Wednesday, 4 January 2012 5:00 PM
In these difficult economic times, it is important that you safeguard your most important assets to avoid any downtime which could cost you and your business dearly.
If you are in the courier business, your van is the most important asset you have and needs to be protected accordingly, which leads on to the subject of courier van insurance.
Every vehicle in the UK needs to be protected by insurance unless it has been declared off the road, so you have a legal obligation to take out a policy.
You may be familiar with buying insurance – such as for your house or car – and feel you know how to go about it effectively.
However, there are some savvy tactics you can employ that can save you money on your goods in transit insurance without compromising the level of cover you have.
Look at value for money rather than price
During your search for van insurance, you will find some policies that are noticeably cheaper than others.
In what are tough economic times, there is the temptation to opt for the cheapest option to save money, however, this can be a false economy.
One of the reasons why one policy is likely to be cheaper than another is the fact that it may not offer the same level of protection.
A comprehensive policy will cover more than a third-party or third-party fire and theft product. It may cost you more but it will give you greater peace of mind.
Ultimately, you should look for value for money rather than a policy that will satisfy the minimum legal requirements but not offer you much in the way of protection.
Compare van insurance
There are many companies offering cover for small commercial vehicles, so it can be worth your while to compare van insurance policies and see what is available.
To get the most out of this exercise, it is important to have an idea of what you want the policy to include.
For example, if windscreen cover, no claims discount protection and breakdown cover are prerequisites, you can look at policies containing these benefits and exclude those that do not, saving you a lot of time overall.
Read the small print
Van insurance is a financial product and will have certain terms and conditions attached to it.
It is of the utmost importance that you understand what is included in the small print to avoid any nasty surprises.
You should be fully aware of what the consequences will be if you miss a payment or wish to switch to another policy.
Restrictions are also something you need to be absolutely clear about. There may be certain restrictions attached to your van insurance that mean it will not protect you in certain circumstances, so understanding these can help you avoid some nasty surprises further down the line.
Do you need separate goods in transit insurance?
If you deliver high-value goods, you need protection in case they are stolen from your van.
Many policies will include goods in transit insurance, however, in some cases you may need to take out a separate policy.
When comparing van insurance quotes, be sure to include this cover as a feature in your search of it is an essential requirement.
It may work out cheaper to purchase two separate policies or one which includes goods in transit insurance, so it may be worth exploring both options before coming to a decision.