When van insurance is up for renewal, it's a costly month for many tradesmen, but a necessary evil when it comes to running your business.
Following are some tips and ideas on how to get the cheapest deal the next time you need to renew your van insurance policy.
1. Compare Prices
Don’t pay over the odds for van insurance with an auto-renew policy. Shop around about 3 weeks before your policy ends and either renegotiate with your existing policy provider or see if you can find yourself a better deal elsewhere.
2. Van Security
Making your van more secure by installing an alarm system, tracking device or a steering wheel lock will result in a lower premium. However, check with your insurance provider on approved security systems before installing.
TIP: Insurance providers often view van signage favourably when calculating your premium as it makes your vehicle more identifiable and therefore less appealing for thieves.
3. Get a Dashcam
Dashcam footage is considered valuable by insurance providers for investigating an accident, insurance fraud or reporting dangerous behaviour on the roads.
If you can supply dashcam footage to support your claim, some insurance companies will offer insurance discounts.
4. Contents Insurance
Calculating the value of your tools and purchasing contents insurance as an additional add-on, will not lower the cost of your insurance premium, but could save you the expense of tool replacement if your van and/or tools are stolen.
5. Reduce Travel
The more time you spend driving, the greater is the risk of an incident.
For policy renewal purposes, reduce the amount of time driving by finding work closer to home or use video site surveys to first connect with prospective customers or for quoting for smaller jobs.
By keeping an accurate record of the distance travelled for both work and personal use throughout the year, you'll be able to demonstrate time spent on the road as well as avoid any misrepresentations that could invalidate your insurance if you are required to claim.
Discover how to reduce the cost of doing business with Onlinetradesmen Video Survey Solution
6. Black Box Insurance
Rather than offering premiums based on historical or statistical information, Black Box technology tracks real-time driver behaviour.
Black Box installations are perfect for drivers who want to prove their safety record and reduce the cost of their insurance premiums.
However, shop around and check any additional fees or charges before signing up with your preferred provider.
7. Don’t Pay For Unnecessary Extras
Insurance extras will generally cost you more. Therefore, it’s important to check those extras which are worth paying for and choose only those extras you need.
8. Choose The Right Vehicle
When it's time to upgrade your van, choosing the right model can lower your insurance premium based on the size and power of the vehicle you buy.
Van insurance will often be calculated based on the cost of parts and repairs, the van’s value when bought new and the performance and engine size.
Beware of any van modifications like racking/storage or adding/removing seats, which could increase your insurance premium.
9. Drive Safe
Building a no-claims profile doesn’t always mean you’ll get the best price on your policy as premiums are also subject to inflation and other market changes. However, the longer you don’t claim on your insurance and avoid unnecessary claims for minor damage, the less likely you will be hit with an expensive insurance premium.