Recap: Why do you really need van insurance?

Van insurance is something you don’t want to be caught without if disaster strikes. No one can predict the future but it’s better to be prepared for the worst 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?

Most of us can’t and that’s why it’s important to make sure you have the right cover. So what is it? Essentially van insurance is similar to the insurance you take out for your home or your car. It is protection against risk. If you spend a lot of time on the road then your risk of a collision are automatically higher. You don’t want to have to incur a major financial loss so it’s vital to invest.

Now that leads us to our next question, what type of cover do you need? Commercial van insurance or private van insurance?

While different types of cover might seem confusing, it doesn’t have to. If you use your van primarily for work every day, then you should be looking for commercial van insurance. Commercial insurance policies cover you for personal use but also for work use. The reverse however does not apply. If you use your vehicle to transport products or goods to earn money even if it’s part time, you will not be covered for loss or injury if you only have personal cover. So that’s an important fact to remember.

A good example of this is: if you’re a builder and you use your vehicle to transport equipment for your work and you travel from site to site, you will require commercial insurance.  This is to cover the high risk of accidents & theft. If you only use your van to commute to work and back, then a personal policy is all you need.

What are the different types of cover associated with van insurance?

There are 3 main types of cover that apply to vans.

Firstly TPO.

This abbreviation stands for third part only. Third party only cover is the minimum insurance required if you own a van. It means that if you have this insurance and you are liable for damage caused and you will be held responsible for costs incurred including medical costs.

Secondly third party fire and theft.

TPFT (Third Party Fire and Theft Cover) is similar to the above but it also means that you are covered in the following circumstances: Your van is stolen, there’s damage or loss after break in, your van suffers fire damage whether it was accidental or through arson, you will also have to cover your own expenses.

Finally, comprehensive cover:

Comprehensive cover is the highest form of cover you can get and it is also the most popular. If you want peace of mind on the road at all times, then this is the best option. If you’re in an accident this type of policy will cover medical expenses of those driving the other vehicle, damages to the other vehicle, repairs to your own vehicle and your own medical costs.

Why is van insurance so important?

Van insurance protects you against financial loss. Additionally, Ireland is seeing a strong rise in compensation culture. Compensation culture is a phrase coined by the media which describes a society in which individuals pursue compensation for every slight infraction and injury by means of litigation. Unfortunately, honest people suffer at the hands of fraudulent claims. As a result of current claim culture, over half (52%) of Irish people are worried about being a victim of insurance fraud. Following an accident, one third (33%) would suspect the other party of overstating their claim.

While all of this is a nuisance for the cost of your premium it highlights the likelihood of people claiming even because of a very slight infraction, which means that you really need to have van insurance if you’re out on the road.

In addition to this, accidents can also cause serious injury and damage, you don’t want to have to foot a massive and potentially life changing bill. So, ensure that you invest in appropriate cover to protect yourself and others on the road.

If you’re on the hunt for professional and low-cost insurance advice, then why not reach out to Insuremyvan.ie? Experts at insuremyvan.ie are ready and waiting to help you choose the best liability insurance coverage possible. Get in touch!