Van insurance remains a significant annual expense for owners thanks in part to the rise in uninsured drivers who cost the insurance industry an estimated £500 million every year. However, there are a number of things you can do to reduce your van insurance premiums and make the annual charge much more manageable.
Pick the Right Kind of Cover
With three basic categories of van insurance, you’ll want to make sure that you pick the policy that offers the right level of cover for your circumstances.
Third Party Only: Only covers you for damage incurred to others’ vehicles plus any personal damage to passengers or other drivers. This is the cheapest and most basic kind of cover.
Third Party, Fire & Theft: Same as Third Party Only but with added cover applicable if your van is stolen or set on fire.
Fully Comprehensive: Highest level of insurance which tends to be the most expensive as it offers the most protection. Covers all damages, personal and property, even if the fault lies with you.
Avoid Automatic Renewals
While it’s tempting to save time and simply renew with your current insurance provider every year, it’s well worth searching for a better deal if that leads you to a provider that can offer the same level of cover for hundreds of pounds less.
Shop around and look for special offers that aren’t always shown on comparison sites. For example, van insurance from Hastings often comes at a significantly discounted price if you deal with them directly.
Stay Secure to Keep Insurance Premiums Low
One guaranteed way of reducing your insurance premium is to invest in anti-theft security measures for your van. Make sure that you use equipment from accredited companies so you can prove that your van has added security and make significant savings on your insurance.
Lock up at Night
Securing your van at night in a locked garage makes it a far less viable target for thieves and can encourage your insurance provider to significantly reduce your insurance premiums. If you don’t have access to a locked garage, then a driveway or private parking space are better substitutes than parking on public roads.
Your van insurance policy will include a compulsory excess which is the amount you have to pay in order to make a claim. However, you have the option of voluntarily increasing the excess charge. This will bring down the overall premium but at the risk of increasing the cost if you do have to make a claim.
You will need to weigh up in your own mind whether the risk is worth it, as a couple of claims in quick succession will likely wipe out any savings and end being more costly overall.
If you can reduce the annual mileage that you make during each year then that will have the effect of lowering your insurance premiums as the less you drive, the less you are at risk of having an incident. While this may not be too practical for those using vans for commercial purposes, it’s worth bearing in mind in case there are feasible ways of bringing your mileage down.