Perhaps you’ve just started a new business that requires a van, or you’re moving house and need to hire a van for the day to move your belongings. Whatever the reason, it’s a legal requirement that you take out van insurance to ensure that, should anything go wrong or you are unfortunately involved in an accident, your insurer will cover any costs of damage or loss.
The cost of van insurance is determined by the category of insurance group your van falls in. There are 20 van insurance groups, with number one being the cheapest level of insurance. Vans are categorized on a number of factors, including:
Weight and size
This will affect the steering and breaking, so it naturally follows that heavier vehicles are much more difficult to drive and therefore the risk of an accident is higher. As a result, owners of larger vans will be quoted higher premiums than those who drive smaller vehicles.
A no brainer this: the more expensive the van is the higher the cost of insurance will be.
Another contributing factor towards which insurance group category your vehicle will fall in is the cost of repairs, as it is usually more difficult to source the spare parts for cheaper models, so they become more difficult to replace.
If this is the case, then it’s likely that your van will be assigned to a higher insurance group to reflect the costs involved in sourcing the parts in the event of a claim.
Vans that are more likely to be stolen, such as those that are unsecured of lack security features, will also be categorised in a higher van insurance group, so it may be worth looking into investing into some immobilisers or security alarms before you contact a company like Swinton van insurance for cover.
How you intend to use your van will also have an impact on your level of cover and cost. If you are self-employed and hope to use the van to transport your own belongings, such as your ‘tools of trade’, you will most likely be covered by what is known as ‘carriage of own goods’ cover. On the other hand, if you’re transporting goods that do not belong to you, i.e. you’re delivering other people’s belongings, then this type of cover is ‘haulage/hire and reward’ cover.
Where you choose to park your van will impact the cost of your insurance premium, so this will be vital information for the insurer. If you are able to park your vehicle in a secure location overnight away from the risk of theft, then you will be offered a cheaper quote than if you intended to keep it parked on the side of the road.