If you're driving a minibus on UK streets, at the very least you are required to find a cheap minibus insurance policy in order to ensure that you are driving legally. That said, there is more to insurance than driving legally. Making sure that you have the right level of coverage for your needs is important if you want to avoid winding up in a financial disaster.
At a minimum, you are required to purchase what is referred to as third-party cover. This means that if you were to get in a car accident, the insurance would cover the costs of damage to the other driver's property, as well as medical costs for any medical complications that they underwent. In some cases it will also cover some of the legal expenses. This protects the driver from needing to pay for damages that they caused to others.
Other Levels of Coverage
In addition to straightforward third-party cover, you have the option of adding fire and theft protection. This offers the same coverages listed above, but also compensates you if your car is damaged or destroyed in a fire, or if your car is stolen.
In many cases, however, it will make more sense for you to purchase a more comprehensive insurance plan. Comprehensive coverage will provide you with compensation to pay for repairs or to replace your car if you are ever in a traffic collision. Since the costs of repairing or replacing a car are very high in most cases, a comprehensive policy can protect you from the financial consequences of a car accident.
Is Cheap Minibus Insurance the Best Way to Go?
The answer to that question ultimately depends on what you mean by "cheap." Some people think that cheap means finding the insurance plan that has the smallest premium. Others think that it means finding the premium that offers the most compensation for every pound in your monthly payment.
Neither of these strategies is really the best way to approach the subject.
In reality, you need to think in terms of "cost effectiveness." Sometimes additional coverage doesn't really do you any good. Sometimes a smaller premium means that you will find yourself in a very expensive situation if you actually end up in a car accident.
The best way to find "cheap" minibus insurance is to start by determining how you would deal with a car accident from a financial perspective. Would you be able to handle some of the repairs on your own? Is your minibus old enough to replace using the money that you already have in your bank account? Can you live without your minibus until you can afford to buy a replacement?
If you can do without the minibus, or if it wouldn't be hard to replace it using your own money, you don't need anything more than third party coverage, and it might not be worth spending any more on your insurance.
On the other hand, if you need the minibus, but you can contribute a significant amount toward repairs, make sure that your deductible reflects this. Many people sign up for a deductible that is too small, while failing to purchase adequate coverage in other areas. An irrationally small deductible increases the cost of your premium unnecessarily. Don't fall into this trap.