For the layman, insurance can be confusing and frustrating. It can be time consuming finding a good deal, especially considering the fact that you have to shop around for cheap van insurance deals. Even if you think you have it, there could be still be niggling doubts about what you are covered for if you do ever need to make a claim. Consequently, there are many general queries regarding van insurance. It may be useful to know some answers before you start your search for a good insurance deal.
Why do You need Van Insurance?
Van insurance is a legal requirement. According to the law, you have to ensure all your vehicles are well insured whether they are for personal use or commercial use.
What Coverage you will Get?
Insurance policies differ in cover, amounts to claim, and cost and are also influenced by your driving history and credit score.
There are three types of van insurance cover:
- Third-Party Only Cover: This insurance cover is for any accidental damage to other people and their property, that is, a third party. This means if you hit a car or cause injury while driving, this cover will bear all the expenses of the third party. It does not provide any cover for your own losses.
- Fire and Theft: This insurance not only provides cover in case of a third party loss but also provides cover if your van catches fire or is stolen.
- Fully Comprehensive: This is the best van insurance and covers all the damage caused to the van within set limits and any losses by a third party.
What is the Cost of Van Insurance?
Insurance costs vary from one insurance policy to another. Some factors impacting the cost of insurance are:
- The Type of Van: The engine size and model of your van is an important factor that influences the price of insurance. How you intend to use the van is also an influencing factor.
- Driving History: The more safely you drive, the lower risk driver you are considered which greatly impacts your insurance premiums.
- Type of Insurance Cover: Insurance costs also depend on the type of insurance cover you choose. The more cover you go for, the higher the cost.
- Age of the Driver: The age of the driver is another important factor that significantly influences the insurance cost. The insurance for young drivers, below 25 years of age, is the most expensive one.
How Van Insurance Works While Driving Other’s Vehicles?
If you have a workmate or employee, you will need a policy that covers your van when they are driving. For an increase in your premiums, you can name a driver and they will have to offer their details to the company. This is so that their risk can be assessed too. For even more money you can insure and include cover for any driver. You have a responsibility to make sure they are legal to drive. Failure to check with invalidate your insurance if you need to claim.
Alternatively, your other driver may be able to take out their own insurance and pay their own premiums to cover themselves driving any commercial vehicle. This approach can create complications when it comes to making a claim. It’s best to make sure you know what your other driver is insured for. Ignorance is no excuse when it comes to the law or invalidating your own insurance.