There are a whole range of factors that will influence the cost of your insurance over which you have no control. Different business activities and occupations have different risk levels, for example unsocial hours, and your insurance premium will reflect this. But there are a few steps you can take to reduce your risk of needing to make a claim, resulting in lower premiums.
1. Get the right cover
Depending on what you plan to do with your van, you’ll need one of two types of coverage. ‘Carriage of own goods’ covers your van while carrying tools or equipment for use in connection with your own business activities, plus the products you are selling or installing. ‘Hire and reward’ covers your van when you are transporting goods that are not yours, in return 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.
2. Add an alarm
Vans are a target for thieves, as they can contain expensive tools or valuable packages. Most vans come fitted with an alarm, but there is no harm in upgrading this. Also think about where you store your van – off road, in a secure garage or yard is ideal, but protecting it with CCTV will also help. Remember to notify your insurer of any improvements you make to the security features on your van, as this should lower your premium.
3. Fit an immobiliser
An immobiliser fits to the engine of the van and prevents the ignition starting if the vehicle has been broken into. Every measure you employ that complicates a theft and takes more time will discourage thieves.
4. Install a tracker
If the worst happens and your vehicle is taken, a GPS tracking device means you can see where your van is headed. This increases the likelihood that the Gardai will be able to locate it and hopefully return it to you.
5. Choose the right size vehicle
Smaller vans are cheaper to insure, so make sure your van isn’t any bigger than you need. The value, model and engine size of the vehicle all impact the cost to insure, so work out what size suits your needs best before you purchase your van.
6. Check the named drivers
It’s likely that colleagues will need to use the vehicle, but there are two considerations here. The number of named drivers and if they are of a younger age (under 25) will both result in higher premiums.
7. Build up your no-claims bonus
The longer you go without making a claim, the safer you appear to be as a driver, and the more of a discount you get on your premiums.
8. Pay your premium upfront
Monthly installments can add up to more than paying your premium off in one lump sum. If you find you need to cancel mid-way during a policy, you should qualify for a partial reimbursement of the outstanding sum, minus cancellation fees.
9. Don’t store expensive tools overnight
Van insurance is based on risk, and if you empty your van of expensive equipment overnight, you are less of a target for thieves.
10. Choose the right insurer
Compare what all the insurance companies have to offer, including the finer details of the policy, to get the right coverage for you. Using a broker will help you navigate through all the options on offer to find 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 Commerical Van Insurance. It’s also worth checking every year that your current insurer still offers the best value for your needs rather than automatically renewing – again a broker can check this for you.