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Ask for a discount
Sounds simple right? But this is one top tip that’s very often overlooked. Don’t simply accept that the renewal price you have been given is the best deal the insurance company can offer you. If you’ve been a loyal customer, you may be surprised how much you could save by simply asking the question. It often helps to have a couple of back up quotes to hand when you call, so be sure to compare deals first with vaninsuranc.com.
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Increase your voluntary excess
A well-known way to reduce the cost of Van insurance is to adjust the amount of voluntary excess that you pay. By specifying a higher voluntary excess, you are in effect agreeing to pay a bigger amount towards any claim that you might make. Since so are agreeing to share some of the risk, the amount that the insurance company has to potentially pay out is reduced. The overall cost of your annual premium will be lower as a result. The higher your voluntary excess, the more savings you could make.
It’s worth noting however, that most insurance companies will not process your claim until the excess is paid. You should be sure that any voluntary excess amounts are affordable should you need to make a claim.
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Drive a smaller Van
You should think carefully about the Van you choose to drive, especially if you’re a younger driver. Getting cheaper Van insurance is all about lowering risk. If you drive a bigger, more powerful Van, statistically speaking, you’ve got a higher chance of being involved in an accident.
Your insurance company base your premium on specific insurance groups as well as classes of use. If you own a Van that fits into a lower insurance group, you’ll quickly notice your premium dropping too. If you don’t need a big Van for your business, look to change to a smaller, lighter van with a less powerful engine. These also tend to be more economical, so you’ll save on overall running costs too.
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Park securely off road
Where your Van is kept overnight can play a big role in the cost of you cover, especially in postcodes that are deemed high crime areas. Vans that are parked on public roads overnight are not only an easier target for opportunist thieves but also pose more of risk of being damaged by other road users. Parking off road on a private driveway or in a garage will have a positive effect on reducing your premium.
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Review your named drivers
Although it’s sometimes necessary to add additional drivers to your policy, you should look carefully at anyone under 25 or those with adverse driving history. Younger drivers pose a much higher risk of being involved in an accident, as do those that have been convicted of a driving offence. Removing these drivers could see an instant reduction in your premium.
In addition, adding an experienced driver over the age of 30 with a clean licence could actually help make a small reduction in the price of Van insurance. You must of course ensure that this person uses the Van on a regular basis.
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Add more security
Most modern Vans will come with some form of insurance approved alarm or immobiliser, however adding additional security is always looked upon favourably and could help you get van insurance cheaper.
An upgrade to your vehicles deadlocks or adding a tracking device is a great way to bring down insurance costs. Where possible, you should always empty your Van at night. Anything that you can actively do to reduce theft of your vehicle or its cargo will help reduce the cost of Van insurance.
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Avoid modifications to your Van
Some modifications are necessary for commercial Vans and allows them to carry out certain specific tasks. Ice cream vans or food trucks are a prime example of this and will require a specialist insurance policy that covers their modifications.
Modifications that are done purely to increase vehicle aesthetics or those that alter the performance of your Van should be avoided at all costs. Modified Vans are more attractive to thieves, pose more of an accident risk and are more expensive to replace. Increased risk simply equates to increased premiums.
If you do modify your Van from its original factory set up, you MUST declare it to your insurance company. Failure to do so could invalidate your policy and cause huge financial hardship to your business.
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Limit milage
If you spend longer on the roads, there’s an increased chance you’ll be involved in an accident. Limiting the miles you drive each year limits the risk you pose to the insurance company. Setting lower annual millage declarations and actually sticking to them will help bring down the price of your Van insurance.
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Pay annually for your premium
Whenever possible, you should budget for your annual insurance premium and make sure you can afford to pay it in one lump sum. If you opt to pay your insurance premium monthly, you will be charged interest and fees for doing so, not to mention you run the risk of invalidating your policy if you fail to make payment on time. Play it safe, pay upfront and pay less.
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Increase your no claims discount
The longer you drive without making a claim, the more you’ll start to increase your no claims bonus (NCB). With each year of claim free driving you achieve; you’ll be rewarded with a year’s NCB. Although this takes some time to build up, its usually the most effective way of getting cheaper Van insurance. Avoiding claims is a great way to save money on Van insurance: too.
