One of the factors that affects the cost of your van insurance premium is the insurance group that your van comes under, There are twenty of them with number one being the cheapest to insure with the Association of British Insurers (ABI) deciding which van goes into a particular group.
There are several factors that affect which group a van goes into. For instance, the van’s value, the weight, payload and size of the vehicle, repair and parts costs, the speed the van can travel at and the likelihood of the van being stolen all have a bearing.
Therefore, prior to selecting a make and model of van it may be a sensible idea to find out which insurance group a particular van comes under before committing to purchasing it. For instance, you could look at the vans that come under group 20 to see if there is a suitable one that will meet your requirements and then obtain a van insurance quote to see what your financial outlay will be if you selected that particular vehicle.
The difference in premiums for vans between group 1 and group 20 could be quite significant so it pays to do your research about the cost. Obviously, it is important that the van you choose is more than capable of doing what you ask of it to enable you to successfully run your business. However, it may be that there is a van in one of the lower van insurance groups than the one you had been considering that you decide will meet your requirements to help effectively run your business. By choosing it you could reduce your business’s regular expenditure as the van insurance premium will be lower than that of a van coming under a higher insurance group.
Hopefully, the above is of assistance.