Ways To Save Money On Your Van Insurance

Van insurance is traditionally known to be quite expensive, however there are plenty of ways to save money on your insurance premium. A simple rule of thumb for...

Van insurance is traditionally known to be quite expensive, however there are plenty of ways to save money on your insurance premium. A simple rule of thumb for when you are looking for insurance is: Lower Risk = Lower Premium. You would be surprised how much you can reduce your premium with a little research and some small changes. In this blog, Insure My Van discusses some of the ways in which you can reduce the cost of your premium.

Improve Your Van’s Security

Securing your van with the right level of protection, making it safe from the most common claims will help reduce your premium. Insurers look at many factors that contribute to or reduce your associated risk when calculating your premium. Insurers look favourably on those who put measures in place to increase their van’s security. Consider the following precautionary measures: -Securing your van with an alarm (alarms are great at stopping thieves from stealing your van and even the contents you may have within). -Installing an immobilizer (this 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). -Add a tracker (Installing a GPS tracker to your van increases the likelihood of retrieving it after it has been stolen). -Park your van in a safe place overnight (If you park your van at the side of a public road, you may end up paying more on your premium than if you keep it parked in a garage or even in a secure place of work with monitored CCTV). size of your van min (1)

Consider the Size of Your Van

Before you buy a van, you should identify the purpose of its use and what size van is required. The size of your commercial vehicle will impact the size of your commercial insurance premium. The smaller the van, the smaller the premium. This is because insurers will consider the value, model and engine size of the van and the cost of replacement should you need to make a claim. In general, a large van with a high-powered engine will cost more to insure than a small van with a lower-powered engine. Therefore, purchasing a small van is more cost efficient in the long run, provided this size van is sufficient to carry out your work. choose your van driver min (1)

Choose Drivers Carefully

It is important to not only take the age of the drivers you intend to insure on the insurance policy into consideration, but also the number of drivers named on the insurance policy. The number of drivers you have on your insurance policy can sometimes affect the premium you pay. More often than not, the more drivers named on the policy, the higher the cost. As mentioned, the age of the drivers you choose to insure is also an important factor as younger drivers (those under 25) will usually be more expensive to insure.

Build Up Your No Claims Bonus

Your no claims bonus is a discount that policyholders receive if they haven't made a claim for a set period, and it is a great way to help save money on your insurance. Building up your no claims bonus not only encourages safe driving behaviour but it also demonstrates to the insurer that you are low risk on the road as a driver. The longer you go without making a claim, the safer a driver appears to insurers. mileage min

Calculate Your Predicted Mileage Accurately

If you are using your van for work purposes, it may not be possible for you to reduce your mileage. However, it’s common for drivers to overestimate their annual mileage. We recommend reading your mileage frequently to have a more accurate judgement of your average mileage. Having said that, this does not mean that you should underestimate to get a cheaper price.

Other Ways To Save Money On Your Premium

All these elements will help reduce your insurance premium. If you want to reduce your costs even more, our team of Insurance Specialists at Insure My Van can use their expertise to get you the best price. As well as providing Van Insurance, we also provide great rates and cover for Fleet Insurance, Haulage Insurance and Public Liability Insurance.