Individual Van Insurance To Meet Your Individual Needs
Selecting the right van insurance to meet your individual needs can seem quite an overwhelming task. There are various terms and conditions which need to be understood to ensure you have your van insured correctly.
The insurance companies or brokers will need to know some information about the vehicle and its intended use, prior to arriving at a competitive insurance quote for you. The amount of annual miles you typically drive will be a key factor, as the more miles driven are considered to increase the risk of an accident or incident - Likewise the higher the business mileage the greater the risk of accidents.
There are three types of van insurance available. Third Party Only (TPO) insurance covers any third party claims, but does not cover any damage to your van. Third Part, Fire and Theft (TPFT) provides Third Party insurance as well as fire and theft of your own van. Fully Comprehensive, often referred to as ‘fully comp’ or Comp, this type of insurance includes, third party, fire and theft and also accidental damage to your van. The greater the protection the higher the cost of the insurance premiums.
All van insurance includes an excess, this is the amount of money which you have to pay for any claim. The amount of the excess can vary quite considerably between insurers; therefore it is important to find out how much any excess will cost you. In order to lower the cost of insurance some insurers will enable you to increase the amount of excess you pay. Although this may seem like a good way to reduce costs, high excess may work out very costly if you have an accident as it can sometimes outweigh the actual value price of the van.
There are also options for fault or non-fault claims, which can be extremely confusing. A non-fault claim is where the insurance company recovers costs from the third party, should the costs not be recoverable the claim will then be classed as a fault claim. To make sure you fully understand the implications of these terms it is advisable to clarify the details with your chosen insurer.
The engine size of your van can affect the cost of the insurance, for example 2 litre engines are more expensive to insure than a 1.2 engine, and so unless you think it is important to have a large engine for your needs, a smaller one will be more cost effective in regards to insurance premiums. Additionally if you make any modifications to your van since its manufacture, such as having alloy wheels or sports packs, it is your duty to inform the insurers and the cost of the insurance will undoubtedly increase.
Drivers who have points on their license are seen to be a greater risk and therefore the cost of the van insurance will be increased. Those who have a No Claims Bonus may be given the opportunity to protect it. This means a certain number of claims may be claimed without affecting the No Claims Bonus, referred to as Protected No Claims Bonus.
Paul Headley is a specialist insurance article writer. Staveley Head are a leading UK insurance broker for
van insurance