The essential guide to van insurance

Here at uncut, we believe in making life as simple as possible and showing our readers where we can save money on essential bills so that you can live life to the full. This article takes a look at how to find cheap van insurance on Money Expert.

Is it the same as car insurance?

No, car insurance consists of three main types:

1. Third party- pays out if you damage another car or person but it doesn’t cover repairs needed for your own vehicle.

2. Third party fire and theft– gives you third party cover and against theft, damage from attempted theft and fire damage.

3. Fully comprehensive– is the highest level of cover available. Make sure you read the small print to see what is covered.

Commercial van insurance

Most vans are used for commercial reasons. Vans vary in size and purpose so knowing the type and length of cover that you need could save you money in the long run.

Own goods van insurance

These are suitable for tradespeople as they cover your goods for example tools and equipment needed to do your work but not other people’s goods or cargo.

Courier van insurance

This is more specialised and more expensive than own goods insurance as it covers transport of shipments for example from internet orders which may be targeted by thieves. However, do take note that it covers the van only and not the goods being transported.

Goods in transit (GIT) van insurance

These cover the goods stored and carried in your van. Make sure you declare the type and value of the goods being transported. If they are hazardous or expensive, this will raise your premiums.

Haulage Insurance

As for Heavy Goods Vehicles (HGVs), this covers the risks of long motorway journeys for dropping off goods in one direction only. Depending on the policy, European cover may be included. As for courier insurance, only the van is covered by the policy and not the goods.

Factors that affect your premiums include where you live and your age- it should reduce with experience as you get older.

What do you need to consider when taking out an insurance policy?

  1. Check what is covered- the cheapest policy is not always the best.
  2. Make sure that you have the correct vehicle category– car-derived, micro, small/light, medium/panel or large.
  3. Smaller vans have cheaper insurance than larger ones so factor this in if you are buying a new van.
  4. If you have another van, consider whether or not you need replacement van insurance as this will reduce your premiums if you do not need it.
  5. Look out for online discounts and add extra security features to your van to make it safer on the road.
  6. Finally, see if you can benefit from reduced rates for additional driver training such as motorway tests, lessons or specific van training.

To sum up, do your research carefully and make sure you have all the facts before making a decision. It would’t hurt to consult an attorney experienced in car and van accidents as well.