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How is the premium set?
Your Van
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Paying your premium
The price of your premium is dependant on the cost of your car, the risk associated and the level of cover you want.
The rate will vary greatly depending on the insurer and it’s recommended that you shop around thoroughly, to save yourself time and money use our search engine here
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Your insurers will consider you van when they set your premium. It is important to consider what van you can really afford to keep insured.
Buy wisely If you haven’t bought a van yet or are looking for a new one consider the engine size and cost which both influence premium costs. Don’t go for the most expensive model or the cheapest, pick one that runs well, is secure and not too flashy.
Level of cover Deciding what level of cover you really need. There is the basic amount set out by law but anything added on top of that may be too much for your needs.
What are you willing to pay? Pay for the small claims out of your own pocket. Claiming money for smaller expenses that you could afford can drive up your premium needlessly and threaten your no claims bonus. Top
Improve your security One of the most important actions you can do to lower your risk is to protect your van and improve its’ security. Make sure your van has secure doors, alarm system, ignition lock and immobilisers in their attempt to grade the make of van.
There are more practical actions you can take, such as storing the van in a garage or parking it in a driveway. If your insurer knows you do this they may lower your premium. Vans which are deemed to be high in risk will naturally carry a greater premium.
Bumper sticker Simply putting a sticker on your rear bumper that asks people to phone in if you drive poorly can greatly lower your costs. People do use those numbers and if you’re a careful driver you should have nothing to fear.
Drive less The less mileage you have on your van than the less expensive your premium should be.
No claims discount Most insurers will offer you a no claims discount or bonus. A no claims discount gives you massive savings (as much as 70%) so long as you’ve not made any claims in the past. Even if you have the only claims that count against you are fault claims, no-fault claims do not affect your no claims bonus.
Voluntary excess Offer to pay a higher voluntary excess. Paying the first £200 instead of £100 of any claim can greatly lower your premium. Top
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There are many different insurers with many different rates and policies. Save time and money by using Only Finances’ free engine to search through over 95% of the market for the right deal. Top
If you are looking to renew your van insurance it is often better to reapply entirely and get a new quote, as it is often lower than the renewal one. To review the rates of over 95% of the market use our search engine here. Top
Even after all the cost cutting exercises have been done you can still be charged £100s a year. Such a large amount can be too much to pay off at any one time and so insurers offer you the chance to pay the premium off monthly. This comes at a high cost as interest is attached to the amount you owe. While, in the short term, it might seem like a good idea you will probably be spending more in the long run.
If you really cannot afford the one lump sum and need to pay it off monthly, consider getting a credit card with a 0% rate. You can pay for the insurance in one lump sum with the credit card and pay the credit card off monthly, avoiding the large interest rate. Top
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