Understanding The Various Van Insurance Policy Options Available
If you have a business and you use vans for the business
, you are required to have insurance on those vans by law within the UK. If you transport employees, goods, or even other people, then you need to have commercial insurance, not just personal insurance.Although you will find that the minimum requirement for your insurance is third part only insurance, in many cases you will need more cover than that has to offer. If your van is a huge part of the business you are running, then you need to consider going with more cover to ensure that your business doesn't suffer if you end up having an accident.
There are business that need to have more van insurance than other companies do. If you have a courier company and one of your only two vans has a break down or is in an accident, this could end up having serious financial consequences to your business. It is definitely worth the time and money to pick out the right commercial insurance for your vans to avoid this type of a problem.
Wondering what types of policies are available today? Well, there are various options to choose from. As was mentioned, there is third part only, then you have third part fire and theft and lastly there is comprehensive cover. The third party only insurance will only cover you against any damage that happens against the person, possessions, or vehicle of the third party and you have to have this cover by law.
The option of third party fire and theft will give you more cover than the basic option. It also adds on cover against any losses that can occur if there is a theft or a fire. This means that you can get the value of the van back, but it still may not offer you enough cover for your business.
Then you have comprehensive insurance for your van. This offers you third party fire and theft but goes on to cover even more. There are a variety of things that comprehensive van insurance may cover, depending on the exact policy that you buy.
Often goods in transit is included, which will cover the goods that you are carrying in the van and the tools you have as well. Sometimes this will also cover replacement vehicle, which is important if you heavily rely on the vans for your business. This way if an accident occurs, you have a vehicle while you are waiting on your van.
Sometimes comprehensive cover can include legal expense cover as well. When you have an accident, there can be legal expenses and this cover will take care of that. Also, breakdown is a part of comprehensive policies in most cases. Vans will break down at some point in time. You need to insure that you are covered if this happens to you. This cover will give you towing and quick repair service as well.
Now that you know what policy options are available, you may be wondering what you can do to get a great van insurance policy for a good cost. Well, you will find that in most cases you are going to pay more for commercial insurance than you would for private. However, there are still things you can do to reduce the price. Increasing the voluntary excess if you can afford to can help you to save. Naming drivers can also lead to savings, as can keeping your van in a location that is secure.
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