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First answer a simple question: What type of cover you require for your commercial van? Three Main Areas Available For Commercial Van Cover: The first area covered to consider is comprehensive.
This is the type of cover that gives you protection for accidental or vandalised or damage to a vehicle.
Additionally, the cover does provide third-party fire and theft.
This type of cover is necessary when a commercial van is purchased through a bank or other type of lending institution loan.
The vehicle has to have full cover in order to protect the lender's investment as well as the owner's.
The second type of cover is third-party fire and theft (TPFT).
This type of cover protects against loss or damage to the vehicle that may be caused by fire, lightning, a chemical explosion, and attempted or actual theft.
This type of protection is in addition to any liability cover provided through a third-party only insurance policy.
The third-party only (TPO) type of cover is the one that provides only minimal protection required by law in order to drive the vehicle on UK roads.
This is cover that will protect the vehicle in the event that it causes damage or injury to any third party, but does not provide any insurance protection if there is a loss suffered by your own vehicle.
How a Vehicle Is Rated For Insurance: There are many considerations any commercial van insurance company takes into account when rating a commercial vehicle for insurance policy pricing.
These considerations include vehicle age, size, value as well as the present market costs for repairing damages.
One consideration that is universal is the fact that the larger the commercial van size, the greater amount of costs will be incurred when purchasing an insurance policy.
Additionally, vehicles including goods carrying are rated for their carrying-load capacity or the plated weight, which is the statutory unladen weight plus vehicle's carrying capacity.
How Will The Vehicle Be Used? When consulting with an insurance provider, potential policy owners will be presented with three options that need to be chosen for vehicle use.
These include: * Carrying Of Personal Goods - chooses option if the goods carried are owned by the vehicle operator.
This will also include the character of anyone else's goods that are needed to pursue a specific one of work, such as a trade person like a plumber or carpenter.
This type of selection also allows for vehicle being used for personal requirements like making a run to the recycling depot on the weekend.
* Hauling - Select this option when all goods carried are done so on behalf of a third party specifically paying for this type of service.
A small package.
As a good example of a service that requires this type of cover.
* Personal Pleasure Only - If, indeed, the purpose for the cover is to insure a commercial van, then this option will not be available.
Another consideration concerning commercial van insurance is your choice of excess, which will be your out-of-pocket lump sum payment going toward vehicle repair in the event a claim has to be made.
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