If you insured a van this year then there is a chance you were “RIPPED OFF” approximately £144, directly out of your wallet. You don’t have to be though.
This comes on the back of research which suggests that van drivers who pay monthly, well, they are charged £144 more a year than those who pay all at once.
It sounds like the best thing to do though, doesn’t it? You’ve just browsed Cheap Van Insurance and decided to take a break from your flask of tea and ham sandwich in order to fill in the really simple 3 minute form.
You then get some cheap van insurance quotes that really will save you a packet, and then once you choose the best quote decide how great it would be if you paid for it over 12 “easy” monthly instalments to make everything…easier.
What you don’t realise is the total amount paid is actually more than the initial quote offered. Now that is nothing to do with Cheap Van Insurance you must understand, we just put you in contact with van insurance companies.
Once you choose the best quote for your needs then you are transferred through to their website, where everything is then done directly with them. If they offer you a 12 month instalment payment program, then what they are essentially doing is saying “do you want a loan mate?” Of course, loans come with interest rates, which is why you pay more.
This is why here at Cheap Van Insurance (the nations favourite van insurance comparison website) we advise all van owners to pay upfront for their premium.
Interestingly, the research went on to show that poorer van drivers are more likely to say yes to a payment plan, while more affluent van drivers will go with the upfront payment option.
Also, it was mentioned that van drivers who did go with monthly payments were 40% more likely to stick with their provider at renewal time, something I do not recommend at all.
The reason? Because those van insurance companies are crafty you see, and what they will almost certainly do is hike up your premiums at renewal time, even if you don’t realise it.
That is why the message to all van drivers around the UK, whether you pay monthly or not, should be to compare van insurance every single year.
Not only that, but you should get started as early as possible. Many experts suggest to start comparing at least 3 months before your renewal date. Good advice.
So what are you waiting for? Start comparing van insurance quotes right now here at this website and find out how much you could save.