Van insurance guide and help

What is van insurance and why do I need it?

Since the Government brought in the Road Traffic Act (1930), van insurance has become a legal requirement for all drivers on the road. Therefore you are legally obliged as a driver to be insured against the possibility that you may injure another person or cause damage to another person's property. For example if you reverse your van into someone else's vehicle, your van insurance will pay for the repairs to the vehicle. Anyone who does not have van insurance could receive a fine or driving ban if they are caught.
How do insurers protect the victims of uninsured drivers?

In 1946 the Motor Insurers' Bureau was set up to provide a way of compensating the victims of uninsured or untraced motorists. All motor insurance companies must be members of the Motor Insurers' Bureau and contribute to its funding.
So if an uninsured or untraced driver injures you or damages your van, you should receive compensation from the Motor Insurers' Bureau.

Van insurance - the basics
What documentation or paper work will I get?
Once you have taken out your van insurance policy, your insurance provider will send you:
A certificate of insurance (or a cover note which is a temporary certificate)
A schedule and/or policy document
A policy booklet (or they will tell you where you can access one)
Your certificate is a very important document as it is evidence that you are legally insured and is one of the documents that police will ask to look at if you are stopped while driving.
A cover note may be supplied if the insurance company or broker needs time to complete the paperwork. This will give you the same protection as a insurance certificate but is only usually valid for 30 days.
Key things to remember!

Always read all the documents sent to you to make sure all the details are correct and that you have the level of cover you need. If you have any concerns or queries contact your broker or insurance company.
Ensure that you give the correct information to the insurance company or broker; otherwise your insurance may not be valid. If you do not, it could result in the insurance company not paying out if you were to make a claim.
Tell your insurer or broker everything that relates to you as a driver or road user, such as driving history, claims and convictions.
Keep all your policy documents in a safe place; you never know when you may need them!
What's included in my policy?
What your policy covers depends on what type of cover you have chosen and any additional cover you may have bought. The documentation you receive with you insurance policy should outline exactly what is covered.
What types of policy are there?
There are three main types of policy which each offer different levels of cover.
Third Party Only (TPO)

This van insurance is the minimum level of cover required by law in the UK. It covers:
Liability for injury to others (including passengers)
Damage to property
Liability whilst towing a caravan or trailer
Remember! This does not cover you for accidental damage to your own vehicle; you will have to pay for that yourself.
Third Party Fire and Theft (TPFT)
This covers everything that third party covers, plus:

Fire damage

The theft of your own vehicle
Damage to your van caused during the theft
Comprehensive
Comprehensive is the most extensive van insurance cover and includes everything third party fire and theft does and usually the following:
Loss or damage to your vehicle
Windscreen cover
Personal effects
Accidental damage
Medical expenses

Remember!
 Some van insurance companies are now offering cheaper policies that offer less protection. These may be known as 'stripped down' policies, for example the insurance company may have removed windscreen cover. Always check your policy documents to make sure you get the right level of cover for your needs.
How do I make a claim on my policy?

You need to tell your van insurance company as soon as you can when you have had an accident or if your van has been stolen, even if you are not going to claim.

If your van needs repairing once the insurance company has all the details of your claim they will inform you of the nearest approved repairers and arrange for your van to be repaired. An approved repairer is a garage that your van insurance company has a relationship with to do repair work on their behalf. If you do not go to an approved repairer then your insurance company may not pay for the repairs.

Permanent Life Insurance

Permanent life insurance is the umbrella term used for types of life insurance that do no expire. They combine a death benefit with a savings portion and are deemed as profit policies. The savings element builds to provide the policy with a case value against which the policy holder can borrow money or take an income in way of regular withdrawals. A withdrawal will be made to cover a future financial implication such as paying off a loan or paying college fees for a child.

There are two main types of permanent life insurance which are universal life insurance and whole of life insurance. Below we will talk more about both of these.

In order to borrow against the savings element of a permanent life insurance policy, there is usually some sort of waiting period after the purchase of the policy in order for a cash value to accumulate. Furthermore, if the amount of the unpaid interest on the loan plus the outstanding loan balance exceeds the amount of the policy's cash value, the policy and all coverage will automatically terminate.
Permanent life insurance policies enjoy favourable tax treatment. The growth of cash value is generally on a tax-deferred basis, meaning that you pay no taxes on any earnings in the policy so long as the policy remains in force. Provided you follow guidelines to certain premium limits, money can be taken out of the policy without being subject to taxes since policy loans generally are not considered as taxable income. In addition to this any withdrawals up to the amount of premiums paid can be taken without being taxed.
 The policy is taken out with an insurer and premiums paid periodically, most commonly monthly. The premium will cover the cost of the life insurance and the remainder of this is credited to a cash value that the policy accumulates. Each month this cash value is also credited with interest and the policy is debited, also each month, with the cost of the insurance and any other fees that the insurer stipulates, such as admin fees, if there has been no premium payment that month. The insurer will decide how much interest is applicable to be credited to the value but this is usually related to certain financial index rates.
As there is a cash value to this type of life insurance it is possible for there to be features such as a policy loan, or for the policy holder to take periodic withdrawals from the policy.
As far as premiums go they are most commonly paid periodically such as monthly, quarterly or annually which can be fixed or flexible. However it is also possible for there to be a single up-front premium at the start of the policy.
There are risks involved with taking out Universal life insurance because of it being a potentially profitable policy. These need to be studies carefully before you take out his type of life insurance and each insurer will have literature available clearly highlighting the risks.
The obvious benefits of life insurance are to cover financial implications upon the death of somebody who is financially depended upon, more often with life term insurance policies because they have no case value. However there are also living benefits of life insurance and many people use life insurance, and in particular cash value life insurance as a source of benefit to the owner of the policy (as opposed to the death benefit which is provides benefit to the beneficiary as we have mentioned in life term assurance). These benefits include loans, withdrawals, collateral assignments, split dollar agreements, pension funding, and tax planning

Insurance policy

insurance is a policy a large financial institution offers a person,compnay other entity reimbursement financial protection against possible future losses or damages insurance is brought in order to hedge the possible risks of the future witch may not take place this is a mode of financially insuring that if such a incedent happens then the loss does not affect the persent well-being the person or the property insured thus,through insurance,a person buys security and protection
simple example will make the meaning of insurance easy to understand.A bikeris always subjected to the risk of head injury.but it is not certain  that the accident causing him the had injury would definitely occur.still,peopel riding bikes cover their heads with helmetinsurance by protecting him/her from any possible danger. The price paid was the possible inconvenience or act of wearing the helmet; this ie equivalent to the insurance premiums paid.Insurance can be defined as the process of reimbursing or protecting a person from contingent risk of losses through financial means, in return for relatively small, regular payments to the insuring body or insurance company.
LIFE INSURANCE
It insures the life of the person buying the Life Insurance Certificate. Once a Life Insurance is sold by a company then the company remains legally entitled to make payment to the beneficiary after the death of the policy holde.
HELTH INSURANCE
This is also known as mediclaim. Here, the policy holder is entitled to receive the amount spent for his health purposes from the insurance company.
General Insurance
This insurance type involves insuring the risks associated with the general life such as automobiles, business related, natural incidents, commercial and residential properties,etc......