Van insurance is an annual costly necessity for van drivers and fleet owners. How can you alleviate these costs and save yourself some money? Here are five tips:
5. Van Security
One of the best ways to save on your premium is to have invested in security devices. Locks, immobilisers, alarms, secure markings, GPS tracking systems. All these will help reduce your premium, however you must make sure that they’re installed by professionals with a degree of accreditation, and that the devices themselves are recognized by insurance companies.
4. Parking overnight
Make sure your van is stored in a locked garage, preferably made of brick or concrete. This will of course act to deter any thieves and therefore reduce premiums somewhat. This will be considerably cheaper than choosing the “parking on a public road” option. Even parking it in a driveway should help.
3. Excess Payments
Many insurance companies will tell you that if your van has an accident or is stolen or vandalised, you will have to pay an excess. They will also tell you that the higher this excess is, the lower your premium will be. It’s a gamble for them, but for you also – are you prepared to risk paying a large excess if the worst happens?
2. Reducing your mileage
If you reduce the amount of miles you do you’ll reduce your premium too. Obviously covering fewer miles means less exposure to potential accidents. Of course this may not be possible for many drivers as carrying out work will mean needing to cover as many miles as necessary. You should declare your mileage properly though or insurers may invalidate your policy.
1. Lowering your spec
Do you really need the latest and greatest? Will having a sporty van really help? If you get a van at a lower specification, such as a smaller engine and less expensive add-ons, you could save money. If you want to see how much a lower spec could affect your policy, look at the insurance group in which it has been placed. The higher the insurance group; the greater the premium.