Van Insurance Groups Explained

 

What are van insurance groups? What do they mean, and how do they work?

Van insurance groups work just like car insurance groups: They’re there to give insurers a quick idea of how much it will cost to repair or replace your van in the event of fire, flood, theft, or a collision. They’re also related to how a van performs. Larger and more powerful vans are in a different insurance group to smaller, more efficient vans.

So in short, your van insurance group determines how much you should expect to pay for your van insurance. The higher your van insurance group, the higher your insurance premium is likely to be.

How Van Insurance Groups Work

What do insurers look for when determining what insurance group a van belongs in?

Principally, they’ll look at the following areas:

  • Size – The size, performance and payload of your van all determines your van’s insurance group. This is because heavier vans are harder to handle, which might make you more likely to get in an accident. Similarly, big vans need big engines. Insurers tend to think that the more powerful your engine, the more likely you are to get involved in an accident.
  • Security – Thieves might be more likely to target vans than cars. This is because vans are more likely to be filled with expensive goods or equipment. But some vans are fitted with advanced high grade security systems. The tighter the security, the lower the insurance group.
  • Parts and Repairs – Some vans just cost more to repair than others. They might require certain parts that are more expensive, or harder to find. But if insurers know that your van will be easy and comparatively inexpensive to repair, then they’ll place you in a lower insurance group, and you’ll pay less for your cover.

Choosing a Van Based on Insurance Group

You should always choose a van that’s fit for purpose. If you need a big van with a powerful engine, then you should absolutely get a big van with a powerful engine. However, the more powerful the van the higher your insurance may be.  It is just one of the rating factors taken into account by insurance companies.

It’s all about balancing your practical needs with your budget. If your business demands you to get the biggest van possible, look for other ways you can lower your insurance group. For example, choose a model that prioritises security over performance.

What Else Determines The Price of Your Van Insurance?

Van insurance groups only take your van into consideration. But when calculating the cost of your premium, insurers will factor in many other things that they believe might make a claim more or less likely.

For example, there’s you, and your circumstances as a driver. Insurers will consider your age, how long you’ve been driving, and your claims and conviction history.

If you’ve been driving for years without having made a single insurance claim, you’ll probably get a lower premium, as you’ll have demonstrated yourself to be a safer driver. But if you’ve only recently passed your test, you’ll pay more for your cover, as your insurers will consider you to be less experienced and, therefore, higher risk.

Insurers will also factor in where you live, and where you store your van. Parking your van in a highly-secure garage will reduce the risk of theft.

Comprehensive Van Insurance at a Price You Can Afford

If you want to pay less for you van insurance, the two best things you can do are:

  1. Drive a smaller, safer, less powerful van from a lower insurance group.
  2. Spend years driving safely, without making any claims on your van insurance.

But you could also choose an insurer that specialises in great value insurance like Insure 2 Drive.

We offer comprehensive van insurance with optional tool cover at a great price. Head here to get an online quote in minutes.