Types of Van Insurance for You and Your Business

A guide to the difference types of van insurance.

The type of insurance you will need depends on what how your van or vans will be used, so to avoid unwanted restrictions on you or your business, it’s best to do your research before you seek a policy.

Naturally, you will be looking for cheap van insurance – no one likes paying more than they need to – but you may find that some van insurance policies offer you additional benefits which will better suit your needs.

Contents

The Basics

As with car insurance, there are three basic options available to you when insuring your van: third party, third party, fire and theft, and fully comprehensive.

Third party

Third party van insurance may sometimes be the cheapest, but it offers the least protection for you. This type of insurance will cover third party costs/damages should your van be involved in an accident which damages another vehicle or injures another motorist. Any personal expenses, such as damages to your own vehicle due to an accident in which you were at fault or theft, will not be covered.

Third party, fire and theft

Third party, fire and theft increases your cover slightly, to include protection of your own vehicle should it be damaged by fire or theft. It is important to remember that you will be required to pay out the excess amount agreed upon when taking out your policy, so in some cases, this cover may not offer a financial payout if the cost of repairs falls within the excess.

Fully comprehensive

Fully comprehensive van insurance will offer you cover should you or your vehicle suffer damage during an accident, even if the accident was your fault. As such, it is sometimes the most expensive form of cover. It’s worth noting that you will not be insured for assistance in the event of a breakdown and so you may wish to purchase an additional policy to cover for this.

So that’s the basics covered, but what if you own a number of vans or will require cover for multiple drivers?

Further options

Fleet van insurance

If you own a company which requires a number of vans to conduct business, you’ll need fleet van insurance.

Commercial vehicle cover will provide you and your business with more flexibility as all named employees will be insured to drive any of your vehicles.

Fleet van insurance can be purchased with third party, third party fire and theft, or fully comprehensive cover, the choice is yours. Aside from flexibility among your employees and drivers, you may also save money if you insure multiple vans this way. It’s worth shopping around and comparing van insurance quotes to find the best deal for you.

Any driver van insurance

This type of insurance does what it says on the tin. One vehicle will be insured for use by multiple drivers. Often, the number of drivers allowed on your policy will vary according to different insurers’ conditions and prices may also vary depending on who is named as a driver. Younger drivers may increase the cost of your insurance as will those with convictions relating to driving.

Courier van insurance

If you are regularly carry goods and delivering items, courier van insurance offers you the opportunity to cover the cost of damage to the van, the driver and the van’s contents, as well as the usual third party cover.

Courier van insurance can sometimes cost more as the frequency of the van’s use is often higher. Couriers may also be driving to strict time restraints and driving in areas of the country they have not visited before, increasing the risk of possible accidents.

And finally

One final factor will have an effect on the cost of your van insurance; the type of van you are insuring. Auto Express offers a round-up of the best vans on the market in 2014 but it’s also a good idea to investigate which vans are most popular for your specific needs.

For further information on commercial vehicle running costs and your rights as a business owner, visit the Gov.UK website.

Whether you’re purchasing your first van or expanding your business, good luck!

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