The average price of van insurance premiums have increased by 11.7% in the last year, new analysis has revealed.
According to market research company, Consumer Intelligence, the average cost of insuring a van is £1,591 a year, double that of the average car insurance price.
The company’s quarterly Van Insurance Index found that van owners aged under 25 – the most at-risk group - avoided the worst of the increases, with costs jumping by 3.6% in the last year, although they still have to pay an average of £4,770 a year to insure LCVs.
“Van drivers are paying double the average car insurance premium of £788 and with more people using their vans for work that adds to the costs of doing business,” said Ian Hughes, chief executive of Consumer Intelligence. “Researching the market is crucial and shopping around will help as prices vary month-on-month and between providers.”
The company advised van drivers that savings could be made by choosing ‘carriage of own goods’ cover, with premiums averaging £1,364 a year, despite this representing a rise of 10.9% compared with a year ago.