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If it is that time of the year when you receive your van insurance renewal documentation from your existing insurer then there are a number of options open to you. For instance, you may file the paperwork away and take no further action as long as your insurer automatically renews your policy but do bear in mind that it is quite possible that your premium has risen. You could contact your insurance company and try to negotiate a lower premium. A third option is to shop around to see if you can get the cover cheaper elsewhere.
With regard to the later option, it is potentially worth noting that the cost of car insurance has dropped in the last 12 months with one reason being due to the pandemic. If car insurance premiums have fallen then it is quite possible that van insurance premiums have also gone down.
Every quarter, the price comparison website Confused.com produces its car insurance price index that looks at the cost of fully comprehensive car insurance. You may find it of interest to read that in the first quarter of 2021 the average premium for such cover was £538 per annum. Twelve months prior to that in the first quarter of 2020 the average cost was £625 per annum. That is a drop of £87 per annum that equates to a fall of almost 14% – a significant reduction. Wouldn’t it be great if a similar thing had happened to van insurance premiums?
According to the above index, it is motorists in Inner London who pay the most for their car insurance with the average premium being £846 per annum in Q1 of 2021. However, that is an average of £116 less than was being paid in Q1 of 2020. So, if you happen to live in Inner London and own a van then, potentially, you could be paying more for your van insurance than anywhere else in the UK.
It probably does not come as a surprise to read that age is a factor when it comes to motor insurance. On average, according to the above index, if you are 18 years of age then you are paying more for your car insurance than someone of another age with the average premium being £1,442 per annum. A 37 year old would pay an average of £605 per annum and a 69 year old an average of £311 per annum.
So, when you receive your van insurance renewal notice, why not get in touch with us and we will do our utmost to help you obtain a competitive quotation without any obligation. Who knows, you may be able to save some money that we are sure you will agree would be most welcome especially in the current economic climate.