All that you need to know about van insurance

As the leading independent news agency in Scotland, we are committed to bringing you the best in research that helps make life easier for all of us. Today, we turn the spotlight on the world of van insurance. With a little help from the pros at Money Expert, van insurance comparison has never been easier.

Many people may consider it to be the same as car insurance but there are some clear differences.

Car insurance consists of three main types 

1. Third party- which pays out for damage to another vehicle.
2. Third party, fire and theft- this covers damage to another vehicle, protection against theft, damage from theft and fire.
3. Fully comprehensive- this covers the highest level of protection although there will be exclusions so make sure you check the small print.

There are four main types of commercial van insurance

Own goods van insurance- this is perfect if you are a tradeperson. It covers all the goods for example tools and equipment that are needed to do your work (but not other people’s).

Courier van insurance- covers transport of shipments for example from internet orders which may be targeted by thieves. This is more specialised and more expensive than own goods insurance. But you need to remember that it only covers the van and not the goods.

Goods in transit (GIT) van insurance applies to the goods stored and carried in your van. The type and value of the goods being transported must be declared. This is essential for the policy to be valid even if they are hazardous or expensive which may raise your premiums.

Haulage Insurance covers the risks of long motorway journeys for dropping off goods in one direction only, just like for HGVs. Some policies include European cover. Haulage Insurance works in the same way as courier insurance in that only the van is covered by the policy and not the goods.

What lifestyle factors affect your premiums?

Where you live and your age have an impact- premiums should reduce with experience as you get older.

6 things to remember when looking for a van insurance policy

1. Check it carefully to see what is covered- the cheapest policy is not always the best.
2. Make sure that you have the correct vehicle category– car-derived, micro, small/light, medium/panel or large.
3. Don’t select a van that is larger than you need as smaller vans have cheaper insurance than larger ones.
4. You can take off replacement van insurance to reduce your premium if you have another van.
5. Look for online discounts and add extra security features to your van to make it safer on the road.
6. Finally, some insurers offer reduced rates for additional driver training so see if your policy qualifies for motorway tests or specific van instruction.

To summarise, it is essential to plan carefully: Do your research and compare the benefits and premiums of different policies when purchasing a van and its insurance to ensure it meets your requirements.