Van Insurance


With actuarial sciences making advances with each passing day, the insurance market has definitely felt the boom. And this is something that risk averters all over the world should celebrate. Insurance basically means to transfer an entity’s risk to another entity. By the basic principle of economics, since risk is bad, the risk taker should be compensated with some good, which in our case is money, to keep the risk taker on the same indifference curve. So, the Insurance Companies or insurers take your risk partially or fully when you pay them some money, termed as premium rate. In case of full insurance, the insured does not have to bear the cost of the risk, which means that he does not have to pay in case any loss is to occur. The insurer takes care of this. However, in case of partial insurance, the insurer only offsets the loss partially i.e. the risk is shared between the insurer and the insured.

Van Insurance basically a legal requirement, which allows you to drive your van on any public highway. The van insurance allows the policyholder drive on the UK or EU state highways for about 3.5 tones. It is known as commercial vehicle insurance or commercial van insurance.

Since vans are categorized in to three types- small, medium and large, many unscrupulous owners quote their vans for a cheaper category. However, most good companies have agents who can identify the vans according to their sizes.

Insurers generally will give you an insurance checking the over all condition of your van. The quotes vary hugely from company to company. So before you go for a Van Insurance or any other insurance, make sure you have taken quotes from at least a few companies. Compare the rates before you zero in on a company. Besides, do not go by the apparent terms of the policy. Each company has minor differences in their policy statements, which start mattering a lot once the claim is made. But in case rates are same for the same statements of a particular policy, there is no point going for a company that charges higher premium rates.

Van Insurance covers are also of several types. The third party only covers for the owner’s liability of injury or death of any third party in the van and damage done to any third party property. The third party theft and fire cover insures the insured for third party losses as well as against fire and theft. Exactly what equipment are insured for in the policy is detailed in the policy statement. Some insurers cover even the losses of tapes and VCDs. Comprehensive cover includes everything including malicious and accidental damage. It also, in general includes insurance against loss to personal property, personal injuries and death besides damage due to theft and fire.

The insurance premium rates are generally different as the age of the vehicle varies. Before going for Van Insurance, in all probabilities check for the various companies and what they have to offer.

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