As recently covered in our article ‘half a million claims blamed for van insurance rise’
by the time a 17-18 year old apprentice on standard government rates has forked out for the average van insurance for their age group, they are left working for £10/day. And that’s before you even take into consideration paying for the van, its tax and MOT and the fuel to get them to and from site.
This begs the question: is cheap van insurance for young drivers a reality, or has it been confined to mythological status until that magical age of 25, when vehicle insurance costs traditionally reach affordable levels?
The road-safety specialist charity Brake has confirmed in a recent report what many commercial vehicle insurance companies already suspect, that one fifth of young drivers will be involved in a road traffic accident in their first six months, and continue in a similar fashion for the first two years after passing their test.
With evidence like this, it gives the casual observer an insight as to why brokers are against cheap van insurance for young drivers. And until a marked increase in that statistic, things are unlikely to change dramatically in that regard.
ways to drive down van insurance for young drivers
There are, however, aspects that young van drivers can incorporate to significantly lower their insurance premium and, since the start of ongoing OFT investigations into higher commercial vehicle premiums overall, can use them in addition to the 5.6% decrease for 17-21 year olds that the market has seen.
Although all insurance brokers tar young drivers with a similar brush, some definitely have a more favourable outlook toward offering the younger driver cheaper van insurance, but it will depend upon market factors at the time of searching, so comparing van insurers is an absolute must, in the first instance.
Once you have narrowed the field down, test each quote with differing levels of ‘voluntary excess’ – the higher the voluntary excess, the lower the cost of the premium.
When starting out, do not go for an all-singing, all-dancing van, hot off the production line. An aged vehicle (not knackered, just older) will attract cheaper van insurance quotes for the younger driver, especially as you build up your no claims bonus for further reductions in the future.
And lastly, an absolute don’t: do not try to register your van in someone else’s name and assume it is then legal to have you as a named driver on their policy. This tactic is known as fronting and will instantly negate your policy, when discovered, making it worthless and denying you, the young driver, of legitimate no claims for future cheap van insurance quotes.