Van insurance is essential, and any driver needs to make sure they have the proper cover. But it is not the case that one insurance group fits all vans. In fact, the type of vehicle, intended use and even where the van is parked are just some of the factors that change the insurance group of a van, and the cost of the insurance premiums. Here are the factors to consider about your van when insuring it, and how they affect the cost of cover:
What is the model?
The size and weight of the van changes its insurance group. Bigger vans tend to be more difficult to drive, and therefore are a higher risk and more expensive to insure.
How much is it worth?
The value of the vehicle has an obvious effect on the scale of potential claims, so will affect the cost of insurance.
Who is driving it?
Drivers with more experience and the minimum claim history will be cheaper to insure than those who haven’t got such a positive record. Including more drivers on the policy will generally push up the premiums too.
Has it been altered?
If changes have been made to the van that increase its performance or value, these can affect the van’s insurance group.
How much will it cost to repair?
It’s not only the value that determines the cost of repairs – the accessibility of replacement parts is a key factor. If the van is a rare model, or particularly difficult to repair, this will push up insurance prices.
What is it being used for?
The intended use of the van dramatically affects the risk of it getting damaged and the scale of potential claims. Vans used for the carriage of own goods fall into one insurance category, while vans used for delivery and haulage fall into another.
How much is it being used?
Factors such as estimated yearly mileage will affect insurance premiums.
Where is it being parked?
Parking a van in a secure garage can seriously reduce the cost of insuring it. If a van can only be parked in open public spaces, this will affect its insurance quote.
What excess are you willing to pay?
One way to reduce the cost of insurance in some cases is to agree to pay a higher excess in the case of any claims. However, this does incur the risk of stretching any individuals’ finances, and the excess should never be more than they can comfortably afford.
Image Credit: Ramen Junkie