Mastering Tradesmen Insurance Policy Renewals
Your insurance needs regular checking to make sure it’s still fit for purpose and you’re not sheltering under an umbrella full of holes.
When you're considering buying a van for your business, there are lots of things you must take into account - its purpose, running costs, and van insurance are all high on the list! Commercial vehicle insurance is affected by many factors, so we've put together a detailed guide on how to find the most affordable vans to insure.
There is a vast range of aspects used to calculate the insurance premium for your commercial vehicle. However, there are several things you should consider that will significantly affect the price, including:
Smaller vans that carry less weight are considered lower risk than heavier and bigger vans, which understandably reduces the cost of insurance.
Each make and model of van is classed in an insurance group between 1 & 20 by the Association of British Insurers. The lower the group, the cheaper the insurance. Research the insurance group of any van you're considering before you purchase it.
The smaller the engine size, the less likely you will have an accident, making your insurance premiums cheaper.
Suppose your van has expensive or hard to source parts. In this case, insurers will increase your premium, as if you're in an accident, your van will be more costly to repair or replace.
Alarms, immobilisers, and trackers can drop your insurance premium for obvious reasons. However, research in advance whether an insurer will offer a reduction for these features, as it can be costly to install them.
If you buy a used van that has previously been modified, or you plan to modify a new commercial vehicle that you've purchased, expect your insurance premium to skyrocket. Mods are expensive to source and repair and make your van more attractive to thieves.
Considering as many of these factors as possible before purchasing a van for your business will help you keep the insurance cost down.
Small vans are usually cheaper to insure than larger vans and include:
However, some businesses require the use of a larger van, and if you're looking for the cheapest to insure, consider the following makes and models:
If you're in the market for a new or used commercial vehicle, remember that you can influence the amount of insurance that you'll pay. So choose a van that is best suited to your needs, research its insurance group, and avoid any unnecessary custom modifications. The six vans introduced here provide you with the perfect starting point for your research - don't forget us when it comes to insurance!
Your insurance needs regular checking to make sure it’s still fit for purpose and you’re not sheltering under an umbrella full of holes.
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Worryingly, thousands of tradespeople in the UK are underinsured, but don’t panic – Rhino are here to help. Join us as we delve into the meaning of underinsurance, and how you can prevent it happening to you.
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