All about minibus insurance in the UK
Minibuses are flexible little vehicles that can be used for a huge range of purposes. Be it for your personal family use, or to be operated as a taxi, minibus insurance can be pricey due to the size of the vehicle and the passengers it holds. Just as any car in the UK is asked to get insurance by the law, so is a minibus. Whatever reason you may be using a minibus for, it is always helpful to cut some costs associated with its insurance.
Why you should invest in minibus insurance
Apart from allowing yourself to be punished heavily due to disagreement with doing as the law says, minibus insurance does not just ensure the safety of your vehicle, but also the safety of other cars and the passengers of both parties. Third party insurance is absolutely necessary, but additional levels are entirely up to you. Minibus insurance ensures compensation upon not just damage to your vehicle, but also theft of it. Getting your minibus insured will take some financial burden off you if your vehicle was ever to get involved in either of the cases.
Factors affecting your minibus insurance
There is a huge number of factors that affect the cost of your premium payments. Here are some factors to take under consideration when buying minibus insurance;
- Size of the minibus
Whatever use you may be looking to get out of your minibus, it is essential to consider the size that is needed. Do not purchase one that will leave you idle unnecessary space. There greater the space, the greater the cost of insurance.
- State of your minibus
If you own a beat up, old minibus, then it is advisable to only get third party and third party fire and theft insurance. Third party insurance is the minimum requirement by the law in the UK. Getting a comprehensive insurance for your old minibus could prove to be counterproductive. Third party insurance may not always provide your desired level of cover, though. So it is important to compare the costs and advantages of each type and choose accordingly.
- A powerful engine
The more powerful the engine of your minibus is, the higher the premium is.
- Its use
The use that you are looking to get out of your minivan affects premium costs.
Ways to reduce minibus insurance costs
No matter what use you’re looking to get out of your minivan, a less costly insurance is always beneficial. It will provide you with savings that you can further invest elsewhere. There are some perfectly legal and safe methods to reduce the costs that are associated with your minibus insurance, and they are as follows;
- Try to look for a policy that requires annual payments
Monthly payments for your insurance are always more costly in the long run as compared to annual payments. Annual payments may abruptly cause a huge dent in your wallet, but it is good to remind yourself that it is actually cost saving in the long run.
- Improving security of your minibus
The more secure that your minibus is, the less risky it is for your insurance company and therefore, the lower your premium will be. It is good to keep in mind the fact that the lower the risks of the company are associated with your car, the lower your premium will be. Thus, you can look to improve the security of your car by installing an alarm that lets you know when someone tries to break into your car. Or a tracker that keeps track of the location of your minibus at all times. Make sure that the benefits from installing these devices outweigh the costs related to your premium.
- Try to stay away from modifications
Keeping security aside, if you modify your minibus, then the premium price can really go high. Why this is so is because modified parts of your minibus are more expensive to purchase, and a car that is modified to look better attracts more potential thefts.
- Stay away from unnecessary extras
Optional extras can amp up your minibus insurance, but they can also amp up the costs. And if your minibus does not need such extras, then it will be an investment gone waste. Before investing in additional covers, thoroughly check what your current policy is providing you with. Only purchase an optional extra if you deem it as absolutely necessary.
- Try to keep that mileage number low
A low mileage number will give you a lower premium.
- Considering increasing your voluntary excess
An excess is the amount that you agree to contribute towards any costs that will incur due to damages your car faces. Increasing it will lower your premium. However, remember that when you agree to pay an excess, it is a possibility that you will be asked to make the payment before your car arrives from the garage.
- Hire experienced drivers
If you are using your minibus as a taxi, then it is advisable to hire drivers that are experienced. Insurance companies love getting involved with less risk and as a reward you are given a lower premium. The more experienced your driver is, the lower the risk of your minibus getting involved in an accident is.
- Do not go overboard with the number of drivers you wish to add
Adding a huge number of drivers to your single policy could consequently drive the premium costs up for your minibus insurance.
Things to consider before buying minibus insurance
We have discussed the importance of minibus insurance, and methods of reducing costs related to it. If you have reached a decision of purchasing one, there are some factors you need to keep in mind before looking at your options. And they are:
- Ensure that the company is registered
Before getting involved with any institution, it is important to check whether they are registered and recognized by the regulatory bodies. In the UK, insurance companies are asked to display their VAT numbers on their relevant websites. Find the VAT number and search it in order to determine whether the company is in the good books of the regulatory bodies.
- The policies they offer
Before signing any contracts or making any promises, it is important to thoroughly check what kind of policies they are offering.
- Premium price
The premium price that they offer is usually the make-it or break-it deal when it comes to minibus insurance. While there is a large number of factors that determine the cost of your premium, ensure that you are not being tricked into paying more for nothing.
In order to find good minibus insurance in the UK, determine the kind of cover you would like and to which extent. After this, form a list of possible contenders and then choose one that suits you best.