So that's why van insurance is so high!
If you’re feeling a bit short changed this month, you’re likely not the only one. According to insurance market experts Consumer Intelligence, van insurance premiums have risen by 29.5% on average, with the average annual renewal price now being more than £1,600 for van owners!
It’s pretty much all down to something called the Odgen rate – it’s complex to explain – but all related to how much insurers will need to pay when someone suffers a life changing injury. This March the rate went from 2.5% to -0.75% which means that insurers will have to pay out more if someone has life changing injuries.
However, insurance for all van drivers have not increased by the same rate. Depending on your age you could have seen a different price rise - drivers aged over the age of 50 have seen premium rises of 38%, whilst drivers aged 25-49 have seen a slightly better (if you can call it that) rate of 27.5%.
And what you use your van for has also had an effect on the rise in price you may have seen for your insurance. Drivers who use their vans for work purposes have seen a slightly lower increase (28.4%) than those who use their vans as a substitute for their regular cars (33.5%). This is due to the idea that those who use vans for work are more likely to be more careful with them.
So you can’t do much about your age and what you use your van for but there are some things within you control… Make sure you use comparison websites to find the cheapest quotes and keep an eye out for special deals. Plus don’t be afraid to haggle!
It’s pretty much all down to something called the Odgen rate – it’s complex to explain – but all related to how much insurers will need to pay when someone suffers a life changing injury. This March the rate went from 2.5% to -0.75% which means that insurers will have to pay out more if someone has life changing injuries.
However, insurance for all van drivers have not increased by the same rate. Depending on your age you could have seen a different price rise - drivers aged over the age of 50 have seen premium rises of 38%, whilst drivers aged 25-49 have seen a slightly better (if you can call it that) rate of 27.5%.
And what you use your van for has also had an effect on the rise in price you may have seen for your insurance. Drivers who use their vans for work purposes have seen a slightly lower increase (28.4%) than those who use their vans as a substitute for their regular cars (33.5%). This is due to the idea that those who use vans for work are more likely to be more careful with them.
So you can’t do much about your age and what you use your van for but there are some things within you control… Make sure you use comparison websites to find the cheapest quotes and keep an eye out for special deals. Plus don’t be afraid to haggle!
Comments
Post a Comment