Van insurance query

[SebastianPop]

Hi

Does anyone have any suggestions or contacts in the "fleet insurance" area ?
This is a new business venture with 6 3.5t vans and I'm looking for the absolute cheapest option possible. I've been warned that the brokers are like vultures and I have little to no experience in this field so would appreciate any advice. Thank you.

 

[Socio South West]

Advice would be that 'the absolute cheapest option possible' may not be the best option possible.

 

[Frank the Insurance guy]

Hi @SebastianPop ,

What business are you in?

You say this is a new business and you have no experience in this area?

With a new business and no experience, this isn't going to be cheap.

Assuming you are not a courier/delivery you can expect to pay well over £2-£3k per van (could be much higher depending on your business, area of the country and any young drivers!) I've known new start up fleets where the cost has been nearer £4K per van!

Have you got the budget for at least £15K?

 

[Mark T Jones]

Stop listening to people in pubs. Pick up the phone & talk to a specialist vehicle insurance broker.

It will cost you nothing and at the very least will guide you in the variables and nuances. Your request for the 'absolute cheapest' suggests that this is important.

If they are good brokers (There are more good than bad), they won't try to push you into anything.

 

[SebastianPop]

Hi @SebastianPop ,

What business are you in?

You say this is a new business and you have no experience in this area?

With a new business and no experience, this isn't going to be cheap.

Assuming you are not a courier/delivery you can expect to pay well over £2-£3k per van (could be much higher depending on your business, area of the country and any young drivers!) I've known new start up fleets where the cost has been nearer £4K per van!

Have you got the budget for at least £15K?

Thank you for your reply, kind sir. We are a courier business, we deliver furniture (between 8 and 15 drops per day). The vans are parked on driveways in the NN4 area (Northampton). I was expecting high prices considering it's a new start-up. I've just received my best offer yet this morning and I'm 90% I'll take it. It is £21.5k (roughly 24k with the finance) for 3rd party only. I've received quite a few other quotes and none were less than 25k so really happy with these numbers.

 

[Frank the Insurance guy]

Thank you for your reply, kind sir. We are a courier business, we deliver furniture (between 8 and 15 drops per day). The vans are parked on driveways in the NN4 area (Northampton). I was expecting high prices considering it's a new start-up. I've just received my best offer yet this morning and I'm 90% I'll take it. It is £21.5k (roughly 24k with the finance) for 3rd party only. I've received quite a few other quotes and none were less than 25k so really happy with these numbers.

Well done on getting a variation of quotes - at least you know what you end up with will be competitive.

As a start-up Motor Insurance premiums will always start high. Over time, premiums should improve as long as there are few claims.

 

[Dory]

Third party insurance only is a very risky move - if a van gets written off you loose everything - may be worth as much as your annual insurance budget - if they are leased or on finance would think they have to be insured fully comp - not to mention insuring the contents