5 Different Types of Van Insurance

Buying a commercial van can be a milestone for any small business. It indicates that the business is growing and there is need for new transport and mobile storage space.

In some of the cases, a commercial van is necessary to kick start a business and is part of the initial assets the company need to survive. Whatever the case, most of the service business have commercial vans that they drive to customers’ places to provide their services.

When a business owner is thinking about buying van, he must also consider the van insurance. There is no single van insurance that can work for all businesses and it depends on the business model, nature of the services, and equipment.

So, here is the list of 5 different types of van insurance to help you find the right one for you.

1- Liability Coverage

Like any other vehicle, the liability coverage is legally required to drive any automobile. The liability coverage includes personal injury and property damage to the third party. The liability coverage relates to the third party claims and compensates the other party if you are at a fault in the van accident. It compensates according to the ratio of your fault and the other driver’s fault. Without liability coverage, you cannot drive an automobile as there will be no protection to pay for the damages.

2- Third Party, Theft and Fire

It is more comprehensive than the third party insurance and includes damages caused by theft and fire. If your commercial van is stolen or is struck by fire, the insurance company will refund you the financial losses according to your policy.

3- Comprehensive Van Insurance

This insurance type covers all kind of damages varying from theft, fire, personal injury to repairs and replacements. If a part of your van is broken, the comprehensive insurance will cover its cost. You can file repair and replacement claim if you have this type of insurance policy.

4- Content Insurance

If you stock expensive items or tools in your van, you will need the content insurance for your commercial van. It will protect your precious tools.

5- Haulage or Delivery Van Insurance

If you drive a delivery van or a haulage van, you will need this type of van insurance to protect you in case of damage to packages or goods.