Just like any other insurance coverage – life insurance, property insurance, fire insurance – van insurance also follows the cardinal rule of taking insurance coverage that suits your needs and budget.
To insure that the van insurance coverage that you bought will serve its purpose and your purpose in getting one in the very first place, never haste in determining what your specific needs are and how much are you willing to pay for it. Otherwise, you might end up owning the most comprehensive and most expensive coverage for your van that is not even worth half of what you paid the insurer.
The first step in buying insurance for your van is to know in specific terms why you need to get van insurance. Of course, that the law requires it is out of the question. Ask yourself, what do I value the most that I need to be insured for? What kind of risk do I fear the most that I need to be insured against?
If you value your life and your passenger’s life, then you need to be insured against the risk of physical injuries and death. If you value dignity and honor, and other people’s life, then you need to be insured against the risk of third party liabilities. If you value the van itself, then you need to be insured against the risk of its loss.
If the van is regularly used in the business that puts food on your family table, then you should be insured against the risk of business losses caused by whatever damage to the van. If you value the personal belongings that you or your family usually leaves inside the van, then you should be insured against the risk of losing these personal properties as well.
After you have had determined your needs, it is now time to examine your budget. If you can afford it, it is best and therefore advisable to take the comprehensive insurance coverage. But if you are short on your finances, then dispense with whatever coverage you feel you could leave out but still could drive around with full confidence.
A trusted broker can help you thresh out the really necessary inclusions and services from those that serve nothing but to increase premium.
Bottom line: A well thought van insurance will actually prove heaven-sent while one bought in haste would seem to have burned your money in hell.