If you use your van for business, then you should obviously have “commercial” van insurance and not “domestic” motor insurance. This is a legal requirement in Ireland and is intended to protect you in the event of an accident while carrying out your business activities. But how much does typical commercial van insurance in Ireland cost? Well… Here is what need to know before you embark upon taking out “commercial” van insurance in Ireland.
What Different Types Of ‘Business’ Commercial Van Insurance Are Available.
The first type of commercial van insurance that we want to highlight is ‘carriage of own goods’ insurance cover. This type of policy covers your van while carrying tools or equipment for use in connection with your own business activities or if you use your van to carry products or equipment which need to be delivered to customers in connection with your own business activities (products you are selling or installing).
Whereas, ‘hire and reward’ commercial van insurance Ireland covers your van, when you are transporting goods that are not yours, in return for a payment for the delivery of same. This type of business van insurance is suited to collection and delivery type business activities.
For regular frequent delivery type business activities (collection, delivery, haulage), then ‘courier and haulage’ insurance would be the most appropriate commercial van insurance, as this covers you when you are transporting an item(s) (not your own goods) over long and short distances for payment.
All of the above types of commercial business van insurance have varied fees which are calculated against usage and haulage types you and your business are undertaking and are subsequently charged relative to the potential risk and value of the goods being carried.
Be Sure You Know What Each Of The Different Types Of Commercial Van Insurance Actually Covers
It is vital to know what your chosen van insurance policy will actually cover you for. For example, third-party insurance covers the cost of any damage you cause another person, their vehicle, or their property. However, it does not pay for the repairs of your vehicle.
Whereas third-party, fire, and theft insurance covers everything in the third-party policy (above) in addition to fire damage and theft of your vehicle. It also takes care of the loss of ‘non-business’ items.
A fully comprehensive van insurance policy includes all of the third-party protection above as well as all of the fire and theft cover mentioned above. In Addition, it also covers the cost to take care of the damage and repair of your van. This is obviously the best type of cover to have, but of course the cost for ‘fully comprehensive’ van insurance is significantly higher compared to third-party or a third-party fire and theft policies. Obviously if you have the budget, then getting the highest level of cover would be your best option. But you will inevitably have to weigh up the cost versus the risk and decide the level of cover that you actually require.
Factors Affecting The Cost Of Your Policy
Factors affecting the cost of your premium and policy include the type of business activities that you are involved in. Different business activities (occupations) have different risk levels and your insurance policies premium will reflect the associated risks. Your insurance premium will also be based on other factors that you should keep in mind, for example: the type of van, where you store your van at night, any additional drivers, your past claims history, occupation type and hazardous or unsocial business hours.
Extra Benefits That Can Be Included On Your Van Insurance Policy
Other benefits that can be covered on different types of van insurance policies, include recovering the cost of tools lost while in transit, breakdown cover, and also no claim discount protection. Some policies will also cover for ‘van hire’ while your van is in for repair. Remember it pays to check exactly what your policy covers and ask your Insurance Company or Broker if you are unsure of any aspect of cover.
We Recommend Using A Reputable Insurance Brokers To Compare The Options And Different Policies Available On The Market
Our advice is to work with a reputable insurance broker in Ireland, who can help you get the best insurance rates available on the market for your specific needs. At Britton Insurance, we have a wide range of insurance options for you to choose from for Commercial Van Insurance. We can advise and recommend the most cost effect cover available to us for your van insurance Ireland.