Van Insurance Groups and What They Mean For You
If you’re looking for van insurance it’s important to have a basic understanding of the groups available and which one you’re likely to be placed in. There are several different van insurance groups these days and the one you’re in will have a huge bearing on the premiums that you’ll pay, but just how is your group decided and is there anything you can do about it?
Let’s start by looking at what the groups actually are. There are 20 different insurance groups on offer that are classified according to risk, with 1 being the lowest risk and 20 being the highest. Which group you’re placed in will be dependent upon your perceived insurance risk, and there are several factors that can go into deciding this.
The first will be the size of the van itself. The heavier your van is the more expensive it’ll be to insure for the simple reason that larger vans are considered harder to drive and more costly to fix, thereby putting you at a higher level of insurance risk. Other factors include things like the engine size, the purchase price, how much replacement parts cost, how much your van will cost to repair and any security features that are in place.
Basically, it all comes down to the level of insurance risk your van is deemed to carry and the potential cost of repairing it after an accident. The higher the risk the higher group you’ll be in and the higher your premiums will be – it’s a nice little circle of causation.
So why do you need to know all this anyway? Well, while you can’t contest the group that you’re in, if you’re about to purchase a van it can be incredibly useful. If you’re looking for a van that’s cheap to insure and you know what the van insurance groups are then you can choose your vehicle accordingly, by going for the smallest one that can meet your needs and investing in security devices, for example. Always have these groups in mind, and if you do you’ll be much more prepared.