We all know that van insurance costs are outrageous right now, but 29.5% more? That is how much more van drivers are expected to pay in 2017.
That’s right. New official figures are just in, and what they are basically saying is that van insurance is now 29.5% more expensive than last year.
Many hard working van drivers from around the country have been left bewildered by this news, with some commenting they just “can’t believe it.”
The figures, which were uncovered by Consumer Intelligence, went on to say that an average van insurance policy is now priced at £1627.
Just what is going on here? According to experts within the industry, it has a lot to do with new changes in the sector, which is hitting many van insurance companies hard.
For example, the Ogden rate is currently at 0.75%, while this time last year it was at 2.5%. What this basically means is that insurance companies now have to pay out more for injury claims, but of course, it’s really you who is paying for it.
Then we have the insurance premium tax, also known as the IPT, which recently went to an unprecedented 12%. It was only half that 18 months ago.
As we all know, it’s the customer that has to pay for this expensive tax, and that is why we are now seeing van insurance quotes that many can’t believe.
It’s got to the point where van drivers are being quoted 2 and half times more than car drivers, and the average car insurance policy is £1000 less than the van equivalent
This is despite the fact that many van owners now have light commercial vehicles, also known as LCV, which in many cases are not much bigger than your average car.
The figures don’t get any better for van drivers either, as it was also reported that if you take out a “carriage of own goods” policy then you can expect to pay another 28% more, while a “social, domestic, and pleasure” policy is 32.5% more.
A spokesperson for Consumer Intelligence had this to say, “choosing the correct cover is vital, and shopping around will reduce premiums.”
I agree with that comment. If there is one thing that every van driver in the UK can do to fight back against these crazy prices it is to use a comparison website.
That means when you are looking for a new quote, or want to renew an existing policy, instead of just getting 1 quote or going with the same old van insurance company, what you want to do is shop around and get as many quotes as possible.
Comparing van insurance is the only way to find cheap quotes, and you can get started right here.