Van Insurance
Van Insurance has been a legal requirement since the Road Traffic Act (1930) was introduced by the Government for every motorist. As a road user in the UK, you are legally obliged to be insured against the possibilities of injuring another person or causing damage to their property. Anyone caught driving a vehicle without Van Insurance could receive a heavy fine or a driving ban or a complete seizure of their vehicle.
The Police Crime Survey of 2011-12 in England revealed that approximately 47,000 commercial vehicles were stolen in the UK every year, of which only 38% could be recovered. What’s more, the majority of vans were stolen from residential areas at night which is of importance to most van drivers.
Factors which affect your Van Insurance Premium
There are a few important aspects which your insurer will consider before calculating an insurance quote for you. They will look into your job profile, the usage of your vehicle (whether you are using it to haul personal or commercial goods, a guide to your mileage and the times of the day when you generally travel), your previous claims history and what measures you have taken to improve the security of your van. Your Insurance premium may be quite steep if your vehicle covers a lot of mileage and makes journeys at odd times of the day such as late nights or early mornings. Similarly, if you have claims, your policy may cost more.
Security features can help reduce the cost of your policy, and even ensuring that your vehicle is parked securely at night. The more secure the parking environment is, the less likely an insurer will increase their price.
Excess and No Claims Bonus
Excess is the amount of money you pay towards your claims. It can be both compulsory and voluntary. Compulsory excess is decided by your insurer based on information you have supplied. The voluntary excess is the amount which you choose to pay towards your claims. If you opt to pay a higher excess, your premium could reduce considerably however its important to ensure that you don’t opt to pay a voluntary excess that you cannot afford later down the line!
For customers who do not make a claim towards their policy, a discount on their premium is offered by the insurer called the ‘No Claims Bonus’.
Claims and policy cancellations
If your van is involved in an accident or stolen, it is important that you let your insurer know at the earliest opportunity, even if you are not planning to make a claim. If you are a Comprehensive Van Insurance policy holder, your insurer can guide you to approved repairers in the local area you are in and arrange to have the vehicle fixed.
Cancelling Van policies is generally hassle free and is usually made up of a certain portion of your premium and a cancellation fee.
You will not be legally able to drive your van unless you take out an Insurance Policy.
