Commercial vehicle owners have been warned that even though Fully Comprehensive van insurance policies cost more than Third Party, Theft and Fire policies, downgrading these policies would result in a false economy.
Although there are some areas in the economy that are showing growth signs, the UK is still finding it difficult to pull out from the slump, for 6 straight quarters.
The effect this has had on businesses can be seen in various manners. It includes business owners changing their commercial vehicle policies from Fully Comprehensive cover to one that is cheaper, such as the Third Party Fire and Theft cover.
However, recent research has shown that van drivers are staying loyal to the Fully Comprehensive van insurance.
The survey which was conducted on 1280 customers, showed that 74% have decided to stay with the Fully Comprehensive insurance policy. Only 20% have downgraded their policies to the Third Party Fire and Theft insurance policy and the remaining 5% only have the Third Party cover.
Many people are under the impression that a policy which has reduced cover could be significantly cheaper compared to a comprehensive policy. However, this will only be a short term saving, as drivers will have to pay a lot more if they have an accident later.
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