Understand Van Insurance.
Lack of information, you can not keep away from the coverage you need.Understanding van insurance coverage is an important part of being a driver. It may save you a lot of money and a lot of headaches:
- Standard Automobile Insurance describes liability, uninsured/underinsured, and medical payments coverage.
- Optional Automobile Insurance explains collision and comprehensive coverage, as well as optional insurance endorsements.
- Understanding your insurance policy document.
CAR or VAN INSURANCE
About this type of cover
Car insurance cover is available in a variety of levels, as with standard car insurance. The type of cover you will need will depend upon what you use your van for. If you use it for business, you will need a commercial insurance policy; otherwise, a standard van insurance cover will suffice. You can select from the standard three levels of insurance cover for your van, and there are also some specific extras available to provide additional cover and peace of mind.
Summary of Cover
The features of your van insurance will depend upon the level and type of cover that you select. Most insurers will offer either third party, fire and theft or comprehensive cover on commercial van insurance, which means that you will be covered for third party injuries or damage, and public liability, as well as theft of your
vehicle or fire damage. For private van cover you can select from basic third party to fully comprehensive cover. The summary of cover will vary from policy to policy, and it is important to consider your needs as well as your budget when looking into van insurance cover.
As with other types of car insurance cover, there are a number of optional extras available with all types of van insurance cover. You can choose from:
Legal expenses cover, which will cover you for legal costs should you not already have this cover included in your policy.
- Breakdown cover is another popular optional extra, and it is a good idea to take this out if you have a commercial van as your income could rely on your vehicle being on the road. You can get different levels of breakdown cover.
- Glass cover is also available, and offers valuable protection against window or windscreen damage.
- Tools and spare parts cover is available with some insurers, which will ensure that you can get on with your work whatever the circumstances.
- Replacement vehicle cover can also be a valuable addition for commercial van drivers, as it will keep your business going should your own vehicle be off the road.
It is important to check the terms of each individual policy before you commit to any type of van insurance cover, as terms and exclusions can differ from insurer to insurer. The policy that you opt for will determine what you are covered for, so make sure that you are familiar with the various levels of cover before you commit to any particular van insurance policy.
With all levels of cover, any claims made are usually subject to inspection of the vehicle by a representative of the insurance company. Most insurers now offer a hotline number to make claims, and will send out the necessary paperwork in the post, which you should complete and return. You can also register a claim online with many insurance companies. If the police were involved, then you should send in a copy of the police report if one was made along with the completed paperwork requested by the insurer. With all types of cover, it can take time to go through your claim.
Free Extras to Look Out For
Free extras can vary between policies and insurers, and there is no guarantee that you will get any free features with your van insurance policy. This often depends on the level of cover you take out, and you are far more likely to enjoy freebies with fully comprehensive cover than with the lower levels of cover. These could include: free replacement vehicle cover; free glass cover; free legal cover; and free parts and tools cover (on a commercial van policy).
Saving Money on your cover
If you are looking for ways to save even more money on the cost of van insurance cover, there are a number of steps you can take.
Cover premiums can vary enormously from insurer to insurer, so be sure to check out a few policies in order to get the best value deal. However, remember to compare the benefits of the policies as well as the prices in order to get real value for money.
Many insurance company now offer some of their best and most affordable policies online. You can browse the various van insurance deals from the comfort of your own home when you go online, and you can also compare the terms, benefits and premiums with ease.
For every year that you don’t make a claim on your policy, you will receive a no claims bonus, and this can dramatically reduce the cost of your premiums as time goes on.
Take security measures
By ensuring that your vehicle and any tools or equipment are as safe and secure as possible, you could save more money on the cost of your cover.
In almost everywhere, it’s illegal to drive without car insurance. Every state has a minimum of liability coverage that is legally required. If you don’t have it, you could be fined. If you make a habit of getting caught without it, you could end up in jail.The other good reason to have auto insurance is consistency.
What it covers
Collision insurance covers damage to your car from impact with another vehicle, person, object or the surface of the road. You are covered even if you are at fault in the crash. It will also cover the costs of towing, storage, and salvage disposal if needed.
