How much is van insurance?

The average quoted price of van insurance in the UK for all age groups currently stands at £1129 per year as of February 2024 according to Quotezone. Comprehensive van insurance policies can be considered the best type of coverage as they typically offer the most protection for the cheapest price, with some sources stating that comprehensive policies can cost under 60% of third-party-only coverage. When you compare van insurance, price will likely be the most important priority for many motorists. Save up to £590 on your van insurance through Quotezone.co.uk.

How much is van insurance in the UK?

The average van insurance cost in the UK can vary greatly between motorists. Factors such as the level of coverage you wish to take out, i.e. Comprehensive or third-party, your own personal driving history and the prices currently on offer from insurers themselves will all play a role in determining your van insurance premiums.

The average quoted price for van insurance in the UK as of 2024 is £1129. This figure is the average across all age groups and levels of coverage. Whether you pay your van insurance annually or monthly can also influence how much you end up paying for your coverage as monthly payments also typically include interest. This means you end up actually paying more on your van insurance in the long run by paying monthly rather than upfront as an annual payment.

How much is van insurance per month?

The average quoted van insurance policy falls roughly around £94.08 per month including interest. However, this could fall to as low as £57.58 per month for van drivers over the age of 50. The amount that van drivers can expect to pay on their insurance monthly is largely down to the same factors which influence the costs of an annual van insurance policy with the added consideration of interest. The exact amount you will pay in interest for your monthly van insurance will depend on the Annual Percentage Rate set by your insurer, however these can typically range from 18% to 30% with some rates being even higher. The type of van driven will also naturally be a key factor in the cost of your van insurance as some vans are worth than others. Electric vans currently account for more than 55,000 of the over 4.4 million vans and LCVs on British roads. Electric vans are made up of more expensive and complex parts, meaning claims can be more time-consuming and costly – as a result, premium costs for these vehicles seem set to remain more expensive for the foreseeable future.

Factors that influence the cost of van insurance

As your van ages it will naturally depreciate in value, this can influence the amount you pay on your future van insurance premiums. As the value of your van depreciates over time, the risk to insurers will also decrease due to the cost of replacing/repairing your van also going down. Other factors such as where you park your van when it is not in use can also play a significant role in calculating your van insurance premiums. Our sample of over 100,000 van insurance policies shows that only 10% of vans in the UK are locked in a secure garage overnight. This can increase rates of theft and vandalism as unsecured vans pose easier targets than those locked away overnight.

How much is van insurance for young drivers?

As with car insurance, the cost of van insurance can be considerably more expensive for young van drivers under the age of 24. This is due to younger drivers having less time behind the wheel than older drivers and also being statistically overrepresented in road accidents. The average van insurance policy cost for under 25-year-olds is currently £3153. When taking out a young van insurance policy you should consider taking additional steps to reduce your premiums such as:

• Installing a black box – This can be particularly useful for younger van drivers as it helps to demonstrate to insurers that you are a responsible motorist with good driving habits. Note – a black box or telematics device will monitor key information such as the time of day you drive your van, your average speeds, breaking habits and any indicators of risky driving. This helps insurers more accurately evaluate your risk to them as so offer you a more accurate price on your van insurance.
• Choosing the correct insurance – If you are using your van for work or hire-related purposes, it is crucial to ensure that you have taken out the correct coverage so you are not underinsured. Equally important however is to ensure that you don’t overinsure yourself with extra coverage you likely won’t benefit from. For example, tool cover for your van can be useful if you regularly store them in your van but may not be worth the cost if you don’t intend to store your tools in your van when not in use – Consider which extra coverage options you actually need before adding on to your policy.
• Avoid modifications where possible – Modifying your van can raise your premiums and in some cases may even invalidate an existing insurance policy. It is important to check with your insurer whether any planned modifications run the risk of invalidating your coverage along with the possible impact on your premiums. Even branding your van can raise the price of your coverage.
• Opt to pay higher excess – By opting to pay a higher excess amount on any potential claims you can effectively reduce the amount you pay on your premiums for your van insurance. You should note however that in the event of a claim you will need to pay the amount elected, so be sure that you can afford any higher excess amounts you volunteer to pay.

Key points

• Van Insurance has increased in cost by 15.5% in the last year.
• The average UK van insurance quote is £1129.
• The typical van insurance quote for an under-25-year-old is £3153.
• The typical van insurance quote for those aged 25-49 is £863.
• The typical van insurance quote for those over 50 is now £691.
• Over 50s experienced the greatest increase in their van insurance policies with a 20.4% average increase in premiums in the last year.

How much is commercial van insurance?

Commercial van insurance is significantly more expensive than a standard ‘social or domestic use’ policy. This is due to the increased risk which comes with commercial operations, such as greater rates of theft. For example, 2023 saw a 57% increase in tool theft from vans, most of which were commercial vehicles. Actual prices for commercial van insurance can vary wildly as it will largely depend on factors such as the nature of your business, the tools and equipment stored in your van, whether you operate as a courier with goods in transit and also the security measures in place for your vehicle. Whilst it may seem cliche, the easiest way of finding the best-priced commercial van insurance is simply to compare van insurance quotes with as many providers as possible before committing to a policy.

What is the cheapest van insurance?

According to Quotezone research, Comprehensive insurance turned out to be the most cost-effective option for van drivers in the UK. Premiums for this level of coverage were found to be in many instances cheaper than that of third-party forms of coverage. Whilst this can seem strange given that you are essentially paying less money for more coverage, it makes sense when you consider that many risky drivers will opt for the cheapest coverage available to them at the time. Since third-party coverage is generally regarded by many as the cheapest coverage by default, many risky drivers will take out these policies in the hope of saving money. When these riskier drivers are later involved in incidents which result in claims, this then leads to a rise in premium costs for third-party-level coverage across the board for all motorists.

Getting cheaper van insurance

Hunting for cheaper van insurance prices is straightforward when you know where to look. Whilst getting the cheapest van insurance price guaranteed can be more challenging, it is still not impossible. Firstly, you’ll want to compare van insurance policies with as many providers as possible before committing to a policy. Research shows that more than half of UK residents allow their motor insurance to auto-renew with their existing provider. Whilst insurers can no longer legally withhold deals for existing customers in favour of new customers, you may still be missing out if you simply let your existing van insurance policy auto-renew. This is because your current provider may no longer have the best cheap van insurance quotes available to you on the current market, which is why doing an insurance comparison is crucial. If you are wondering how much it will be to insure your van – we’re here to help.

Quotezone.co.uk can help you to compare over 60 UK-based van insurance providers fast – letting you compare van insurance quotes from across the UK insurance market. Get cheaper van insurance quotes and start saving on your premiums today.

This article is intended as generic information only and is not intended to apply to anybody’s specific circumstances, demands or needs. The views expressed are not intended to provide any financial service or to give any recommendation or advice. Products and services are only mentioned for illustrative rather than promotional purposes

*https://www.fleetnews.co.uk/news/vehicle-insurance-premiums-predicted-to-increase-by-10-in-2024

**https://www.consumerintelligence.com/van-insurance-price-index

***https://vandrivertoolkit.co.uk/