Those of you operating your own business will be keen to keep your running costs to a minimum. So, you will be pleased to read that, according to data produced by Consumer Intelligence, the average cost of insuring a van has dropped slightly in the last 12 months to September 2019.
Apparently, according to the Consumer Intelligence Van Insurance Index, the average cost of insuring a van in the 3 months to September 2019 was £1,781 per annum. That is a fall of 0.4% in a year- not a big drop but nevertheless a move in the right direction.
Although there has only been a fall of 0.4% in a 12 month period, the drop in the third quarter of 2019 was 1% that is a more significant reduction.
However, over the last 5 years, van drivers will be disappointed to read that the average cost of insuring a van has risen by 34.4%. This is a large increase with one reason for this being a rise in the amount being paid out in claims.
If you are a young van driver who is under the age of 25 then you will be concerned to read that the average cost of insuring a van is £4,673 per annum – a huge outlay and one that you could well do without. However, on a positive note, that is a fall of 9.3% in a 12 month period for van drivers in the age bracket 17 to 24.
If you are in the age bracket 25 to 49 then the average cost of insuring a van has risen by 1% to £843 per annum.
If you are over 50 then the average annual premium for van insurance has gone up by 2.4% to £581 per annum.
Just as with car insurance, someone’s age has an impact on the cost of insuring a van with the more mature, experienced van driver benefitting from significantly lower premiums.
There are of course many other factors that impact upon how much you pay for van insurance such as where you keep the vehicle overnight, the level of cover you require i.e. social, social and commuting, own goods and haulage, the make and model of vehicle, how many miles per annum you do, your claims history and the value of the van.
If you are just setting up in business and require van insurance for the first time, been running a business for many years and are changing your van and require cover for it or if your existing van insurance is shortly due for renewal than why not get in touch with us and we will be pleased to help arrange a competitive quotation without any obligation.