With the rise in petrol duty already in place and VAT set up to return to its’ pre-economic meltdown level of 17.5% the current climate is a particular difficult one for businesses; especially haulage firms and those which use commercial vehicles. One area that has seen a particular change in both business and consumer habits is van insurance.
One of the ways in which both businesses and people have looked to reduce their overheads is to change their insurance policies from ‘Fully Comprehensive’ cover to ‘Third Party, Fire and Theft’, however this short term gain could potentially end in long term pain. A ‘Third Party, Fire and Theft’ policy won’t cover against damage to your vehicle, only other people and their property. So, if you are unfortunate enough to be involved in an accident you may well end up spending the money you thought you’d saved on changing your policy.
There are however a number of ways in which you can reduce the cost of your commercial vehicle insurance policy by checking to see whether or not you have a no claims discount: most insurers will offer a no claims discount saving providing you have not made any claims in the past and this will even extend to using a bonus that may have been earned on another vehicle (providing that it has not already been used).
Installing a tracker device on your vehicle, which enables it to be located if it has been lost or stolen and offering to pay a higher voluntary excess will both help to reduce the cost of your insurance policy. However, perhaps the most basic way to lower your insurance premium is to improve the security on your vehicle, such as; making sure your vehicle has secure doors, an alarm system in place and an ignition lock.
Posted under Travel & Holiday
This post is a Blogger on November 2, 2009
