If your business runs more than three vans, it is well worth considering a fleet van insurance policy rather than a series of separate insurance arrangements for each vehicle.
If you have acquired additional vans over a period of years as your business grows then you are probably left with multiple insurance policies and a range of renewal dates. It’s easy to see how a single fleet van policy with one renewal date could be easier to administer. But it might also work out cheaper and more flexible whereby a mix of vehicle types, level of insurance cover and ‘any driver’ can be integrated on the one fleet insurance policy.
Fleet van insurance levels of cover
Running a fleet of vans you are probably worried about the possibility of theft and accidents that can in turn cause financial loss or interruption in business.
The first step will be to consider the level of cover that you require for your fleet. It is generally better to opt for the most comprehensive level, but for some people this may not be financially viable or perhaps even necessary if you are running older vehicles.
Your minimum legal requirement for fleet van insurance is Third Party, but particularly for business purposes and employer responsibility, something a bit more in depth may be necessary. Third Party insurance will only cover any liabilities you might incur to others and provides no cover for you, your driver or your vehicle.
‘Third party fire and theft’ goes one step further and will also reimburse you if your van were stolen or destroyed or damaged by fire. The top, and most expensive, level of fleet van insurance cover available is fully ‘Comprehensive’. In addition to the protection described above, it covers any damage or injury sustained by yourself so you can feel at ease with the maximum level of insurance available.
Cheap fleet van insurance
There are many different types of commercial van, such as transit vans, escort vans, courier vans, and cargo vans, etc. The function and size of the van plays a major role in the selection of the insurance policy. However, it is important to choose the van that is also fit for purpose for your business when budgeting as well as seeking advice on reducing premiums.
Fleet van insurance will be affected by the value and nature of the load as well as the van itself. Security is important here so considering alarms and immobilisers as well as storage of your fleet can make a huge difference in keeping your fleet insurance premiums down.
If you are looking for cheap fleet van insurance then consider letting your broker or insurance provider know the postcodes where the vehicles are kept overnight. You may be paying too much if your company is based in a major city yet the vehicles are actually kept elsewhere overnight.
You can also make savings on your fleet van insurance premiums by implementing some risk management procedures, such as driver training, use of telematics, regular safety and maintenance checks on your fleet, and implementing careful driver selection.
Maintaining a good relationship with a specialist broker can also be wise as they will work to understand your business and can keep aware of aspects such as the value of your vehicles listed on your policy, which overtime should reduce. Ensuring this is correct on your policy can help to reduce your overall premium.
Courier fleet van insurance
If your van fleet is used for the purpose of ‘hire and reward’ then you will need to make sure that you have Courier Van Insurance in place, as opposed to standard fleet van insurance. Without courier van insurance you may find that you are unable to process your claim. Having the correct insurance policy will ensure you are covered as a courier for the contents of your vehicle and the fact that you are making multiple drop offs in an area and working to a schedule, which in turn poses greater insurance risks.