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An Introduction To Pay-as-you-go Van Insurance

Pay-as-you-go van insurance provides month-to-month cover that may be cancelled at any time. Motorists may buy one month of cover and then deactivate it when it's no longer necessary. Alternatively, they may keep the cover for many months the plan allows great flexibility for both business and personal use.

Online Purchasing

Pay-as-you-go monthly policies are often run entirely online. Without the costs of offline facilities, insurers save significant sums on operational expenses and pass the savings along to their customers. Online systems allow motorists to log in any time they like. They may purchase a policy, change contact information, add vehicles to the policy, or cancel the policy, among many other things. To purchase a policy, motorists input their information on the website; they will receive an insurance quote, which is valid for 14 days. After 14 days, the premium may be recalculated. If motorists want to accept the quote, they will have to input more detailed information such as the registration numbers for covered vans and the like.

How it Works

Once motorists have purchased a pay-as-you-go policy, they will be covered until they cancel the policy. Payment is made by credit or debit card under a FuturePay agreement. Debit or credit cards will be charged for each month's premium, plus an administrative charge of 5. Motorists may need to cancel both on the website of the financial institution that manages the FuturePay agreement as well as on the insurer's website. Cancellation in the midst of the monthly term does not entitle motorists to a refund of any premium. If a motorist doesn't cancel the policy, his or her credit or debit card will be automatically charged each month.

No Claims Accelerator

Cover rates are guaranteed for at least 8 months. Motorists may earn 1 year's worth of their no claims discount in 8 months of driving. This means that they may earn 5 years in as little as 40 months. Once they reach 40 months, the no claims discount is guaranteed for life so long as one stays with that insurer. Motorists continue to get the benefit of the guaranteed no claims discount, even if they get into accidents and put in claims after the 5 year mark.

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*PLEASE NOTE: All details above are based on a typical policy and conditions will change from time to time, and from one insurer to another so please check policies carefully before entering into any commitments.
 

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