assume that they need van insurance more than any other driver!
Common opinion dictates that they are the belligerent bullies of the road with little or no regard for the road system and the other drivers that use it. This might lead you to believe that they cause more accidents than any drivers but this couldn’t be further from the truth. The truth is that they make 7-10% less claims than other drivers. Furthermore, 1 in 5 van drivers have an advanced driving qualification which is a far higher number than other road users.
Contrary to the myth they are, statistically speaking, the safest group of road users!
This is reflected in the price of van insurance policies available to the consumer today with numerous insurers quoting lower premiums for van drivers. Furthermore, businesses can expect to receive bulk discounts for fleets of vehicles and/or commercial drivers.
As with any kind of insurance, the policies offered can vary considerably so it’s very important to understand what cover is needed and what cover is being provided. It is also important to remember that price should not be the sole factor when making a decision about insurance. There is no point taking a very cheap insurance quote if you’re eventually going to claim for something you’re not covered for.
There are numerous insurers that offer online van insurance making it easier to get (and update) full details of your policy. It is quick and it’s easy and furthermore it means you’re not restricted by dealing with your insurer solely during business hours. Just ensure to check that there are no hidden extras and your policy includes everything you need!
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