Van insurance is an crucial part of business and or personal life when you own or lease a Van or Commercial Vehicle. Vans are useful vehicles for both business and pleasure, whether you drive one for your own personal use or hobby or for self employed or business reasons. In the UK alone, there are nearly 300,000 vans in use on the public roads of which the majority are commercial.
Like Car Insurance, Van Insurance comes in many different types – from Third Party Cover to Fully Comprehensive. Here are a few basic definitions of the levels of Insurance.
Third party cover is road risk, and will only cover the owners liability in the event of an accident whereby there is a result of death or injury to a third party, or damage caused by the insured driver or a third party vehicle or property.
Third Party Fire and Theft is the next level above Third Party Only. Third Party Fire and Theft covers the insured person plus the vehicle against theft and fire. Additional equipment cover can be a part of the policy, and each Insurance Company will always set these out in the statement document which comes with the policy.
Fully Comprehensive Cover is the highest cover available for any type of vehicle Insurance, but it is always good practice to check the exact level with the insurer whilst negotiating. Fully Comprehensive Insurance, or “Fully Comp” as it is known in the UK, covers everything including accidental damage, malicious damage and both the uninsured where damage is caused by accident to a person or property.
Other inclusions within a Van Insurance Policy can be specified within a schedule depending on the profession of the insured. So should the insured be a courier person, an additional clause can be added for loss or damage to contents owned by a third party – or if the insured is a trades person, then tools and other items needed for that profession can also be covered.
Should the Van Insurance not cover tools or professional items carried within the vehicle, then additional policies can be taken out at a small premium per year – depending on the replacement value of the contents being carried. The higher the value or risk, the more expensive the policy will be.
Finally, it is always advisable to notify the Insurance Company or any changes to your vehicle, contents or profession. Failure to notify them can result in your policy being cancelled without notice. The law in the UK states that “Insurance Companies” have the power to do this.