An estimated 25 to 33% of road accidents involve van drivers who were at work. An annual study by the police in the UK found that more than 47,000 light-duty vehicles are being stolen each year. The cost of these thefts and accidents is a massive £152million in lost assets, as well as the cost to the tax payer in police manpower attending accidents, dealing with thefts and coping with the paperwork that these situations inevitably generate. It is essential to ensure that you have the best van insurance.
Third party only is the minimum insurance required by law. It covers injuries or damage to third parties but not personal injury or damage. The simplest and cheapest form of van insurance is third party only. Third party theft and fire insurance protects your vehicle in case of theft, fire, or other damage. You will get the market value back. However, it doesn’t cover any items or goods that were inside the vehicle at that time. This is an important fact to keep in mind if you are using a vehicle for commercial purposes.
Although it might be more costly in the long-term to have peace of mind, it can be a blessing in case of an emergency such as a theft or fire. To ensure that you are satisfied with the quality of van insurance, make sure to have a checklist.
Vehicle replacement
Your van could be stolen or damaged and a replacement policy could help you keep your business going. It could be the difference between your business being closed and staying open if you have to spend several weeks recovering and repairing your van. This is why it’s important to make sure that any commercial van insurance policy covers it.
Goods in Transit
Insuring your goods during transit is crucial if you have vans that transport stock. It is possible for a van to be stolen and cause serious damage to a company’s finances.
Legal costs
This is usually a very inexpensive extra, often costing only a few Pounds a year. It also gives you access legal representation in case your van is involved with an incident that leads to legal proceedings.
Breakdown coverage
It is common sense to ensure that your van insurance includes breakdown coverage. A single tow off the motorway can cost you more than a year of breakdown coverage. You can find van insurance policies that include breakdown coverage as an option. Insurance policies can also be purchased that cover windshield damage. Chipped or cracked windscreens are often very costly to replace. The policy may include an excess, but this is usually much less than the cost to replace the windscreen.
Your vehicle can be town to the nearest garage or repair shop in the event of a break down. A few commercial van insurance policies offer an extra, called repair referral. This is an endorsement that a registered mechanic at a reputable body shop will give you. This is especially useful if your vehicle breaks down in an unfamiliar area.
Excesses
The amount of excess charges charged will vary from one policy to the next. You will get less money if you need to make a claim against your van insurance, but the higher your excess, the more affordable your policy.
Consider whether you can add additional drivers to the policy. This is particularly important for fleet vehicles, where multiple drivers may be operating the same vehicle. Also consider no-claim discounts and whether your van insurance covers international driving. These extras may cost more, but they will provide you with peace of mind and ensure that you are protected for all eventualities.
