Comparing quotes from many different insurers is a great way to make sure you're getting a good deal but even then, the cost can be more than expected.
Knowing what factors impact your van insurance means that you can take steps to help reduce the cost of your premium, although it's important to still be completely honest when completing a quote or your insurance could be invalidated.
Type of van
The type of van you have plays a big part when insurers are calculating the cost of your premium. In general, larger vans are more expensive to insure as they have bigger engines, meaning they're more powerful and have more potential to cause damage. If you've modifed your van in any way that could also increase the cost of your premium because the more unique your van is, the harder it is to replace. Insurers categorise vans to help them determine premium costs, so if you're wondering what kind of insurance group your van is in, then take a look at our handy guide to van insurance groups.
Driver experience
Age plays a massive factor when it comes to calculating premiums for most types of motor insurance, as younger people are deemed more at risk due to their lack of driving experience. Whether you've had any previous claims or convictions will also affect the price you pay for van insurance, as a driver who's already made a claim can be seen as higher risk by insurers. Equally, if you have a good amount of No Claims Bonus built up, then you can expect that to bring your van insurance premium price down.
Potential risks
Insurance is all about risk and unfortunately, some van drivers are at higher risk than others. For example, if you transport hazardous cargo for a living then your van insurance premium is likely to be more expensive than a parcel courier's. Other factors such as where you store your van at night and what kind of security features it has, help insurers to analyse how at risk it is of being stolen or damaged, and how likely it is that a claim will be made.
How do I get cheap van insurance quotes?
Everybody likes to save money, whether it's on a new TV, the weekly shop, or even your van insurance. We've put together some simple tips to help you find cheap insurance quotes without having to resort to extreme couponing or moving house.
1. Compare van insurance
No surprises here but we think comparing as many different van insurance quotes as possible is one of the best ways to save money on your premium. If you buy the first insurance quote you see, you won't know if you've paid more than you needed to or not.
2. Type of cover
Traditionally, Comprehensive policies were the most expensive because they offer a higher level of cover and there is a higher level of risk involved for insurers. However, nowadays Comprehensive policies are often the cheapest on offer (but not always!). This is because people who choose to opt for a policy with a higher level of cover are deemed to be lower risk.
3. No Claims Bonus (NCB)
Every year you drive your van without making a claim results in a little bit extra discount on your next van insurance policy.
4. Excess
It's long been assumed that increasing your Voluntary Excess will give you cheaper quotes but that's not always the case. In fact, as with cover levels, people who opt for a lower Voluntary Excess often receive cheaper quotes because they they're confident in their own unlikeliness to make a claim and may therefore be seen as lower risk.
5. Security and contents
The more secure your van is in the eyes of your insurer, the cheaper it should be to insure. Most insurers have a list of approved security devices and measures that will help lower your insurance premium if you have them fitted to your van, whether that's an immobiliser or a tracker.
6. Trade body
Some insurers offer discounted rates to van owners and drivers who are registered with an approved trade body. You should check to see which insurer offers discounts to make sure you don't miss out.
7. Mileage
No prizes for guessing that the further you drive every year, the more your insurance will probably be. That's why it's important to be as accurate as possible when you estimate your annual mileage because if you say you'll drive 15,000 and only drive 5,000, you're paying for extra cover you don't need.
8. Optional extras
When you get van insurance quotes, you will be asked whether you want to add on certain extras. Lots of these are very useful, like Breakdown Cover, but they will obviously increase your overall payment so think carefully about whether you really need them.
9. Payment
You will almost always pay more for your insurance if you pay monthly rather than an annual payment.
10. Fleet insurance
If your company has more than one van in its fleet, you could potentially save money by taking out fleet insurance rather than multiple single van policies.