Increase In Rise Of Light Commercial Vehicles

A study into the increase The British Home Office Police Research Group (PRG) found

that approximately 50,000 commercial vehicles get stolen in the UK each year. Even more alarming is the fact that this figure doesn't include all types of commercial vehicles it only includes LCV's (light commercial vehicles).

To put this into perspective, for every 50 light commercial vehicles on the road, one will end up being stolen. The study also determined that UK businesses loose approximately 150 million pounds in terms of assets being lost due to stolen vehicles.

This figure only includes lost cargo and does not include other losses resulting from loss of business or costs of higher insurance premiums.These figures are almost unbelievable, but the worst thing of all is that this study was carried out more than ten years ago and of course vehicle theft increases year on year, so the number of vehicles being stolen will now be much higher. With this in mind, it's easy to see why commercial vehicle insurance is so important.

The owners of such vehicles need to pay particular attention to the type of cover they choose, in that they need to know it's not only the vehicle which is insured, but also the contents. For example, most private contractors carry all their tools and equipment around with them and if these are stolen they can often cost tens of thousands of pounds to replace.

As a general rule, commercial vehicle insurance does cost more than regular car insurance, but there certainly are steps one can take in order to keep the cost down. For example, owners of such vehicles should make sure their vehicle is fitted with an alarm system and it needs to be one which is recognised by the insurance companies.

Having an immobiliser fitted will also help to keep premiums down. In fact, the more anti-theft devices you have, the better. Keeping the vehicle secured under lock and key when not in use will also help to keep the cost of cover down.

If the insurance company knows a vehicle is left parked at the side of the road at night, the insurance will cost significantly more that what it would cost if the vehicle was being stored in a locked garage. Having a GPS tracking device installed is something else which also helps to keep premiums down, many insurers now request that vehicles are fitted with tracking devices as part of the policy's terms and conditions.

Increasing the excess amount, which is what you pay up front when you claim, will certainly result in lower premiums. This is what many van owners do, but it's something which should be considered very carefully because if the excess is set to high, you may not be able to afford paying it should you need to submit a claim.

Before you take out commercial vehicle insurance, it's imperative that you shop around and bear in mind that rates can differ tremendously from one provider to the next.

Remember, there are many companies looking for your business and this means it's essentially a buyer's market, which in turn equates to cheaper prices for all.

by: Tom Jones

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