Insurance is a legal necessity and if you are paying for it you want to cover as many eventualities as possible. As there are several types of cover available, it’s sensible to look around for deals that include as many as possible in your premiums. Thankfully, you can find many reliable sites that now offer a van insurance comparison service for you to identify the package that fits the bill.
Appropriate Van Insurance to Protect Your Wallet
Your van insurance covers the loss or damage caused by you to any other person or his property in an accident where you are at fault.
There are different minimum levels of insurance cover which are expressed by a 3-tier system:
- 25 thousand is the maximum amount per person that will be paid by the insurance company to cover the medical care of each injured person.
- 50 thousand is the maximum amount per incident that will be paid by the insurance company for covering expenses related to the injury.
- 15 thousand is the maximum amount per incident that will be paid by the insurance company to cover the damage cost to the property.
These are the minimum limits set by the legislation and no insurance company can set limits below it. But you can always have the option of higher limits when taking your insurance contract.
Bodily Injury (BI) Liability Cover
If you have caused injury to a third person when driving you are liable for the costs of medical care and hospital bills. A claim is made to your insurance company by the injured party and the company will pay the costs on your behalf.
Property Damage (PD) Liability Cover
If you have caused damage to someone’s property, be it their car or fence or anything else, you are liable for the loss and a claim will be made to your insurance company by the third party to cover their costs of a replacement.
Uninsured Motorist Bodily Injury (UMBI) Liability
If you are hurt in an accident due to the fault of an uninsured driver, they are bound to pay for your loss. But if they won’t or cannot pay, you can make a claim if you have uninsured motorist bodily injury cover. It will cover your medical bills and lost wages.
Underinsured Motorist Bodily Injury Liability
If you are hurt in an accident where you are not at fault the other driver is liable to pay for your bodily injury. But if the driver is underinsured and their insurance will not cover your medical bills, you can claim underinsured motorist bodily injury liability where you are paid for the extra expenses that are not covered by the other driver’s insurance.
Uninsured/Underinsured Motorist Property Damage
If your car or any other property is damaged by an accident due to another driver being at fault you can expect a payout. But if the driver is uninsured or underinsured you can claim against your own uninsured/underinsured liability cover, if you have it, to recoup your loss.
Planning your insurance cover so that you are covered for as many eventualities as possible may seem like a tall order. But there is help around to guide through so that you can sort out the absolute must-haves from the ‘it could be useful’. If in doubt, use a broker or seek advice from a qualified insurance agent.