Is the van insurance market improving for drivers?

Van insurance news roundup: 7 days ending 24 July 2013:

Now it might be too early to declare victory on this front, but signs are starting to emerge that van insurance is starting to become less costly. Fancy that!

I know it’s hard right now, what with motoring costs through the roof. If it isn’t the price of a litre of petrol making you pull your hair out you’re probably losing your mind trying to find the cheapest van insurance you can, but one major commercial van insurance broker recently said that it’s been tracking a welcome trend: premiums are starting to edge downwards.

Autonet said that, according to its own research (take that however you will), insurance costs are beginning to recede – especially for younger Brits who drive a van. Someone 21 years old or younger trying to secure van insurance today will pay an average of around £1260 to £1270 for a year’s worth of comprehensive cover, and while this seems a king’s fortune it’s decidedly much better than Autonet’s figure of £1646 from last year!

If these figures turn out to be accurate, this is some very welcome news. Of course you don’t need me to tell you that, considering how you’re down there in the trenches every day fighting tooth and nail, but it’s got to be good to read about this, right?

Well hold on to your hats because I’ve got a bit more good news – or potential good news, anyway. This will be of particular interest to van drivers who live in Northern Ireland, as there could finally be a review of the region’s insurance companies if the Consumer Council gets its way.

If you thought premium prices were bad in London, just be glad you don’t have an NI postcode – insurers are notorious for charging an absolute arm and a leg to anyone living in Northern Ireland that tries to get van or car insurance. Prices have gone up nearly 73 per cent on average from 2009, but again the young have borne the brunt of this, experiencing rate hikes well over double!

Well, if the Office of Fair Trading heeds the call of the Council, we could finally see the NI insurance market given some scrutiny – and if there’s any market that needs to be gone over very carefully, it’s there. I can’t believe how some insurers will simply try to squeeze every last bit of cash they can from people – don’t they care about how expensive it is for these poor bastards?

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