According to data from a vehicle insurance company, buyers of business van insurance in the UK are still purchasing comprehensive commercial van insurance despite many firms struggling financially in the current economic climate.
Reportedly, more than 70% of Britain's van drivers, including those who use their vans for non-business purposes, are choosing to pay for cover which protects them from a greater number of potential incidents.
Although the firm has stated that some people have enquired about downgrading their level of insurance to third party only or third party, fire and theft, just 7% of the motorists followed through till the end of the process, most of them deciding instead to keep their current level of cover.
The insurance company's Commercial Vehicle Manager says, "[The company would] always advise drivers to take out a fully comprehensive insurance policy as this gives the driver the maximum amount of cover.
"Though fully comp policies are more expensive, if an accident was to happen or a [vehicle] was stolen then a third party policy will end up costing the driver large sums of money – something that many of us cannot afford to do in these difficult economic times.
"Any van driver thinking about downgrading their policy to third party should speak to their broker before doing so."
Although some business van insurance policyholders may believe that reducing their level of cover would be financially beneficial, they may in fact find that following an accident they have to pay more than they would have done with comprehensive cover.
Driving in a more economical way may be a better answer to any van-related financial difficulties than lowering the amount of protection offered by motor insurance.