How to get cheaper commercial van insurance

If you’re someone who uses a van for work purposes, be it for carrying out deliveries or using it to transport tools then you need commercial insurance. Van insurance is something you don’t want to be caught without if disaster strikes and it is better to be prepared for the worst-case scenario than to be sorry. Insurance is something most of us don’t think about very often, but can you really afford to be inadequately covered if things go wrong? So, what is commercial insurance? Essentially, commercial vehicle insurance is similar to the insurance you would take out for your home or your car but is typically used for commercial vehicles. If like many commercial drivers or business owners you spend a lot of time on the road then your risk of a collision is automatically higher and in the case of an accident while driving your van, you don’t want to risk incurring major financial loss. Sometimes when we think of insurance, we automatically think big payments. However, at Insuremyvan.ie we strive to offer competitive rates for van owners across Ireland. We pride ourselves in offering great policies at great prices. If you are eager to get your insurance premium down to as little as possible though, we have some great advice for you.

1. Think about the size of your van.

  If you already have your van in your possession, then this nugget of advice might not be applicable to you. However, if you are actively on the hunt for a new commercial van then it is definitely worth considering the size of the vehicle. Smaller vans often cost less to insure because the engines typically have less power. As we all know, insurance works on risk and less power means less risk - hence a cheaper premium.

1. Be accurate about your mileage.

When it comes to sourcing insurance you will be asked a number of questions by your insurance broker. One of these questions will typically surround mileage or the amount of distance you travel in your van. This question might initially seem confusing, but it does stand to reason. Essentially, the more mileage you do in your commercial vehicle, the more likely you are to suffer an accident requiring you to make a claim on your insurance. With that said, you should never underestimate your mileage to get a cheaper insurance premium as this could negatively impact your insurance in the future if you have to make a claim. It is also important that you refrain from giving a ball-park figure that might be an exaggeration of your mileage either. If you round up the mileage you do and you end up doing a lot less driving than reported year on year, then you could be charged a higher premium for your insurance than you should. Sit down and make an informed guess towards the mileage you typically do. This could result in you paying less than you expected for your commercial van insurance premium per year.

1. Make your van more secure.

The key to reducing the cost you pay monthly or annually on your insurance is by mitigating risk. One of the risks that commercial vans are often subject to is theft. Unfortunately, due to the expensive contents often present in vans such as equipment and rools, they are a hub spot for burglary. However, there are a number of tools available on the market to keep your van safe from the violation of theft. You can get additional locks fitted to your commercial van. These locks add an extra layer of security to your vehicle, and they are quite common for commercial van operators and owners in Ireland. Van locks can typically be fitted to all makes and models of van irrespective of the size or brand.If you’ve been considering investing in an additional layer of security, an extra secure lock could be the key to protection and a cheaper premium.

1. Increase your voluntary excess.

Your excess is a set amount that an insurer will deduct from any claim pay out before it reaches you. This is something that is agreed upon when you invest in an insurance policy. The higher the excess, the less you pay on your premium but the more you will have to pay if you have an accident. Some excesses are set by the insurance provider and cannot be avoided. These can sometimes be compulsory and usually impact younger drivers as opposed to more experienced van drivers. However, sometimes you can negate the price you pay on your excess in order to achieve a cheaper premium. We must stress however, that you need to factor in the amount it can cost to repair a badly damaged van. Weigh up the pros and cons before you make your decision.

1. Build up a no claims bonus.

You could shave thousands off your premium by building an NCB (no claims bonus). For every year that you’re insured and don’t make a claim, you earn another year’s NCB. An NCB of five years or more is likely to give you good savings on your yearly insurance premium. The actual discount will vary,  however some insurers even offer accelerated policies where you can earn a bonus in 10 months rather than 12. At Insure My Van we pride ourselves in offering great insurance policies at great prices. If you have a van or a fleet of vans on the road then it is vital that you have the appropriate cover.