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What are the Key Differences between Car and Van Insurance?

The fall in car insurance premiums has been well reported since the turn of the year, with a percentage drop of 5.6% recorded during the second financial quarter. There are now suggestions that this trend is beginning to reverse, however, with experts reporting that regulatory efforts to drive down costs further is actually having an adverse effect on national premiums. With fraud also a key consideration when determining the cost of premiums, it is extremely difficult to know which course the market will take during the next twelve months.

 

3 of the Key Differences between Van and Car Insurance

With savings of paramount importance, even seemingly small decisions can have a huge impact on your annual insurance premiums. The most important consideration is your ultimate choice of vehicle, and whether or not you choose to invest in a car or a van. Consider the key differences that will help you to make an informed decision: –

 

  1. ­Van Insurance is Generally more Expensive

In terms of bottom line cost, van insurance is generally more expensive than procuring coverage for a standard car. The differences can be hard to determine across different models, so the best comparison method is to use manufacturers that produce cars and brands for the consumer market. If you were to compare the cost of insuring a Fiesta car and Fiesta van, for example, the difference between premiums can amount to as much as £100 per annum. Standard transit vans can be even more expensive to insure, so it is important to keep this price variation in mind before entering the market.

  1. Van Insurance is more Complex

On another note, it is also important to note that van insurance is decidedly more complex than the auto alternative. More specifically, it take a wider range of factors into account, including everything from the applicant’s age and occupation to the make and model of van that they own. It can also be more difficult to obtain van insurance any driver coverage on higher performance models, so you will need to prepare yourself to invest in policies that are relatively rigid and inflexible to some degree.

 

  1. Van Insurance May Require Additional Features Depending on Usage

Another key factor when determining van insurance is its primary purpose, as those that are used for industrial or courier tasks will tend to require more comprehensive and multi-faceted coverage. This is particularly important if you use your van as a part of your job and are required to ship products domestically throughout the UK, as while standard policies will protect the vehicle they will do little to cover the cost of any damage that is caused to items while in transit.

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