Are your insurance premiums going through the roof? You’re not alone. Rising claim costs are driving van insurance premiums up in the UK, adding financial pressure onto self-employed workers. New analysis from Consumer Intelligence shows white van men now face an average insurance bill of £1,636 a year. Whilst the average cost of van insurance is increasing faster than car insurance. But, just because you’re legally obligated to insure your van, doesn’t mean you have to pay over the odds for it. So before you cough up for next year’s cover, there are a number of simple and practical ways of driving down the cost of insuring your van.
1. Shop around
This might be an insurance cliché, but shopping around for van insurance will ensure that you’re paying the best rate based on your circumstances. Although it can seem like a hassle, there are some very competitive deals out there, even when the price for cover continues to soar.
2. Increase your voluntary excess
The higher the voluntary excess you choose to pay, the lower your premiums will be as the insurer won't have to pay as much in the event of a claim. But a word of warning, if you're planning on making your excess very high in order to keep premiums down, make sure you can still afford to make a claim.
3. Up your security
It won't come as a surprise to hear that insurers award discounts for vehicle security. The higher the level of your van’s security, the less likely it is to be stolen. Adding a steering lock or ensuring that your van is fitted with an immobiliser, alarm and tracker could in turn lower your insurance prices – just don’t forget to tell your insurer.
4. Drive a smaller van
When it comes to van insurance, the smaller your van, the cheaper your premium. If you can do your job with a smaller sized van or a van with a smaller engine, it’s worth considering as it should save you money.
5. Personalise your van
The advertising benefits of having your company logo on the side of your van are obvious, but there's another benefit you might not know about. Insurers look favourably at signage as it makes your van easier to identify and therefore less likely to be stolen.
6. Get completely covered
If you have more than one van then you should consider fleet insurance. As well as combining multiple policies into a single one (less hassle and less paperwork) you will usually get a fleet policy for multiple vans than if they were insured individually. In addition, extra cover such as Tool or Breakdown cover may not seem the most obvious way of saving money, but it's likely to pay-off in the long run.
7. Don’t hold back on information
Provide your insurer with as much information as possible, including how many miles you do, what you use the van for and whether tools are stored in overnight. Although do remember, that honesty is the best policy and the occasional little white lie could leave you in jeopardy in the event of a claim.
Here at FMB Insurance, we have access to over 20 of the UK’s leading Single Van and Fleet insurance providers, meaning that finding the right cover has never been easier. To find out how much you could save, call us today on 01353 652777 or make a quick online enquiry here