Before hitting the road for your next trip, you need to have van insurance. It’s a legal requirement. To get a quote, your insurer will take several factors into account – no different to when you purchase car insurance.
- Average annual premium for Social, Domestic and Pleasure van insurance cover is just over £1,300
- Van insurance is calculated by the type of cover you choose, as well as driver and vehicle details
- Your premium cost depends on what you use the van for, the provider you choose and the level of cover you require
We’re here to help you understand how much your policy is likely to cost, how costs are broken down and how they’re calculated to give you your annual premium. We’ve also added a few tips on how to get a cheaper van insurance premium, to help you protect your van for the right price.
How is van insurance calculated?
Your van insurance premium is calculated by looking at:
- The type of cover you choose
- Your details and driving history
- The type of van you're looking to insure
We’ve broken down the different options and the personal factors that affect the cost of your cover to help you make an informed choice when you buy or renew.
You’ll usually find 3 main policies to choose from:
This is the minimum legal cover. A Third Party policy protects against the costs incurred if you damage another vehicle, person or their property due to your driving. It doesn’t cover you for any damage caused to your van, subsequent repairs or medical expenses.
Third Party, Fire and Theft
This type of policy covers everything included in Third Party cover but also protects you from fire damage or if your van is stolen. However, it won’t cover you for repairs after an accident.
A Fully Comprehensive policy covers everything above alongside paying for repairs after an accident. It’s the full insurance package and gives you the highest level of cover. It’s vital if you’re driving long distances or use your van often.
Once the insurer knows what cover you’re choosing, they’ll calculate your quote by looking at several other factors, including:
- Age, driving experience and convictions – how old you are, how long you’ve been driving, and any past driving convictions can have an effect on your insurance quote. Some insurers may also take non-driving convictions into account.
- Vehicle being insured – your van model and make, age, engine size and value determine the risk of insuring that vehicle, affecting how much you’ll pay to insure it. There are certain models that will keep your policy low , while others will drive the cost up.
- Where your van is stored – much like car insurance, where you keep your van – be it in a secure parking garage, roadside or driveway – can have an impact on your quote.
What type of policy do I need?
There are many different types of cover available, making it difficult to know which insurance you need . The right one for you will depend on what you’re using your van for.
If you’re using a van as a little run-around during the week, your mileage is likely to be low. This means you’re likely to get a cheaper policy because of your limited time on the road.
If you want a van to take on family holidays, fit in all the kids’ bikes, or simply make your next road trip a little more comfortable, getting a policy that has breakdown cover is crucial, especially if you have a high annual mileage.
Chances are you’re going to be covering considerable distances and heading into more rural areas. Knowing you can get roadside assistance whenever you need it, can help give you peace of mind on those long journeys.
If you’re a van enthusiast and want to take your pride and joy for a spin on weekends away, then declare this to your insurer so your policy includes this.
Whether you’re a hobbyist or roadtripper, you should consider whether you need additional cover to fully insure your van. These can be chosen after you’ve received your initial quote and can be tailored to suit your needs.
Examples of extra cover options include:
- Motor legal expenses
- Guaranteed hire car if your van is off the road
- Increased personal accident cover
- Breakdown cover
- Protected no claim discount
Some insurers might also offer personal belongings cover either as an optional extra or as standard. LV= provide £300 for personal belongings cover as standard, but this doesn't cover business tools or equipment.
Budget van insurance
Check out any policy documents if you want to know more about a possible policy. That way you’ll be able to understand your premium cost a little better and try to tailor it according to your needs and budget.
Other ways to get budget van insurance include:
- Increase your voluntary excess
- Give your annual mileage reading
- Store your van in a secure place
At LV=, we provide van insurance for a host of different drivers, covering you while you’re on the road. Get a quote online today.
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