UK Fleet Van insurance Categories Explainedby Grecy Charls Blogger
With the UK fleet Van insurance Categories Explained in terms so they are easier to understand, you will know how they relate the resulting insurance premium. Until recently there were only 20 groups, but back in 2016 the number of groups was expanded to 50. In each group are several categories that group the vans from many manufacturers together. The big takeaway is that vans that you choose for your fleet will be reflected in your fleet van insurance premiums.
A UK governing panel sets the categories for the formation of van groups by several factors as explained below. Group 1 has the lowest insurance premiums with group 50 having the highest.
- Cost of repairs is a category related to maintaining a vehicle so it is road worthy. In this category are the costs of the replacement parts and if special skills or tools will be required to make repairs on the van. With the increase is part costs, skills required and special tools to complete repairs the higher the fleet van will be listed up the scale of 1 to 50.
- Engine size is another category that helps to determine the cost of the insurance premium. Each engine is rated by its horsepower, displacement and torque. The bigger these are, the higher the group number the van will be. The logic behind this is that with more horsepower and displacement the faster the van can go. This increases the risk to the insurance companies. As for torque the more there is the bigger the load can be which requires the van a longer distance to stop so once again the risk is increased.
- The performance is another factor mostly related to the engine size and the overall weight of the van. The bigger the displacement of the engine with the lighter the gross weight the faster the van can be propelled down the road and around corners. This increases the risk of an accident so the higher the fleet insurance cost.
- The van’s security is factored into the equation because of its relevance. Vehicles with no security devices or measures are considered high risk. Those with immobilizers, alarm systems and GPS trackers are lower in risk of being stolen so these vans are grouped lower.
- The weight of the vehicle is a factor because of the potential of adding risk when it is in motion. With an increase in a van’s weight, the difficulty of controlling it in all conditions increases. Because of this, the more a fleet vehicle weighs, the higher the risk to the insurance company. Another factor in this category is that with an increased load capacity the more value the load can be also increasing the risk to insure the contents.
Are there any other categories figured into the cost of fleet van insurance ?
The most relevant category in determining the cost of your fleet premium other than the categories involving is the driver. The drivers record will influence the price of the premium. These factors include their age, number of accidents, number of tickets and the number of claims the driver has made.
Created on Aug 25th 2019 11:07. Viewed 388 times.
No comment, be the first to comment.