19 Mar 2015
Posted by Miriam O'Neill 
Here we are almost one year on from the Setanta Insurance debacle which saw 75,000 of our nation’s van drivers cast adrift, scrambling for alternative cover.
If you were among that cohort your renewal date is fast approaching. So what should you be thinking about when it comes to your van insurance cover and could you be saving money by shopping around?
Understandably you may loathe the thought of doing so again, especially given that very few providers have the option of generating a van insurance quote on-line. However as with most things shopping around can really pay off.
6 Top Tips when shopping around for van insurance:
1. If using a broker be clear on who they’re placing your business with. One year on from the collapse of Setanta some customers are still placed with “non-rated” insurance providers. (Rated insurers will generally have a higher solvency ratio and are therefore seen to be sound in the market place.)
2. Make sure you select the correct class of use.
- Class 2, Business Cover, the most common type of van insurance in Ireland, is for those who carry the tools and goods they personally require to carry out their livelihood. Think a shopkeeper and the stock he sells directly to his customer. Or a painter and decorator and his ladder, paints and rollers.
- Class 3, Business Cover, is for the likes of hauliers or couriers who transport goods on behalf of a third party. Fewer insurance companies specialise in this unfortunately so if you fall into this group your shopping around will be quite curtailed.
- Social Domestic and Pleasure only cover. Very few insurers offer this cover in isolation. This is really important to bear in mind for anyone thinking of buying a van solely to facilitate a hobby such as surfing or mountain biking. This will also have an impact on the cost motor tax for the vehicle so be sure to look into this before making any decisions.
3. Think about extra cover for your tools.Most van insurers won’t actually cover the cost of your tools if they are damaged, lost or stolen. Always check your policy to see where you stand as regards your van contents.
4.Take extra measures to keep your van safe.Are there extra security features you can introduce such as accredited anti-theft devices? Can you park your van in a locked garage at night? Check with your short list of providers to find out how such measures will impact your premiums.
5. Give thought to who really needs to be insured on your van. Having a policy that will cover any driver to drive your van can be a costly thing. Try and keep the number of drivers on the policy to a practical minimum. Drivers under the age of 25 in particular are likely to ramp up your premium so bear this in mind before you begin your shop around.
6. Don’t assume that you’re covered to drive other vans.Unlike with your car, with fully comprehensive van insurance typically you will not be covered to drive other people’s vans. By doing so you are driving uninsured and a plea of ignorance simply won’t hold up in the courts.