It does not cover damage or loss to:
- contents of any vehicle (other than some contents of a motor home)
- tires, unless the damage is caused as part of the collision
- any part of the auto as a result of mechanical breakdown, rust, corrosion, wear and tear, freezing, or explosion within the combustion chamber
Because Collision coverage deals specifically with vehicle damage, the type of vehicle you drive will have an impact on the premiums, along with your claim record and where you live.
Your deductible is the amount of money you have to pay before your insurance kicks in to pay for the rest of the repairs.
The lesser your deductible, the higher your premium. The higher your deductible, the lesser your premium.
You have to decide how much you can afford to pay for repairs if you do have a claim, versus how much you want to pay for your premiums.
If you have a history of at-fault crashes, you may only be able to buy collision insurance with a high deductible.
If you have an extensive history of at-fault crashes, you may not be able to buy collision insurance at all.
There are a lot of details you got to know about vehicle insurance and all that it covers in order to select and take the best one.
What is liability coverage?
Liability coverage insures you against the cost of injury and damage you cause to another in an automobile accident. It’s made up of two policies, bodily injury liability, and property damage liability.
What is bodily injury coverage?
It’s the part of liability coverage that insures you against the injury you cause to others in an auto accident. It consists of two figures. One limits the cost of injury coverage per person injured, and the second limits the total dollar amount of injury coverage (for everyone injured.) This is a very important policy.
What is property damage coverage?
It’s the part of liability coverage that insures you against the cost of damage to anther’s property caused by you in an automobile accident. “Property” includes other cars, houses, fences, telephone poles, etc.
What is medical payments coverage?
This policy pays the medical bills of the covered driver, family members, and passengers when injured in an accident, regardless of who was at fault. This coverage is required in some states, but not in others.
What is personal injury protection (PIP)?
PIP is similar to medical payments coverage, only it usually covers a broader range of events, including medical bills, lost wages, loss of services, etc.
What is uninsured vehicle coverage?
This policy covers the cost of injury or damage caused by another driver who is not insured. It covers the policy holder, authorized drivers, and any passengers. It usually consists of separate limits for bodily injury and property damage.
What is underinsured vehicle coverage?
This policy pays for injuries and damage caused to the policy holder by a driver with inadequate insurance. It typically pays the difference between the at-fault driver’s liability limit and the holder’s policy limit. There are separate limits for property damage and bodily injury liability.
What is collision coverage?
This policy helps pay for repairs or fair market replacement cost if your car is damaged in an accident caused by you or an authorized driver. This policy is always optional.
What is comprehensive coverage?
This policy covers the cost of repairs to or replacement of your vehicle should it be stolen, vandalized, struck in a hit-and-run, or damaged by an “act of God.” Covered events vary from policy to policy but usually include fire, flood, and falling objects. This policy is always optional.
What is a deductible?
It’s the amount of money that you agree to pay before a certain auto insurance policy kicks in. Deductibles are designed to cut down on insurance costs by eliminating small or frivolous claims. The higher the deductible you’re willing to pay, the lower the premium you earn. Collision and comprehensive policies almost always carry deductibles, and sometimes PIP and medical payments policies do too.
What is emergency roadside assistance insurance?
It’s an optional policy that covers the cost of towing or immediate roadside repair (like fixing a flat or jump-starting the battery). It does not cover the costs of any repairs done at a garage or service station, however.
What are split limits and combined single limits of liability?
Split limits of liability provide for separate coverage limits for bodily injury and property damage. A combined single limit policy has one coverage limit for the total cost of injuries and damage. Split limits of liability are much more common.
What is gap insurance?
This optional policy insures the driver of a new car for the difference between the car’s financed value and its fair market value. Should the car be “totaled” during the first few years after purchase, the owner will be covered for the amount still owed on the car, rather than it’s market value (which is often much lower). Because it covers only the difference in value, this is a relatively inexpensive policy.
What is no fault insurance?
No fault insurance covers the injury-related expenses of the policy holder in the event of an accident, regardless of who was at fault.