Cheap van insurance for over 50s: How to find the best deal

Here are some MoneySwot tips to getting cheap van insurance for over 50: 

1. Shop around and compare quotes

One of the best ways to find cheap van insurance is to shop around and compare quotes from different insurers. You can use online comparison websites, such as MoneySwot.co.uk or Gocompare.com, to get quotes from dozens of insurers in minutes. You can also use a broker, such as the British Insurance Brokers’ Association, to find the nearest brokers to you and get the cheapest quote they can. Alternatively, you can contact insurers directly and ask them to match or beat the lowest quote you have found.

1. Choose the right level of cover

Another way to lower your van insurance costs is to choose the right level of cover for your needs. There are three main types of van insurance cover: third party only, third party fire and theft, and comprehensive. Third party only is the minimum legal requirement and covers you for any damage or injury you cause to other people or their property. Third party fire and theft adds cover for your van if it is stolen or damaged by fire. Comprehensive cover is the most extensive and covers you for any damage to your van, regardless of who is at fault. Comprehensive cover is usually the most expensive, but it may be worth it if you have a valuable or new van. However, if you have an older or cheaper van, you may be able to save money by opting for a lower level of cover.

1. Increase your voluntary excess

Your excess is the amount of money you have to pay towards any claim before your insurer pays out. There are two types of excess: compulsory and voluntary. Compulsory excess is set by your insurer and cannot be changed, while voluntary excess is the amount you choose to pay on top of the compulsory excess. By increasing your voluntary excess, you can reduce your premiums, as your insurer will pay out less in the event of a claim. However, you should make sure you can afford to pay the excess if you need to make a claim, as it could be a large sum of money.

1. Improve your van’s security

Improving your van’s security can also help you lower your van insurance costs, as it reduces the risk of theft or vandalism. You can install security devices, such as an alarm, immobiliser, steering wheel lock, or tracker, to deter thieves and make your van harder to steal. You can also get security etching, which involves adding your vehicle identification number (VIN) onto the windows of your van. This makes it easier to identify your van if it is stolen and harder for thieves to sell it on. Additionally, you can park your van in a secure place overnight, such as a garage or driveway, rather than on the street. This can reduce the chances of your van being damaged or broken into.

1. Drive safely and build up your no claims bonus

Driving safely and avoiding accidents and claims can also help you find cheap van insurance for over 50s. By driving carefully and obeying the speed limits and traffic rules, you can reduce the risk of causing or being involved in a collision. This can lower your premiums, as your insurer will see you as a lower risk driver. Moreover, you can build up your no claims bonus, which is a discount you get for every year you do not make a claim on your van insurance. The longer you go without claiming, the bigger the discount you can get, up to a maximum of usually five years. This can significantly reduce your van insurance costs, as it shows your insurer that you are a careful and responsible driver.

1. Use telematics or pay as you go insurance

Another option to find cheap van insurance for over 50s is to use telematics or pay as you go insurance. Telematics is a type of insurance that uses a device or an app to monitor your driving behaviour, such as your speed, mileage, braking, and cornering. Your insurer can then adjust your premiums based on how well or poorly you drive. If you drive safely and sensibly, you can get lower premiums, as your insurer will reward you for your good driving habits. However, if you drive poorly or dangerously, you may face higher premiums, as your insurer will penalise you for your bad driving habits. Pay as you go insurance is a type of insurance that charges you based on how much you drive, rather than a fixed annual or monthly fee. You pay a base rate to cover your van when it is parked, and then a per-mile rate when you drive it. This can be a good option if you do not use your van very often or only drive short distances, as you can save money by only paying for the miles you drive. However, if you drive a lot or long distances, you may end up paying more than a standard policy.

1. Use your van for social, domestic, and pleasure purposes only

The way you use your van can also affect your van insurance costs. If you use your van for business purposes, such as carrying goods or tools, or transporting passengers, you will need to get a Commercial Van Insurance policy, which is usually more expensive than a private van insurance policy. This is because you face higher risks and liabilities when you use your van for work, such as damaging your cargo, injuring your customers, or being involved in an accident while on a job. However, if you use your van for social, domestic, and pleasure purposes only, such as for hobbies, leisure, or personal errands, you can get a cheaper private van insurance policy, as you face lower risks and liabilities when you use your van for non-work purposes. Therefore, you should make sure you declare the correct use of your van to your insurer, as this can affect your premiums and your cover.

1. Choose a smaller or less powerful van

The size and power of your van can also influence your van insurance costs. Larger and more powerful vans tend to be more expensive to insure, as they are more likely to cause more damage or injury in an accident, and they are more costly to repair or replace. Smaller and less powerful vans tend to be cheaper to insure, as they are less likely to cause as much damage or injury in an accident, and they are less costly to repair or replace. Therefore, if you are looking for cheap van insurance for over 50s, you may want to consider choosing a smaller or less powerful van, as this can lower your premiums and save you money.

1. Check your mileage and keep it low

Your mileage is another factor that can affect your van insurance costs. The more miles you drive, the higher your premiums, as you are more likely to be involved in an accident or make a claim. The less miles you drive, the lower your premiums, as you are less likely to be involved in an accident or make a claim. Therefore, you should check your mileage and keep it as low as possible, as this can help you find cheap van insurance for over 50s. You can reduce your mileage by planning your journeys in advance, avoiding unnecessary trips, using public transport or other modes of travel when possible, and carpooling or sharing your van with others when appropriate.

1. Look for discounts and offers

Finally, you can find cheap van insurance for over 50s by looking for discounts and offers from insurers or brokers. You may be able to get discounts for being a loyal customer, having multiple policies with the same insurer, being a member of a trade association or a professional body, or having a good credit score. You may also be able to get offers for switching insurers, buying online, or paying upfront. You should always check the terms and conditions of any discounts or offers, as they may have exclusions or limitations. You should also compare the final price and the level of cover with other quotes, as a discount or an offer may not always mean the best deal.

Conclusion

Finding cheap van insurance for over 50s can be challenging, but not impossible. By following the tips and advice in this article, you can lower your premiums and save money on your van insurance. You should always shop around and compare quotes from different insurers, choose the right level of cover for your needs, increase your voluntary excess, improve your van’s security, drive safely and build up your no claims bonus, use telematics or pay as you go insurance, use your van for social, domestic, and pleasure purposes only, choose a smaller or less powerful van, check your mileage and keep it low, and look for discounts and offers. By doing these things, you can find the best deal for your van insurance and enjoy the benefits of being over 50.

Find out more information from BIBA here