Limited Company Van Insurance

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Company van insurance is classified as a commercial policy where the van will be used for company business. Some insurance firms refer to this classification of vehicle insurance as business van insurance.

Is a limited company van insurance policy more expensive than a company car policy?

Yes, the cost of the annual premium for a company van is more expensive than it would be for the company car. The reasons are simple, a van has a larger engine along with an area that can store items. These items make the van a higher risk and a more attractive target by thieves. Multi Quote Time can provide you with comparative quotes for both business and company van insurance, in addition, we can also offer any driver van insurance which is a popular product with van couriers.

Is company van insurance the same as company car insurance?

No, van and car insurance are different because vans can be used to haul items for multiple purposes while cars are used mainly to transport people. Due to that difference, the van policy is classified as a commercial vehicle insurance policy.

What types of commercial company van insurance are available?

The way a van is used by the company determines which type of commercial van insurance should be taken out. Most fall into one of three categories which are carriage of own goods, carriage of goods for hire and reward along with haulage.

  • Carriage of own goods is the policy designed to protect the self-employed mobile worker. Common professions that use this type of cover include plumbers, mechanics and electricians that make house calls, construction workers and handymen.
  • Carriage of goods for hire and reward are professional transporters that take a third party’s goods and transports the goods to one or more destinations. Common professions that utilize this type of cover include food delivery drivers, parcel delivery drivers, along with store or outlet delivery drivers.
  • Haulage and courier is a delivery driver that transports a third party’s goods from one destination to another destination that are generally a long distance away from each other. Common professions that use this type of cover include drivers for parcel services, warehouses and big store outlets.

Is Temporary Business Van Insurance Available?

Yes, it is now possible to get short term business van insurance from insurance companies that specialise is short term car and van insurance, a good example is GoShorty. Go short can offer 24 van insurance or for longer periods if required

What is in a standard company van insurance policy?

The standard cover for a van is similar to any other vehicle cover that includes three levels of protection. They include the Third Party, Third Party Fire and Theft along with Comprehensive. For most businesses, the option of Third Party and Third Party Fire and Theft are not a viable solution for their needs since the items in the van are not protected with coverage.

With a standard commercial comprehensive policy, there is cover for accidental damage, legal fees, medical expenses, items being transported and personal accident cover.

What types of optional coverage are available for a  Ltd company van policy?

Below are options that can be added to a comprehensive company van policy.

  • Van breakdown cover to help when the van is disabled on the road.
  • Windshield and window cover. This is sometimes included in a standard comprehensive policy.
  • Europe Union travel cover when needing to make a delivery in Europe.
  • Legal cover for financial support to handle legal costs resulting from a claim.
  • Tools in transit cover is protection if the tools of a professional are stolen, damaged or lost while in the back of the van.
  • Lost key cover.

How can the cost of ltd company van insurance be lowered?

Several things can be done daily to help lower the cost of company van insurance. The easiest is to keep the van in a secure location like a garage when not in use. By making sure the van is emptied of tools and other items when not in use will also help reduce the risk, which will lower the cost of the insurance premium. When taking out cover, increasing the voluntary van excess should reduce the policy cost.

The proper company van insurance is required for the business to be protected if something happens to the van or its contents while on company business. By having the right level of protection, you can help keep your business affairs flowing even when an accident or event occurs. For more information on this topic, the UK government has published a guide on company van expenses and benefits.

*51% of consumers could save £622.09 on their Van Insurance. The saving was calculated by comparing the cheapest price found with the average of the next five cheapest prices
quoted by insurance providers on Seopa Ltd’s insurance comparison website. This is based on representative cost savings from February 2024. The savings you could achieve are
dependent on your individual circumstances.

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