VAN INSURANCE JARGON BUSTER

As getting a van insurance quote online can be quite daunting, Gladiator have come up with a jargon buster to help you get a van insurance quote. So to make sure you get the right van insurance, look at the A – Z of the different terms used.

Before you get your van insurance some companies will want to know how much you will drive your van around for, as the more miles covered the greater the risk.

To complete a van insurance quote you will need to say how many miles you use your vehicle for business purposes, like that of annual mileage the greater amount you do the more of a risk you are.

Once you have got a van insurance quote online, or over the phone and you have paid for this you will receive a certificate of insurance. This is proof that you have an insurance policy.

This is a temporary certificate of insurance; your van insurance company can issue this when you have been given a temporary extension to your van insurance policy.

You can buy different levels of cover for your van that will suit you. However you must ensure that you buy the right van insurance cover, as if not your van insurance company may not pay out. There are three types of van insurance cover:

• Third Party Only (TPO): This van insurance will cover any claim by third parties. This does not cover damage to your own vehicle
• Third Party Fire & Theft (TPFT): As well as the TPO cover stated above this van insurance cover also covers fire and theft of your own vehicle

• Comprehensive (Comp): This covers all the above plus accidental damage to your own vehicle.

This is the amount of money you will pay in the event of a claim; excess will vary across different van insurance companies. Usually the higher the excess you go for the cheaper the van insurance quote will become.

These terms can be confusing and getting them muddled up can often affect your van insurance. A non-fault claim is where the van insurance company can recover all the costs from a third party. If these costs cannot be recovered then this would be classed as a fault claim.

Hazards are what are likely to affect any loss, damage or injury. Engine capacity may be thought of as a hazard, a larger engine capacity such as a 2 litre would be a greater hazard than a 1.2 litre engine. Usually the greater the hazard the greater the van insurance price.

This is an electronic device that stops a vehicle from being started unless it is deactivated. It won’t mean the van will not be broken into, but it should stop the vehicle being driven away. Most new vehicles are fitted with these; this will help to lower the price of your van insurance.

Most van insurance companies will have details of these immobilisers that are fitted as standard, however it is advisable that when you are getting your van insurance quote online or over the phone you should have the details of the immobiliser to hand.

Van insurance exists to replace something that has been damaged or lost, an indemnity will try to ensure that the insured person is compensated to the same financial position as before the loss or damage.

Many van insurance companies sell their van insurance policies through insurance brokers. Brokers are a useful tool as they have access to more that one van insurance company and are therefore able to offer you the cheap van insurance that you require. Brokers often have the ability to negotiate a better van insurance premium for you.

This is the person who will be driving the van the most. It is important to be honest here, as if this is not the case the van insurance company may decide not to pay out when you try to claim.

These are the changes that have been made to you van since it was manufactured, this may be things like alloy wheels, engine modifications or sports packs.

Basically this is a discount you can receive if you have not claimed on your van insurance previously. Each vehicle will earn different No Claims Bonuses.

Some van insurers will give some discount to new policies, if you have got a No Claims Bonus on another vehicle or your company can vouch that you have had no history of claims whilst driving their vehicle.

These are added to a driving licence if the driver is convicted of an offence, such as speeding. This will increase the van insurance premium, as the driver will be seen to be of higher risk.

Some van insurance companies will offer you the chance to protect your no claims bonus. If you do so this will mean that you can make a specific number of claims over a certain time period and it will not affect your No Claims Bonus.