January 17, 2012 19:00 ET

Tight Budgets Fail to Deter Van Drivers from Downgrading Insurance Policies

MANCHESTER, UNITED KINGDOM--(Marketwire - Jan. 17, 2012) - The UK's van drivers are sticking with fully comprehensive insurance as opposed to third party policies, despite the difficult economic climates.

According to Swinton, the UK's leading commercial van insurance broker, over 70 per cent of van drivers are taking out fully comprehensive cover for their vehicles.

The van insurance provider reported an increase in customer queries regarding advice on downgrading vehicle policies, but only 7 per cent followed this through to the end.

Commonly, there are three different types of insurance cover for drivers:

  • Third party, which covers damage to passengers and other vehicles involved in an accident, but not the vehicle and driver that caused the accident.
  • Third Party Fire and Theft, which covers costs should a vehicle become damaged in fire or stolen.
  • And Fully Comprehensive, which covers damage to the drivers vehicle, its contents and the driver, as well as any damage to third parties.

Phil Moss, Commercial Vehicle Manager at Swinton said: "We'd 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 car 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."

For more information please contact Mairead Rodden or Lucy Gordon at SKV Communications on 0161 838 7770 or email firstname.surname@skvcommunications.co.uk.

About Swinton:

  • Swinton Commercial is the dedicated commercial insurance division of the Swinton Group
  • Swinton Commercial was awarded Commercial Lines Broker of the Year 2008 and is a finalist at the British Insurer Awards 2009
  • With 603 branches nationwide Swinton is the UK's largest high street insurance retailer
  • Unlike many other companies in the financial services industry, Swinton is committed to keeping its branches open for business, and part of the community
  • Swinton provides a one-stop-shop for the insurance and related needs of its clients, offering home, car, caravan, business, holiday, motorbike and even classic car insurance
  • With a dedicated team of advisors on hand at every branch to search a panel of insurers to offer quality cover at competitive rates

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