ChoiceQuote Personal Insurance – Van Insurance Tips

Wednesday, 30th April, 2014

Glossary of Terms

Please note these definitions are for guidance only. For full definitions please refer to your policy document.

Top Tips to reduce your premium

No Claims Bonus – The discounts for no claims bonus earned on a previous van insurance policy range from 20% up to 60%, which means significant savings for those with a proven record of claim free driving. No claims discount earned on a private motor car is generally transferable, and we can even ‘mirror’ the no claims bonus you enjoy on your car across to your van without actually transferring the entitlement from your car insurers.

Limited Use – Is the majority of your business carried out within your local region? Often we can discount premiums for those drivers who are happy to limit their general use to within 50 miles radius of their home address.

Restricted Driving – Many policies offer BIG discounts for restricting the number of drivers per policy – particularly when driving is restricted to just the owner only or named individuals. Whilst ‘Any Driver’ policies are often the most convenient – you pay a premium for this facility!

Voluntary excess – Having extra excess on your policy can save you money off your van insurance, but beware; it’ll cost you if you claim. Most van policies have a compulsory excess of £100 minimum, but this can be increased up to £500 for a saving on your premium.

What to watch out for

Ask how much excess is on the policy; don’t get a nasty surprise at claim time.

Your van insurance policy does NOT cover the goods being carried in the back, such deliveries, etc. A separate ‘Goods in Transit‘ cover is required to cover such items.

Companies who accept ‘Light Haulage’ use as acceptable for ‘Courier’ vans. You might save money on your premium, but are you 100% covered in the event of a claim?

Companies that sell protected no claims bonus cover without fully explaining this benefit. Protected no claims bonus is effectively an insurance cover for your maximum no claims bonus, BUT, generally speaking, once a claim is made against such cover, the only company that will uphold the protection is the company against which the claim has been made, and is not transferable at renewal.