White van drivers hit by insurance coverage prices up 36 per cent in a YEAR
- The invoice for insuring a van has risen by greater than a 3rd, new figures present
- Those that use vans for work are dealing with premiums of as much as £999 a yr
- High insurance coverage payments have sparked requires Government to chop ‘stealth tax’
Van homeowners are being clobbered by hovering insurance coverage payments, with costs rising by 35.9 per cent in only one yr.
Data from monetary consultants Consumer Intelligence reveals that van drivers are quoted all kinds of premiums, however that these are rising total.
Consumer Intelligence mentioned the standard van driver was quoted between £500 and £999 a yr for canopy in December 2023 – with the 36 per cent of quotes falling inside this vary.
Van homeowners are actually paying the best insurance coverage prices in since Consumer Intelligence began collating the info in 2014.
On the instruments: Van drivers that use their car for work face steeper insurance coverage rises
The variation in premium prices relies on how van homeowners use their automobiles.
Those that want cowl for instruments and use their vans for work pay greater premiums than those who simply use them as an everyday car.
Quoted premiums for van insurance coverage rose 4 per cent within the three months to the tip of December 2023, 12.9 per cent within the three months to September and 9.8 per cent within the three months to June.
Owners utilizing vans for social, home and pleasure noticed will increase in quoted premiums of 37.6 per cent whereas tradespeople skilled rises of 35.3 per cent in 2023.
Van insurance coverage costs are rising because of the greater price of claims, which is being pushed in flip by the price of sourcing alternative components and finishing up repairs, Consumer Intelligence says.
The similar downside is hitting automotive insurance coverage, the place costs rose by 29 per cent in 2023 to a document common excessive of £561 a yr, in response to the Association of British Insurers (ABI) commerce physique.
Laura Vas, senior perception analyst at Consumer Intelligence, mentioned: ‘As we’ve seen within the motor market, the rising prices of claims in relation to the elevated worth of sourcing alternative car components and finishing repairs has pushed van insurance coverage premiums greater this yr, though the current quarter’s actions counsel that the speed of inflation is now exhibiting indicators of slowing.’
Younger van drivers, underneath 25 years previous, noticed the bottom will increase in quoted premiums with a 24.5 per cent rise in 2023.
That compares to with 41.6 per cent for the over-50s and 36.6 per cent for these aged between 25 and 49.
However, almost 42 per cent of over-50s van drivers can supply a quote for lower than £500, in contrast with 15 per cent of these aged 25 to 49. No under-25s can achieve this.
Vas added: ‘Inflation was much less excessive for youthful drivers, however premiums for the youthful finish of the market stay significantly greater than the quotes for these extra skilled drivers.’
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