How to Get Cheap Van Insurance – Top 10 Tips
Van drivers are always on the lookout for cheaper insurance, but with so much information out there, it can be difficult to know if you’re getting the best deal possible. From the type of vehicle to the age of the driver, there are several factors you should consider before purchasing insurance for your van.
At The Van Insurer, we want to make your lives easier, that’s why we’ve put together a list of ten top tips to help you reduce the cost of your van insurance.
1. Consider the type of vehicle.
It is important to remember that the type of vehicle you drive will obviously affect the cost of your insurance. The larger and newer your van, the more expensive your insurance is likely to be. The reverse applies to smaller vehicles with less powerful engines which are likely to attract lower insurance premiums due to a smaller risk of collisions and very expensive damage.
Furthermore, considering the suitability of your van for your needs is essential. A large percentage of van drivers use their van for work and each trade requires a suitably sized van. There is little point in purchasing a big, powerful van when you can manage with a smaller one. This will only increase the cost of your insurance, running costs and possibly maintenance.
On the contrary, transporting heavy goods will require a larger van which could result in higher insurance rates. For this reason, it may seem tempting to purchase a smaller van, but over-filling a small van beyond its capabilities only increases the risk of damage, and it is unlikely that this type of damage will be covered by insurance.
2. Pay annually.
With smaller and more frequent payments, paying your van insurance monthly can seem like the safer, more appealing option, especially for those looking to manage their finances at regular intervals. However, insurers charge interest for monthly payments so it will always be more expensive in the long run.
With annual payments, the price of your insurance will be lower and at a discounted rate, so this is a good way to get cheap van insurance in the long run. Of course, paying in one lump sum may affect cash flow in the month of purchase, but over the longer term, you’ll be saving money.
3. Check comparison websites regularly.
Finding the best van insurance at the cheapest price for you can be difficult and time-consuming. Using comparison websites like The Van Insurer can save you a lot of time and money.
Comparison websites will show you details and the best prices from a range of insurers so you can decide for yourself. You will simply need to fill in some basic details about yourself and your vehicle and the website will give you quotes from possibly dozens of insurers to compare offers.
Insurance prices change almost daily, so we recommend checking regularly to make sure you are getting the best deal possible.
4. Consider the time of year.
Believe it or not, the time of year you purchase van insurance can contribute to its price. For example, new number plates are issued twice a year, in March and September, and typically sales of new vans are highest around those months and so more insurance policies are also sold. Running an insurance comparison at different points throughout the year for your van might help highlight when is the cheapest time to buy a policy.
5. Age is important.
Another tip is to factor in your age when researching cheap van insurance. Drivers over 65 pay three times less than drivers in the 17-19 and 20-24 age brackets. This is because older drivers have more experience and are therefore classified as safer on the roads. Although it is possible to keep costs down, typically the younger you are, the fewer insurers you’ll have to choose from, and less choice often means a higher cost.
Moreover, if you are looking to add an additional driver to your insurance, make sure this person doesn’t affect your premiums too much. If you add a driver who is under 25 and/or has a claims history, the price of your policy might increase significantly.
6. Factor in your postcode.
The postcode your van is registered in helps van insurance companies decide the cost of insurance. If you live in a low-risk area with minimal crime and road traffic accidents, your van will cost less to insure and vice versa.
It is important to be aware of this when making a claim, as you might wonder why the price of insurance differs from place to place. The level of risk in your area is based on the following information:
- Population density
- Traffic density
- Crime rates
- Personal injury claims
- Road systems that pose a higher risk
You can find a list of UK postcodes and how they are rated by insurance companies here.
7. Avoid on-street parking.
It may be easier said than done but parking your van in a safe space overnight and during lengthy periods can positively impact the price of your insurance. On-street parking is seen by insurers as a higher risk, so try to avoid it where possible.
If on-street parking is your only option, it might be worth looking at the prices of an overnight parking space. If you compare this with the cost of your insurance with on-street parking, it could work out as a cheaper alternative.
8. Avoid unnecessary modifications.
Modifying your van to make it look smarter or run smoother is tempting for a lot of van owners and can have a positive effect on your business. If the modifications are necessary and lower your insurance risk, the cost may decrease. Necessary modifications include parking sensors, engine immobilisers and heavy-duty van locks.
However, making unnecessary changes will increase the price of your insurance and if you fail to declare modifications to your insurer and then make a claim, your policy may have been invalidated by the modifications.
Performance and aesthetic-related modifications are unattractive to insurance companies as they are hard to replace and could increase the risk of accidents.
9. Increase your voluntary excess.
Voluntary excess is the amount you choose to pay on top of your compulsory excess towards any van insurance claims. Your insurer will deduct this from any claim before you receive your money. By increasing the amount of voluntary excess, the overall cost of your insurance can be cheaper.
Do your research and see what difference varying the amount of voluntary excess does when comparing van insurance. Whilst making a claim, it will end up costing you more, but it is an option worth considering.
10. Secure your van.
And finally, properly securing your van is extremely important if you are looking to lower the cost of your insurance. Insurers look at the safety and security of a van and decide how likely the risk of a claim will be.
Alarms and trackers will make your van more attractive to insurers because they deter thieves and make the van easier to find if it gets stolen. As we mentioned previously, before making any safety modifications, you want to ensure the savings outweigh the expense of the alterations.
Our articles below provide more information on securing your van:
Remember, insurance prices can increase for several reasons including a change in your details, a change in the way your provider calculates quotes or an auto-renewal that causes comes with an increase in insurance rates.
Don’t assume that the cheapest insurance is the best insurance. Think carefully about what level of cover you need before purchasing, as purchasing the wrong type of cover could be more expensive in the long run. Research is key to keeping costs down, but by using these top tips and allowing The Van Insurer to find you alternative quotes, you’ll be well on your way to cheaper van insurance.
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