The Insurance Quiz: Five Questions You Should Ask Yourself Before Insuring Your Vehicle
If you own or operate a commercial vehicle then one of the best and most valuable assets you can have for your business is van insurance. This covers all types of set-up, from the single “man with a van” to whole fleets of shiny, commercial vans.
But strangely, thousands of people pay ultra-high premiums for car and van insurance and never really know what it is they are paying for. As with all financial products, research is the key. Below is five questions to ask yourself about your commercial vehicle and how to insure it.
A lot of standard commercial van insurance policies do not cover using a vehicle abroad. If you have recently upgraded your vehicle and are starting to do a little business abroad, making sure you insure your vehicle against anything that might happen is extremely important. Believe it or not, your vehicle is a capital asset when it comes to your livelihood and must be protected.
Q2. Have I modified my van?
Modifications to standard commercial vehicles can be a little tricky. If you have recently changed anything that will increase horsepower, braking capabilities or even increase storage, you could find that your premium increases a little.
Similarly, it may be possible to add optional coverage extras such as newly purchased exhausts or heavily tinted windshields when insuring your vehicle.
Q3. Do I use my commercial vehicle often?
If you’ve recently started using your personal vehicle as a business vehicle, but only on the odd occasion, it might be tempting to stick to standard car insurance until your business develops a little more. Whilst this may save money, it is important that your car insurance policy covers the vehicle for business use, as failure to do so could result in your insurance being invalidated.
Q4. Am I a safe driver with a good record?
This can affect premiums a great deal. Any past record or evidence of malpractice or accidents can mean that you appear as a bit of a liability. This can be frustrating, as sometimes, it’s genuinely the other driver’s fault. Luckily, many great services offer extremely good rates on commercial van insurance.
Q5. Is it easy to get van insurance?
It is extremely easy to get van insurance and doing so could mean you get a great deal more coverage that you are currently have.