Top Tips to get the right insurance
Your van is one of the most valuable tools of your business, so it makes sense to do your homework when it comes to buying van insurance. There are plenty of companies out there who cater for commercial vehicle insurance, but there are a few things to be aware of that can help ensure you have the right cover for you, at the right price!
1. Understand the product
Many insurance companies offer a range of products to their customers, so make sure you know what you want when you’re looking to buy. For example, are you looking to insure a double cab vehicle, or a small fleet of vans?
2. Don’t buy just on price!
Make sure you fully understand what the price you’ve been quoted includes, or doesn’t include! For example, many insurers include legal cover as standard as part of their policies, which many people may not think they need, but can be invaluable in the event of an accident. Also, many insurers negotiate significant discounts on these products, and include them in your policy at a fraction of the ‘high street’ price so be sure you’re getting the best value for money. The cheapest price may also not include things which you consider valuable, such as legal cover or access to a hire vehicle in the event of an accident. Price is an important factor, but always think ‘best value’ rather than ‘the cheapest’!
3. Use a broker – they do the hard work for you!
Insurance brokers have access to a wide range of Insurers and, because they are effectively selling a lot of policies on behalf of an insurer, a broker often has access to significantly reduced rates compared to what you would be quoted if you went to an insurer directly, simply because of the volume of business they generate. One phone call to an insurance broker is all you need, and also saves you the job of ringing each one yourself!
4. Have all your details to hand
When you contact a broker for a quote, it’s helpful if you know all the relevant details to ensure you get an accurate price for your insurance. It is usually worth having all your vehicle documents and current insurance details to hand, including a renewal quotation from your current insurer if you have one. This way, the insurance agent can give you an accurate quote for your exact needs.
5. Be honest
Don’t bend the truth with your insurer. If you don’t give an honest appraisal of your vehicle or your driving history when buying insurance, you may find, should the worst happen, you aren’t actually covered under the terms of the policy. For example, if your van is slightly modified or you have a previous claims history, explain all the details to the broker who can then take these details into account when finding you the best price. Even if your insurance premium is slightly higher than you’d expected, it’s better to know you’re fully insured from the off, rather than discover in the event of an accident that you’ve invalidated your policy by not being honest.
Member deal: Free Roadside and Accident Assistance with all fully comprehensive policies* worth £52.50
In the event your van breaks down or you have an accident, if you have purchased a fully comprehensive* insurance van policy with us and you’re covered by our Breakdown and Accident Assistance service.*Vehicles under 15 years of age.
Member deal: Free Key cover insurance worth £15.95 for 12 months.
Cover for lost or stolen keys, replacement locks and any call out charges. There is an indemnity limit of £1,500 maximum per year, and the cover includes immobiliser keys and central locking keys.
Member deal: 5% discount when you combine your Tool cover with Van insurance policy (when both products are purchased via Commercial Vehicle Direct)
Your tools are your business.
That’s why our sister company, ONE Business Insurance Solutions, can cover you for loss, theft or accidental damage to your hand and power tools whilst in transit or left in your vehicle. Restrictions apply. Contact us for more details.
HBXL is an Introducer Appointed Representative of Commercial Vehicle Direct Insurance services Ltd, MMT Centre, Severn Bridge, Aust, Bristol, BS35 4BL, who are authorised and regulated by the Financial Services Authority, Registration Number 302216. www.fsa.gov.uk/register/.