You will no doubt be aware that, unless you have made a Statutory Off-Road Notification (SORN) to declare that your van is off the road, it is a legal requirement that your vehicle is insured for a minimum of third party insurance. If you fail to do so then the penalties are severe.
Van insurance is provided by numerous insurance companies so it is important, especially in the current economic climate, that you obtain a competitively priced policy but, at the same time, cover that meets your requirements. You can obtain van insurance quotes in various ways such as through an insurance broker, directly through an insurance company or through a price comparison website like ourselves.
Levels of van insurance cover
There are three levels of van insurance – third party, third party fire and theft and fully comprehensive.
Third party cover tends to be the cheapest as this only covers damage to other vehicles, other property and other people should your van be involved in an accident. It does not cover your own vehicle.
Third party, fire and theft insurance provides the same cover that third party van insurance does but will also cover your own van should it be damaged due to a fire or should it be stolen. This level of cover tends to be more expensive than just third party insurance.
Fully comprehensive insurance provides the same cover as third party, fire and theft plus it will also cover your own van should it be damaged in an accident even if you were responsible for the accident. This level of cover is usually more expensive than the other two levels of insurance.
Types of van insurance
There are so many different types of van insurance such as young driver van insurance, transit van insurance, multi-van insurance and any driver van insurance to name but a few. These and many more are covered in greater detail elsewhere on our website.
Categories of van insurance
You must decide what your van is going to be used for as there are three categories of van insurance. These are – social domestic and pleasure, carriage of own goods and haulage.
The insurance company will, almost certainly, expect you to make a contribution towards the cost of any claim and this is known as the excess. There tends to be a compulsory excess payable but you can also choose to pay a further voluntary excess with this having the effect of reducing your premium.
No Claims Discount
No Claims Discount (NCD) is a discount that is applied based upon the number of years that you have not made a claim and reduces your premium.
The van insurance company may offer optional extras that could include such things as breakdown cover and legal expenses.
Hopefully, you will find the above useful when considering van insurance.