Van Insurance Money Saving Tips
Van insurance is a significant expense which van owners must face annually. This situation has been made worse by escalating fuel costs.
Insurance premiums have remained high due to uninsured drivers, who are believed to be costing the insurance industry £500 million every year; an expense which is ultimately being passed onto law abiding motorists.
At MoneySupermarket.com, we will show you how you can lower your premiums and find cheap van insurance policies. Our team has provided you with the essential tools to help you to compare some of the cheapest van insurance quotes that are available in this increasingly competitive market arena, without wasting time.
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Cover to suit your wallet
There are three main types of van insurance cover to choose from and the level you chose will depend on the how much you are willing to pay:
Third party cover van insurance.
This is the minimal legal van insurance cover allowed by UK law you can buy. It is normally the cheapest option but will only pay out for damage to a third party and you will be liable for the repair costs of your van in the event of an accident or theft.
Third party fire and theft van insurance
If you’d prefer a higher level of cover, but still want to try and cut costs, consider third party fire and theft cover, which is the next level up from third party cover.
This option offers you protection if your van is stolen or damaged as the result of a fire. If you are involved in an accident you will be covered for any damage caused to the other vehicle or for injury to other drivers. However, the cost of any repair to your own van is not covered so you will have to find the money for that yourself.
Comprehensive van insurance
Fully comprehensive van insurance is the highest level of cover and tends to be the most expensive since it provides protection for damage to your van, property plus personal injury as well as the other drivers, even if the liability for damage lies with you.
However, even with comprehensive van insurance policies, the level of cover varies as some insurers will exclude elements that others include as standard so it is important to make sure you are comparing like with like. For instance, some more expensive policies may include van breakdown cover as standard. This could be something which you consider to be worth paying that little bit more to secure.
Bear in mind that cutting back on cover may save you money in the short term, but it can prove to be a false economy if you have to make a claim.
Avoid automatic renewals
It can be tempting to stick with the same insurer year after year but if you do this you will probably be paying more than you need for cover.
Using a comparison site to shop around and compare van insurance policies could knock hundreds of pounds off your annual premiums, so it’s definitely time well spent.
Save your cash through van security
A top tip to save you money is to invest in anti-theft measures such as security locks to fit onto your van. Immobilisers and locks should always be purchased from accredited companies to save you cash on your van insurance premiums. It pays to make certain that an expert fits whatever alarm model you chose to buy so you can have peace of mind knowing your van is secured correctly.
Lockdown can save you cash
By securing your van in a locked garage at night, it can lower the chance of your vehicle being stolen or vandalised and hence has the potential considerably reduce your insurance premiums.
You can also park your van in a private space, driveway or off-road to reduce your van insurance costs. These will all be cheaper options than parking on a public road.
Bear in mind excess
Your van insurance policy will include a compulsory excess which is the amount you have to pay towards the cost of a claim.
However, you can also opt add a voluntary excess. This can bring your premium down but you need to weigh up the risk as it will me you have to pay more in the event of a claim, which will probably wipe out any saving and may even cost you more in total.
Reduce your mileage
Other ways to reduce your premiums are to consider reducing the annual mileage that you complete each year. However, this may obviously not be an option for those who are going to be using their vehicles for business purposes.
Remember that you should always declare your mileage accurately or your van insurance policy may well be rendered void.
More money saving tips
If you are considering buying a van then it could pay to invest in a cheaper model with a lower spec, which will reduce the cost of your cover, as it will be cheap for the insurer to repair or replace. A good guide to potential insurance premiums which will accompany your choose van is the van insurance group to which it has been classified. To read more about this please feel free to take advantage of van insurance groups guide.
Other things which can help bring down the cost of insurance include buying a van with a smaller engine, adding a named driver and, if possible, paying annually in one lump sum rather than spreading the cost monthly.
Compare van insurance quotes online
Our team at Money Supermarket.com has provided you with online advice and access to leading UK van insurance companies on our comparison site to save you time and money when comparing quotes to hunt down the right level of cover at the best price.
It pays to take your time and research the options in this aggressively competitive market to ensure you get the best value policy that suits your individual needs.