Research from Consumer Intelligence found that van insurance premiums have been rising every year and have almost doubled that of the average annual premiums of car insurance, which is around £788 in 2016. On average van drivers need to pay over £1,591, which is almost twice the amount paid by the car drivers. As there is an 11.7% increase in van insurance premiums in October this year, van drivers may face disproportionate bills to pay.
It is observed that those who are under 25 faced a 3.6% rise in their van insurance premiums in October and are also the ones who pay the highest overall price of around £4,770 a year. On the other hand, van drivers who are over 50 pay just £405 (up 10.7% year-on-year) and drivers between 25 and 49 years face a 14% price rise which means £742 as annual premium. With such exceeding prices, van drivers must know certain measures to reduce the premiums.
Methods to reduce van insurance premiums:
There are a couple of ways to cut down the cost of van insurance. One of the best ways is to choose “carriage of own goods” cover. This has also increased by 10.9% in October and the payable amount as annual premium has reached £1,364. This is highly suitable for builders, carpenters, plumbers and shoppers but is much cheaper than the ‘social, domestic and pleasure’ cover which amounts to £2,529 a year, as a result of the 15% increase in the last year.
Ian Hughes, chief executive of Consumer Intelligence expressed his views on this by saying that “Van drivers are paying double the average car insurance premium of £788, and with more people using their vans for work, that adds to the costs of doing business.” He suggested that shopping around is one of the best ways to get reduced premiums. Equally important is to choose the appropriate cover and if one opts for carriage of own goods then the costs would be reduced automatically.
As there is a trend of rising premiums, it is better to shop around and choose an insurance provider that offers affordable deals. FreePriceCompare can help you in deciding the best affordable van insurance provider as we compare over 40 van insurance providers across the UK.
Our high rated services can be leveraged free of cost to find the best van insurance providers in the UK. For further details, all you need to do is check our website https://freepricecompare.com/van-insurance/ or you can call our friendly team of insurance experts on 02034757476.