Transit Van Insurance

Private companies in the UK using any type of transit van for their business are required by law to carry liability insurance on their vehicles, but are simple third-party liability insurance policies sufficient to protect these businesses? The answer is “probably not,” but with additional coverage comes higher costs, and for businesses with a whole fleet of transit vans, these costs can quickly add up. Here we will look at the various options for transit van insurance in the UK, along with some of the extras which may require additional coverage.

Transit van insurance Options

In the UK, there are three types of transit van insurance coverage, each offering a different level of protection—and price. They include:

Third Party Transit Van Insurance

Third party transit van insurance is the lowest level of transit van protection available. All commercial vans must be insured with at least this level of protection before they are allowed on the road. This type of coverage protects you against liability and will pay for damages rendered to a third party if your transit van is involved in an accident.

While third party insurance is unquestionably the most affordable type of transit van insurance, it does not cover any damages to your own vehicle after an accident.

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Third Party with Fire and Theft Transit Van Insurance

Third party, fire and theft transit van insurance is the next rung up in coverage. This type of policy will also protect your company against liability in the event of an accident, but it also covers damages to your own vehicle as the result of theft, vandalism or fire. Claims against this type of policy must be accompanied by a police report detailing the circumstances of the event and the extent of the damage.

Comprehensive Transit Van Insurance

Comprehensive transit van insurance is the recommended policy type for companies of all sizes. With comprehensive transit van insurance, companies are protected against all of the following:

• Damages and/or injury of a third party in an accident
• Fire
• Theft
• Vandalism
• Damages to your own vehicle in an accident

For companies that rely on their transit vans for revenue, a comprehensive insurance policy is absolutely vital. Damages resulting from an accident can cost thousands of pounds, and if not fully protected, these costs can cause a major strain on the business.

Transit Van Insurance: Extras and Exclusions

Before purchasing any type of transit van insurance policy, make sure to read the fine print for claims and costs which may be excluded from your policy. These could include items such as rental car reimbursement, towing after a breakdown, and certain weather events. Knowing exactly what’s covered and what’s not before you sign on the dotted line could save you thousands of pounds in the long run.