Van insurance

Have you thought about how much you are paying for your van insurance; have you reviewed the policy recently; or is the policy just something you reluctantly renew each year simply because the law requires you to have a minimum level of third party insurance?

If you run a van to help with your business you probably know what an invaluable workhorse it can be. By the same token, adequate insurance cover for such a business asset probably makes a great deal of sense after all. The good news is that, with a little research and a review of just what you need to protect that asset, reasonably priced insurance need not mean skimping on the cover you buy.

Although your insurer obviously needs to know that the vehicle will be used for business purposes, there are the same options regarding the level of cover available for a commercial van as a private car: namely, third party only, third party, fire and theft and comprehensive insurance (depending on the value of the van you want to insure). Once you have made this basic choice, there remain a number of other areas in which you can ensure you are getting the best value for money for your van insurance.

One detail that is sometimes overlooked, for example, is that some insurers will offer a discount on the premiums for something as simple as painting your business logo on the side on the vehicle. Further discounts could be available by fitting security and immobilisation devices to prevent or deter theft. If you elected for comprehensive cover, most policies will include cover for the theft of personal possessions (up to a certain limit of value) from the van, but it should be remembered that most will specifically exclude the theft of the tools of your trade (which you will probably avoid leaving in the vehicle for any length of time and for which you might wish to consider separate insurance).

As with all motor insurance, the premiums you pay will also depend on the size and type of the commercial vehicle. Different insurers will have their own different ways of categorising commercial vans, but a common and quite useful rule of thumb is to think in terms of small, medium and large vans, typically up to 3.5 tonnes in unladen weight.

In assessing the risk, insurers will also, of course, need to know who will be driving the van and where it is going to be used. If there are only named drivers on the policy, of course, discounts can be secured for safer, claims-free drivers and many insurers will, in fact, allow the transfer of any no-claims discounts from the insurance on a private car to the van insurance. Although many insurers will limit the full cover provided by the van insurance to the territorial UK only, most will also offer as an option, and the payment of an additional premium, the same level of cover when driving throughout the whole of Europe.