Multi van insurance
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Learn how to save money on your van insurance with our special guide...
What is multi van insurance?
If your business has more than one van on the road, then it could work out cheaper for you to get van insurance that covers all the vans under one policy – rather than paying out for a single policy for each individual van.
Multi van insurance is also known as small fleet insurance as it is primarily designed for those who run 2, 3, 4 or 5 vans. Any more than that and it is likely that a fleet insurance policy would benefit you the most.
As well as potentially cheaper premiums, multi van insurance also means you only have one policy to deal with and one renewal date.
Multi van insurance tends to work out cheaper as you are effectively ‘bulk buying’ your cover, so insurers are willing to offer incentives for you to insure all your business vans with them.
They key factor behind whether multi van insurance works out considerably cheaper than single van policies is who will be driving them?
If there is just one named driver then a multi van policy will almost certainly be cheaper than single van insurance for each van. If there is more than one driver named on the policy then as long as they are experienced drivers with a clean driving history then multi-van insurance is likely to be your best option.
However, if you employ a young driver then it is possible that multi van insurance could cost more as insurance companies will view the relatively inexperienced driver as more likely to have an accident and to therefore make a claim.
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How named drivers affect the cost of multi van insurance?
Although adding a young named driver could make your premiums higher, it is also possible that it will still work out cheaper to include them on a multi van policy as the cost of insuring them individually is likely to be high.
Young drivers (usually those aged under 25) often get higher insurance premiums as insurance companies see them as a higher risk of being involved in an accident and making a claim.
However, young and inexperienced drivers are not the only van drivers who can increase the cost of multi van insurance. Including names drivers with a previous driving conviction can also lead insurers to quote you a higher premium.
On the flip side, if your drivers have built up several years of no claims to their names then this will help reduce the overall cost of a multi van insurance policy.
What else can effect the cost?
The type of vans you are insuring will also affect the price of your multi van insurance policy. Just like cars, all the various makes and models of vans are assigned to van insurance groups which determine how cheap or expensive they are to insure.
Van insurance groups are maintained by the Association of British Insurers (ABI) and are numbered between 1 – 20.
Vans that are placed in insurance group 1 are the cheapest to insure, and those in group 20 are the most expensive to insure.
This is determined on a number of factors such as how much the van costs, how big it is and big the engine is. If you are looking for a cheap multi van insurance policy then it is a good idea to only use vans that fall into the lower van insurance groups to keep the costs down.
Also, if you have a small fleet made up of different van makes and models then it may be worth getting quotes for single policies for your more expensive vans to see if that works out cheaper than including them on the multi van policy.
If you need help with finding the perfect multi van insurance policy for you, start comparing quotes with Bobatoo now…