If you’re a self-employed delivery driver relying on vans for your work, you’ll understand the importance of affordable van insurance. Insurance costs can quickly add up, especially in this cost of living crisis, all of which can directly affect your bottom line as a self-employed delivery driver. The good news, though, is that there are some simple strategies to help you secure better value van insurance without sacrificing your coverage. In this simple guide, we’ll share six valuable tips to help you reduce your van insurance expenses, ensuring you’re covered on the road while keeping more cash in your pocket!
1. Shop Around and Compare Quotes
One of the most effective ways to find cheaper van insurance is to shop around and compare quotes from multiple insurance providers. Don’t settle for the first quote you receive or accept a renewal quote without checking out other insurers. Different insurers may offer varying rates and coverage options. Use online comparison tools and seek recommendations to identify the best deals for the same coverage.
2. Consider Your Vehicle Type and Usage
The type of van you drive, and its intended usage significantly impacts insurance costs. Smaller, less powerful vans often come with lower insurance premiums. Additionally, accurately reporting the primary use of your van (e.g., business, pleasure) can lead to cost savings. Make sure your insurer understands the precise nature of your van’s use to avoid overpaying. If you’re yet to purchase a van or are due for an upgrade, take the vehicle and engine size into consideration to ensure the van is appropriate for the intended use without being excessive.
3. Opt for a Higher Excess Amount
When purchasing van insurance, you will get the option to select your excess amount (the amount you pay out of pocket before your insurance coverage kicks in). Opting for a higher voluntary excess amount can considerably lower your insurance premiums. Rather than selecting no or a low excess amount, see how the amount you choose can alter the final insurance price and pick an amount that you could comfortably afford in the case of a claim. Balancing your excess amount and insurance premium could save you hundreds of pounds on your van insurance quote.
4. Bundle Your Insurance Policies
If you have multiple insurance needs, bundling your policies with a single insurer can lead to significant discounts. For example, consider bundling your van insurance with other policies like home or business insurance. There are many insurers that offer loyalty discounts for maintaining multiple policies with them.
5. Install Security Features
Enhancing the security of your van can not only reduce the risk of theft or damage but also lower your insurance premiums. Consider installing security features like alarm systems, immobilisers, and tracking devices. These measures demonstrate your commitment to safeguarding your vehicle, making it less risky to insure, thus lowering your premium.
6. Build a No Claims Bonus
A no-claims bonus (NCB) is a reward for not making a claim on your insurance policy. Over time, a good no-claims bonus can lead to substantial discounts on your van insurance. Make an effort to maintain a clean claims record, and you’ll reap the benefits of lower premiums year on year. Don’t forget that you can move your no-claims bonus between insurers when shopping around, and some insurers even offer No-Claims Bonus Protection, which would protect your NCB for a certain amount of years in the event of a claim.
Van insurance is a necessary expense for self-employed delivery drivers for transportation, and there is no getting away from it. However, that doesn’t mean you have to break the bank. By following these six tips, you can secure cheaper van insurance without compromising on your coverage. These strategies will not only save you money but also provide the peace of mind you need to focus on your deliveries and business operations.