October 25, 2017 at 9:42 AM
With the rise in insurance premiums, it can be difficult to know where to turn when it comes to van insurance. There are ways to lower insurance premiums on used vans, but with van insurance premiums predicted to rise by 30 nearly percent each year, saving money seems near impossible. Fortunately, there are some ways to reduce their annual premiums.
First, shopping around is crucial, policy prices often fluctuate on a monthly basis with most insurance providers. Choosing the correct cover is also an important point, many insurers offer policies to suit the needs of their customers so choosing correctly is paramount. For example, your policy may cover more than you need it to, meaning you will be paying a higher premium for it. Tailoring a policy to specifically suit your needs could save you money, it will also mean that if any incidents occur that are specific to your type of business, you will be covered.
When choosing a vehicle, insurance costs should be a consideration. If you choose a used van (or fleet) based only on its features to then discover that running costs will have a negative effect on your profits, then you will have a problem. When buying a van, you should consider factors such as engine capacity, and performance. Both of these factors can greatly impact the price of your premium, it is therefore recommended that when choosing a vehicle you opt for the smallest engine size that will meet your business requirements.
Premiums can be greatly increased depending on several factors including the age of the diver, their occupation, and any previous claims or convictions. These are all worthy points to think about when choosing policies. Another element that can increase the price of insurance is the weight and size of the vehicle itself. All vehicles are categorised in groups, each of which determines the premium, heavier and larger vehicles are categorised in higher groupings with higher premiums.
In recent years there has been a rise in technological features that can reduce insurance costs. Some insurance companies offer policies based on the performance of drivers, in these instances, a 'black box' will be installed in the vehicle. The black box is used to monitor the driver's driving style, and if considered safe, then the premium is usually reduced. Insurance providers will usually require the monitoring system to be installed for a set period of time before any changes to the premium are made.
Other technological installations can also help to reduce premiums, including dash cams. Some insurers will apply a discount to a policy if there is a dash cam fitted in the vehicle. Dash cams are also useful in determining fault in cases of road traffic accidents, which is beneficial for businesses. Dash cams also provide additional security to vehicles and are particularly useful in the event of theft.