Van insurance is traditionally known to be quite expensive, however there are plenty of ways to save money on your van insurance premium. A simple rule of thumb for when you are looking for van insurance is: Lower Risk = Lower Premium. You would be surprised how much you can reduce your van insurance 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 van insurance.
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 van insurance premium. Insurers look at many factors that contribute to or reduce your associated risk when calculating your van insurance 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 insurance than if you keep it parked in a garage or even in a secure place of work with monitored CCTV).
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. For example, 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 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 van 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.
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 Van Insurance
All these elements will help reduce your van insurance premium. If you want to reduce your van insurance costs even more, our team of Van Insurance Specialists at Insure My Van can use their expertise to get you the best price 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. Get in contact to see how much you could save on your insurance today! For a quote on your car insurance, head to MissQuote.ie!