Van insurance goes through the roof
Van insurance has outstripped inflation in the last year, rising by 11.7% in the 12 months up to October 2016.
The average van insurance policy is now up to £1,591, according to research from Consumer Intelligence. For under 25s the cost is even more crippling, averaging £4,770.
Despite that, van sales are still at all-time high with 318,664 units sold this year so far according to the Society of Motor Manufacturers and Traders.
Ian Hughes, chief executive of Consumer Intelligence, said, ‘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.’
Consumer Intelligence also found that drivers opting for ‘carriage of own goods’ pay an average premium of £1,364, compared to the £2,529 paid by those who choose ‘social, domestic and pleasure’ insurance.
Ian said, ‘Carriage of own goods cover can also include social, domestic and personal use. Drivers opting for social domestic and pleasure use generally have pastimes or hobbies that suit having a van as either their sole vehicle or as a second vehicle.’