Image by Graham Richardson
Countless studies have been conducted to try and establish which life events are the most stressful. Time and time again moving house has featured prominently near the top of lists borne from such research. Despite this, millions of us across the UK continue to move house each year, with the estimate to the exact number set to rise again.
Outside saving for a deposit, finding a house and negotiating the tricky legal aspects of a move, the process of moving belongings from one house to another is one of the main inducers of stress. And with many of us choosing to hire a van to help complete a move, it pays to be aware of the hidden financial dangers of van hire, so that you can avoid your blood pressure rising further.
Did you know that you're more likely to have a costly accident when hiring a van?
Unless you are a tradesperson, it is highly unlikely that you will be familiar with a van. The difference between driving a van and a car is significant and the chances of having an expensive prang, scrape or crash increases accordingly.
iCarhireinsurance.com's 2011 YouGov survey showed that 65% of people who hire vans have no previous experience of driving a large vehicle. In the same survey it was revealed that only 38% knew that there are different speed limits for vans on dual carriageways and motorways. Plus, only 28% knew the maximum load of the vehicle they hired, while only 12% checked height and width restrictions before setting off. As such, 23% of people felt that they were more likely to have an accident when hiring a van than a car.
If the van is stolen or damaged, will the standard insurance provided by the van hire company protect me financially?
If you've failed to consider the extra room needed when manoeuvring or fallen foul of a low-lying bridge, the insurance that comes as standard with your hire van will not offer you full protection from financial misfortune.
In most cases when you rent a van in the UK, the insurance policy that comes as standard will include Third Party Liability and some level of CDW/LDW. For a more detailed explanation of what CDW/LDW is you can visit iCarhireinsurance.com’s Information Centre, but in short it offers you protection against damage, theft and loss. However, even with such insurance in place, you are probably still liable to pay a sizeable excess if you have an accident or if the van is stolen.
What is the excess and how much will I have to pay?
What is the excess and how much will I have to pay? The excess is the amount you will have to pay before the company you are hiring your van with will cover the remaining insured costs in the event of an accident, loss or theft. Typically the level of excess you will be liable to pay will be extremely high (between £500 and £1500).
How can Van Hire Excess Insurance protect me from the financial dangers of van hire?
Depending on your preference, you can buy an iCarhireinsurance.com policy that will either decrease the size of the excess you'll have to pay or remove it completely. An iCarhireinsurance.com policy is a stand-alone personal insurance policy, which will reimburse you to the amount of the excess charged by your van hire company when making a claim against damage or theft.
You can buy an iCarhireinsurance.com policy by the day, so it offers you the flexibility to protect yourself for as long as you'll need the van. There are no distance restrictions attached to the policy either, so no matter how near or far from home you’re travelling, an iCarhireinsurance.com policy will protect you. An iCarhireinsurance.com policy also covers a van's tyres, windscreen, roof and undercarriage where other similar policies don't. To get a quote for Van Hire Excess Insurance that could save you a fortune, click here.
If you now feel more prepared against the hidden financial dangers of van hire, please take the time to share this post on your favoured social network.