With new and used van and commercial vehicle sales on the rise over the last number of years, more and more people are now looking for van/commercial vehicle insurance. Like private motor insurance, van insurance premiums are heavily based on risk.
The very simple rule of thumb for when you are getting van insurance is: Lower Risk = Lower Premium. In order to help you get the most out of your insurance for as low a cost as possible, we have put together a quick guide of top tips to show you how and what you can do to help lower the cost of your van insurance.
The Size of Your Vehicle
The size of your commercial vehicle will impact the size of your insurance premium. For example, the smaller the van, the smaller the premium. This is because insurers don’t just consider the person who owns the van but also the value, model and engine size of the van when calculating your insurance premium.
Depending on all the different factors involved, each van has a specific insurance risk placed against it. For example, a large van with a big, high-powered engine will cost more to insure than a small little van with an engine half the size of the large van.
Before you purchase a van, you should sit down and work out what size van fits your needs best. There’s no point in getting a large van, which could add to your insurance costs if you only need a small van to carry out your work.
Improve Your Van’s Security
For insurers, risk is the name of the game. In calculating your van insurance premium, insurers look at many factors that contribute to or take away from the amount of risk of a claim being made. Making sure you secure your van and make it safe from the most common of claims will help in reducing your premium. A lot of insurers will look favourably at the following, so make sure these are all in check:
Secure it With an Alarm
In most cases these days, vans come with a pre-installed alarm system. However, it has never been a bad thing to upgrade it to something a little bit better. Alarms are great at stopping thieves from stealing your van and even the contents you may have within. This could include things like expensive equipment, tools or even the stereo. When you are talking to one of our specialists, make sure to let them know of any alarm upgrades you may have in place, as this can make a big dent on your insurance premium.
Install an Immobiliser
Having an immobiliser fitted to your van ensures that if a thief manages to get around the alarm, they won’t be able to get very far. An immobiliser is a device that is fitted to the engine of your van that will not allow the ignition to work if your van has been broken into. This means there will be no chance of a quick getaway.
Add a Tracker
With the advent of cheaper and smaller GPS tracking systems, some that can even connect to your smartphone, being able to find your vehicle after it has been stolen has become easier. Having a GPS tracker installed in your van can mean that the likelihood of retrieving it after it has been stolen are greatly increased. Trackers mean you get to see where the thief is heading with your stolen van. They will allow the Gardaí to follow the thief and eventually ‘track’ your van down for you. Let our specialists know if you have a tracker fitted, it could save you some money on your premium.
How you keep your van overnight is another factor that could increase or reduce your insurance premium. If you just park it up at the side of the road, you may end up paying more than if you keep it parked in a garage or even in a secure place of work with monitored CCTV.
Build Up Your No Claims Bonus
A no claims bonus is a great way to help save money on your van insurance. It is the count of the number of years you’ve gone without making a claim on your insurance policy. Hence, the longer you go without making a claim, the safer a driver appears to insurers. Proving you’ve been accident free for a number of years can help lower your van insurance premium.
Choose Drivers Carefully
There are 2 things to take into consideration here: number of van drivers and age of drivers. It may seem obvious but the number of drivers you have on your insurance policy can affect the premium you pay. The more drivers = the higher the cost. Additionally, younger drivers (those under 25) will usually be more expensive to insure.
Calculate Drivers Accurately
We know it may not be possible for you to reduce your van’s mileage, especially if you need it to drive around the country for work. However, it’s important that you read your mileage correctly so that you are only paying what you should. More often than not, drivers overestimate their mileage but this shouldn’t mean that you underestimate either to get a cheaper price.
Our van insurance team here at Insuremyvan.ie are all specialists and are happy and willing to help get you the best van cover for the lowest price. Call us today on 01 660 6900 or fill out our quote form online to see how much you can save on your van insurance.
As well as providing Van Insurance, we also provide great rates and cover for Fleet Insurance, Haulage Insurance and Public Liability Insurance.