Rising tool theft and the consequences for young van drivers

Young tradespeople are paying up to 278% more to insure their vans and tools compared to older age groups, new data reveals.

New data from insurance experts Quotezone.co.uk highlights trends in the van insurance market, following a rise in tool thefts across the country.

Young van drivers (aged 17-24), including labourers and tradespeople, are being hit hardest, as they face the highest insurance costs of all the age groups.

Their average policy now exceeds £2,026 – nearly four times the £520 paid by drivers aged 45-64.

Quotezone’s van insurance data provides a regional breakdown, highlighting which areas of the UK face the highest van insurance costs.

Perhaps unsurprisingly, London tops the list, with van drivers paying an average annual premium of £1,139.

Van drivers in the North East, West Midlands, and North West also face high costs, with premiums exceeding £640.

In contrast, van drivers in the South West enjoy the lowest average premium at £424, closely followed by those in the East Midlands (£480) and Wales (£486).

UK REGIONAL AVERAGE VAN PREMIUM
REGION	Average
London	£1,139.81
North East England	£663.51
West Midlands	£650.25
North West England	£641.00
South East England	£610.65
NI	£573.27
East of England	£562.80
Yorkshire	£535.29
Scotland	£530.60
Wales	£486.34
East Midlands	£480.64
South West England	£424.83

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Average van insurance costs per region for Q4 2024.

This data comes in the wake of a rise in tool theft and vehicle damage, with the construction industry losing more than £400 million a year due to theft and vandalism.*

As a result, the average cost of van insurance across the UK has risen by nearly 5% over the past year.

In Q4 2024, motorists paid an average premium of £575.05, up from £549.61 in the same quarter the previous year.

Expensive tools and building materials are prime targets for thieves, making tradespeople particularly vulnerable to this crime.

The van insurance experts at Quotezone are urging all tradespeople and van drivers to carefully review their insurance policies, as failing to do so could leave them exposed if they become victims of theft.

While the experts are hopeful that premiums will follow in the steps of car insurance this year and begin to decrease, they have shared several tips to help keep insurance costs as low as possible while ensuring appropriate coverage.

Greg Wilson, CEO and van insurance expert at Quotezone.co.uk said: “Unfortunately, van insurance premiums have seen a slight increase in 2024, coinciding with a rise in tool thefts.

“The high value items often stored in vans make them a prime target for thieves. However, there are steps tradespeople can take to protect their vans and tools from theft and damage.

“Ensuring they have a valid and comprehensive insurance policy in place is crucial to help guarantee protection in the event of theft. 

“We urge all van drivers to review their policy and ensure all details are up to date. Failure to do so could result in an invalid claim if they are targeted by theft or vandalism.

“It’s also essential to confirm that tools are covered in the van insurance policy, as they may not always be included as standard.  It also pays to be wary of simple mistakes that could jeopardise the coverage such as not declaring any branding or modifications to the van.”

Quotezone’s Top 3 Tips to help keep van insurance costs as low as possible;

• Park in secure locations

 Van drivers are being urged to keep any valuables out of plain sight, remove tools from the van overnight, park in a well-lit area, ideally with CCTV and consider additional security measures such as a high-quality alarm, tool safe or tracker.  The safer you can park the van overnight the better, which normally means on a private driveway – this could help reduce premium costs significantly.

• Add a named driver with a clean driving history

Adding a named driver to an insurance policy can help reduce premiums if the driver has a clean driving record – the added experience can help reduce risks in the eyes of the insurer.  Although it’s important to note that the main driver on the policy must be the person who drives the van the most, misleading details can have serious consequences known as ‘fronting’, which is illegal.  

• Compare quotes to ensure you’re getting the most competitive  deal

Van drivers should always compare quotes to make sure they are receiving competitive prices, being careful to add or remove extras as needed – checking prices during the day and 15-24 days before the policy is due for renewal can help reduce costs.

Quotezone.co.uk helps over 4 million customers every year find savings on household bills and essentials, plus specialist products such as commercial van insurance, young driver van insurance and motortrade insurance.

References:

*https://www.ciob.org/sites/default/files/CIOB%20research%20%20Crime%20in%20the%20Construction%20Industry_0.pdf

Q4-2024 UK VAN INSURANCE PREMIUMS PER AGE AND REGION
REGION	17-24	25-34	35-44	45-64	65+
North East England	£3,233.92	£1,073.27	£818.23	£552.29	£329.47
East of England	£2,996.86	£990.52	£848.24	£490.40	£323.46
East Midlands	£2,641.51	£647.48	£676.53	£503.69	£292.02
West Midlands	£2,387.56	£958.90	£848.22	£615.78	£348.01
London	£2,020.34	£1,574.15	£1,298.14	£894.23	£844.33
South East England	£1,995.97	£999.76	£771.63	£518.23	£351.16
North West England	£1,860.66	£1,412.89	£790.10	£537.98	£469.40
Yorkshire	£1,679.11	£1,068.48	£1,030.11	£456.70	£430.32
South West England	£1,535.74	£737.50	£704.13	£363.69	£345.06
Wales	£1,388.22	£959.43	£665.91	£333.86	£360.77
Scotland	£1,357.87	£627.33	£619.72	£476.74	£327.64
NI	£1,215.62	£861.80	£627.29	£506.58	£427.45

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